Marriott Wraps Up Purchase of 28 Hotels from Starwood

Starwood Hotels & Resorts Worldwide, Inc. has closed on a sale of 28 hotels, including hotels under the Sheraton, W, Westin, St. Regis and Luxury Collection brands, to Host Marriott Corporation.

The hotels will remain in the Starwood system and continue to be managed by Starwood under long-term management agreements, according to Starwood.

The total value of the transaction for the 35 hotels in the entire portfolio –including cash, stock, and the assumption of debt- is approximately $4.23 billion.

Host Marriott initially planned to complete the purchase of 30 hotels from Starwood on April 10, but it said it had deferred the acquisition of two in Fiji.