WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide Inc.
signed a letter of intent to sell its CIGA assets in Sardinia,
Italy, to a consortium of Italian investors for about $345 million.
The transaction is scheduled to close during the fourth quarter
of this year.
The buyer consortium is made up of investors from Sardinia
(Societa Finanziaria Industriale Rinascita Sardegna, Istituto
Turistico Italiano, Istituto Turistico Immobiliare and Iniziative
Finanziarie Immobiliari) and from the Veneto region in Northern
Italy (Forma Urbis, the De Rigo family, and 2g Properties).
CIGA properties to be sold are the Hotel Pitrizza, Hotel
Romazzino, Hotel Cala di Volpe, Cervo Hotel and Conference Center,
and Pevero Golf Course, as well as other real estate assets.
Starwood will continue to manage the hotels and golf course
under long-term management contracts.
The sale of the Sardinia hotels is part of Starwood's previously
announced plans to divest itself of its upscale CIGA properties by
selling the entire portfolio, individual properties or groups of
assets.
Starwood plans to maintain long-term management of any of the
CIGA assets that it sells.