Starwood and the Sardinian investment group have inked an exclusive letter of intent. Starwood officials report that the deal is scheduled to close during the fourth quarter of this year. The hotels located in Sardinia, Italy to be sold are: the Hotel Pitrizza, Hotel Romazzino, Hotel Cala di Volpe, the Cervo Hotel and Conference Center and the Pevero Golf Course. Other unspecified real estate assets are also part of the transaction, according to Starwood officials.

The White Plains-based hotelier will continue to manage the Sardinian hotels and golf course under long-term management contracts and will receive participation in future development should approvals be secured, company officials say. Starwood announced more than a year ago its intention to sell the CIGA portfolio.

The buyer consortium consists of a group of Sardinian investors: Societa Finanziaria Industriale Rinascita Sardegna, Istituto Turistico Italiano, Istituto Turistico Immobiliare, Iniziative Finanziarie Immobiliari. The group also has a number of partners from the Veneto region in Northern Italy: Forma Urbis, the De Rigo family, and 2g Properties.