Starwood Closes $315M Sale of Hotel Principe di Savoia

MILAN, ITALY-Starwood Hotels & Resorts Worldwide Inc. has sold the Hotel Principe di Savoia in Milan. The $315-million sale closed late last week. The new owner is London-based Dorchester Group Ltd. The property was sold unencumbered.

The 404-room hotel was part of the CIGA portfolio of hotels and resorts. The transaction represents a portion of the $500 million of hotel assets that Starwood has announced it plans to sell by the end of 2003.

The sale comes on the heels of Starwood’s sale of four Costa Smeralda, Sardinia, hotels to Los Angeles-based Colony Capital for $340 million. In that transaction, Colony also acquired a 51% interest in its 6,000 acres of undeveloped land on the island, which is located in the heart of the Mediterranean Sea and at the crossroads of international yachting routes. Starwood will continue to manage the hotels under a long-term contract.