Stamford-based Starwood Hotels & Resorts Worldwide Inc. has sold The St. Regis Rome to subsidiaries of Constellation Hotels Holding Ltd. for approximately $150.7 million.
Starwood will continue to operate the hotel under the St. Regis brand as part of a new long-term management agreement.
Constellation Hotels Holding will continue renovations to The St. Regis, including upgrades to all 161 guest rooms and suites and a redesign of the restaurant and lounge. Improvements will also be made to the hotel”™s lobby, meeting space, business center and exterior façade. The hotel witnessed a $35 million remake in 2000.
The St. Regis Rome was originally opened as the Grand Hotel in 1896 by hotelier César Ritz.
“The sale of The St. Regis Rome further advances Starwood”™s asset-light strategy as we continue to seek the right owners and partners to create value for our shareholders and focus on growing our global fee business, and we are delighted to collaborate with Constellation Hotels Holding to ensure the future success of this extraordinary hotel,” said Simon Turner, president of global development for Starwood, in a statement. “With the benefit of favorable market conditions, we are seeing strong interest in our remaining assets from a broad array of investors around the world.”
“The St. Regis Rome is an outstanding addition to our growing global portfolio of world-class assets in the world”™s most desirable destinations,” said Zaki El Guiziri, CEO of Constellation, in a statement. “Building on its rich legacy, The St. Regis caters to the next generation of luxury travelers with its uncompromising elegance, modern amenities and bespoke service.”
The hotel is at Via Vittorio Emanuele Orlando 3. It overlooks the Piazza della Repubblica in central Rome and is within walking distance of the Via Veneto district of Rome and close to numerous landmarks.
