Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WHITE PLAINS-Starwood Hotels & Resorts Worldwide, which posted nearly $1.5 billion in revenues in the third quarter of this year, intends to sell up to $4 billion in assets in the next year. Starwood chief executive officer Steven J. Heyer stated in announcing the company’s third quarter performance that “assets that do not fit our strategic criteria will be marketed for sale.” He added that the company is in “various stages of discussions with numerous interested parties. We expect that between today and 12 months from now we will likely enter into agreements for the sale of $2 billion to $4 billion of assets.”

Heyer added that Starwood expects to retain long-term management or franchise contracts on the assets to be sold. “Our core lodging business remains strong. The time is right to harvest previously unrecognized assets, build on our innovative culture, build world class brands, drive related growth and secure our position as the premier owned, management and franchise hotel and resort company,” Heyer said.

Total revenues for the third quarter ended Sept. 30 was nearly $1.5 billion as compared to $1.34 billion a year ago. Net income for the third quarter was $39 million, compared to $107 million in the third quarter of 2004. Excluding special items, income from continuing operations was $131 million in the third quarter of 2005 as compared to $85 million a year ago.

The company also said that five of its 13 hotels in South Florida are fully operational with another seven properties expected to open in the next week. The Sheraton Yankee Clipper in Fort Lauderdale remains closed due to storm damage and scheduled remodeling. Due to the direct hit sustained in the Cancun resort area from Hurricane Wilma, the Sheraton Cancun Resort and Towers and the Westin Regina Resort are not scheduled to reopen until Dec. 20.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.