Starwood Hotels sells the St. Regis Aspen for $70 million to East Dean Associates
By APWednesday, September 29, 2010
Starwood sells St. Regis Aspen for $70 million
WHITE PLAINS, N.Y. — Starwood Hotels & Resorts Worldwide Inc. said Wednesday that it has sold the St. Regis Aspen for $70 million to 315 East Dean Associates Inc.
Starwood said it will continue to operate the resort under the St. Regis name as part of a 50-year management agreement.
East Dean Associates, a corporation represented by investment bank OptAsia Capital Co., based in Bangkok, plans to renovate the resort, refurbishing all 179 guest rooms and the public areas and enhancing the courtyard.
The sale is part of Starwood’s move toward a more asset-light operating model. The company said it is taking advantage of opportunities to sell its real estate when selling is in the best interests of shareholders.
The Aspen Times, reporting the sale agreement on Sept. 8, said the property had been on the market since November 2008.
Shares of Starwood fell $1.44 to close at $52.13 and fell 10 cents in after-hours trading.
