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Starwood to Put Storied European Ciga Group on the Block

WHITE PLAINS-Starwood, reporting record third quarter results including a 32% increase in earnings per share and a 16% increase in revenues, also announces that it plans to sell its storied European Ciga Group of hotels.

By John Jordan | Updated on October 31, 2000

WHITE PLAINS-Starwood Hotels and Resorts Worldwide Inc. reports that it has achieved record numbers for the third quarter, including significant increases in earnings per share and revenues. In addition, the company notes that it plans to market its European Ciga Group of hotels for sale. The company says that it expects to market the portfolio, which are also managed by Starwood, in whole or in part in 2001.

The Ciga Group consists of 25 hotels including such properties as the Gritti Palace and Danieli in Venice, the St. Regis Grand and Westin Excelsior in Rome, the Grand and Excelsior in Florence, the Principe di Savoia in Milan, the Westin Palace in Madrid, the Imperia in Vienna, and four hotels in Sardinia’s Costa Smeralda including the Cala di Volpe and Pitrizza assets. Included in the Sardinia assets are more than 6,000 acres of land including several miles of beachfront property. This land is currently in various stages of the entitlement process that has been proceeding for several years, according to company officials.

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