In announcing the sales, Starwood CFO Ron Brown says, "Starwood has and will continue to divest non-strategic assets. Proceeds from these sales are targeted for higher yield projects, debt reduction and share repurchase." He also notes that two other undisclosed properties are under contract and are expected to close by year-end 2000 and the first quarter 2001.
Following the close of the transactions, Starwood's proceeds from total asset sales in 2000 will top $400 million. More than $7 billion in non-strategic asset sales have been completed since Starwood's acquisition of ITT Sheraton in 1998.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
