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Starwood Announces Sale of Certain CIGA Assets

WHITE PLAINS, N.Y.–(BUSINESS WIRE)–July 30, 2002–Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has signed an exclusive letter of intent to sell its assets in Sardinia, Italy to a consortium of Italian investors for EUR 350 million, subject to regulatory approvals and final adjustments.
The transaction is scheduled to close during the fourth quarter of 2002. Starwood's Sardinian assets, part of the CIGA portfolio of luxury hotels and resorts, include the Hotel Pitrizza, Hotel Romazzino, Hotel Cala di Volpe, the Cervo Hotel and Conference Center, and the 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 and will receive participation in future development should approvals be secured.

Posted by on February 11, 2006.

Categories: Development

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