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Hotel Danieli Trading for $244M

VENICE-The Statuto Group, an Italian real estate holding company, is acquiring the 233-room landmark from Starwood Hotels & Resorts, which will retain the long-term management assignment.

By Brian K. Miller | Updated on May 19, 2005

VENICE-The landmark Hotel Danieli here is trading hands for $244 million (euro 177 million). The Statuto Group, an Italian real estate holding company, is acquiring the 233-room landmark from Starwood Hotels & Resorts, which will continue to manage the asset under a long-term contract. The transaction will take four to six months to close, according to the parties involved.Located near Piazza San Marco and its Basilica, the Hotel Danieli is known for its luxury and history. The main building of the Hotel Danieli is the original 14th century Venetian gothic palace of Doge Dandolo’s family. The Statuto Group plans a major renovation and restoration of the property. Starwood has said its intention is to sell $500 million worth of real estate in 2005. The sale of Hotel Danieli brings that total to $398 million. The company says it expects to use proceeds for share repurchase and for general corporate purposes. Starwood Hotels & Resorts owns and/or manages 750 properties in more than 80 countries. Other Starwood hotels in Venice include the Hotel Gritti Palace, the Westin Europa & Regina, the Westin Excelsior and the Hotel Des Bains in Venice, Lido.

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