The Dorchester Group has put down a "significant non-refundable deposit" on the 404-room luxury property, Starwood officials say. The sale is expected to close in late June. Proceeds will be used to retire debt.

"This was a rare and very timely opportunity to buy an outstanding property which matched our acquisition requirements in every way," says Ricci Obertelli, director of operations for the Dorchester Group. "The Principe di Savoia is an excellent investment with potential for a good financial return, it enjoys a superb location in a gateway city, has a sense of tradition and history, and is architecturally of interest."

The property is part of the CIGA portfolio, a group of high-end European hotel assets that Starwood plans to sell off the by year's end. Last summer, a group of Sardinian investors failed to close on a $340-million deal to buy several CIGA properties including the Hotel Pitrizza, Hotel Romazzino, Hotel Cala di Volpe, the Cervo Hotel and Conference Center and the Pevero Golf Course.