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Starwood Sells Portion of CIGA Assets In Italy for More Than $340M

WHITE PLAINS-Starwood Hotels & Resorts Worldwide, Inc., reports that it has reached an agreement to sell four hotel properties in Italy, part of the firm's upscale CIGA portfolio, for 350 million euros or more than $340 million.

By John Jordan | Updated on July 30, 2002

WHITE PLAINS-A group of Sardinian investors has reached an agreement to purchase four hotel properties in Italy from Starwood Hotels & Resorts, Worldwide. The deal, which involves facilities that are part of the company’s upscale CIGA hotel portfolio, is valued at 350 million euros or more than $340 million.

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.

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