SAN FRANCISCO-Starwood Hotels & Resorts Worldwide, Inc. has completed the sale of both The Westin San Francisco Airport and Aloft San Francisco Airport to a venture led by Ultima Hospitality for $125 million. This information comes from a press release posted at Broadwayworld.com
As part of the agreement, the hotels will be managed under long-term license agreements by Ultima Hospitality and continue to fly the Westin and Aloft brand flags.
“This sale underscores Starwood's ongoing commitment to an asset-light strategy as we continue to pursue opportunities to sell owned real estate at the right time, on the right terms, to the right owners creating value for our shareholders," said Simon Turner, president of global development for Starwood.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
