By Linda Humphrey
PHOENIX -- Starwood Lodging said it will acquire Westin in a
$1.57 billion deal slated to close by Jan. 31.
The 108-property Westin chain will gain 20 Starwood hotels, and
Starwood will gain Westin's global presence in 23 countries.
Starwood's portfolio, which will jump to 219 hotels, includes
about 19 independent hotels -- such as Chicago's Midland, Raphael
and Tremont hotels and Los Angeles' Westwood Marquis Hotel &
Gardens -- as well as hotels managed or franchised by Best Western,
Clarion, Day's Inn, Doubletree, Embassy Suites, Hilton, Holiday
Inn, Marriott, Omni, Radisson, Residence Inn, Ritz-Carlton and
Sheraton.
Starwood, the nation's largest hotel real estate investment
company, owns nine Westins and will acquire another 16 in the
deal.
Westin is owned by a group of investors that includes affiliates
of Goldman Sachs & Co. and Starwood Capital Group, a private
real estate investment firm founded by Starwood Lodging chairman
and chief executive Barry Sternlicht.