Starwood Hotels & Resorts Worldwide, Inc. announced that they have sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co. The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50 year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag. Guest service and hotel operations will continue uninterrupted, providing seamless signature St. Regis service and exceptional guest experience which distinguishes the brand’s properties around the world. In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.
According to Simon Turner, President of Global Development, Starwood Hotels & Resorts, “Asset sales such as this are illustrative of Starwood’s strategic disposition of owned real estate. We are committed to our strategy of systematically moving toward a more asset light operating model over time, taking advantage of when opportunities to sell our owned real estate are in the best interests of our shareholders.”
Denise Coll, President North American Hotel Operations, Starwood Hotels & Resorts, added, “We are delighted that Starwood will continue to manage this one of a kind resort in one of the world’s premiere luxury destinations on behalf of an owner who shares our passion for the St. Regis brand and for Aspen.”
Ideally located at the base of Aspen Mountain, the St. Regis Aspen Resort is situated between the mountain’s two primary base ski lifts and within walking distance to all of Aspen’s shops, restaurants and entertainment. The hotel is just ten minutes from Aspen’s airport and offers convenient access to all four ski areas as well as area golf courses.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
