The Iconic St. Regis Hotel in Rome will Continue to be Operated by Starwood Hotels Under a Long-Term Management Contract
Rome, Italy – 22 October 2014 – Starwood Hotels & Resorts Worldwide announced that it has sold The St. Regis, Rome to subsidiaries of Constellation Hotels Holding Limited for €110 million (approximately $150.7 million USD). Starwood will continue to operate the hotel under the St. Regis brand flag as part of a new long-term management agreement.
“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. “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.”
“We are delighted to partner with Constellation who shares our vision for The St. Regis, Rome which has always been one of the brand’s most iconic properties,” said Michael Wale, President, Europe, Africa and the Middle East for Starwood. “For nearly 15 years, the St. Regis in Rome has delivered unparalleled luxury experiences in a magnificent architectural setting and we are thrilled to build on the brand’s storied legacy to welcome travelers at this landmark property for many years to come.”
“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. “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. I take this opportunity to express our thanks to our advisors Hogan Lovells and BNP Paribas for their assistance in the closing of the transaction.”
The St. Regis, Rome was originally opened as the Grand Hotel in 1896 by renowned hotelier César Ritz. Following a $35 million refurbishment completed in 2000, The St. Regis, Rome became the first St. Regis hotel to open in Europe and won many prestigious awards. Subject to obtaining the required administrative authorizations, Constellation Hotels Holding will complete further renovations to The St. Regis, Rome, including upgrades to all 161 guestrooms and suites and a redesign of the restaurant and lounge. In addition, improvements will be made to the hotel’s lobby, meeting space, business center and exterior façade.
Ideally located at Via Vittorio Emanuele Orlando 3, The St. Regis, Rome overlooks the Piazza della Repubblica in central Rome. It is within walking distance of the celebrated Via Veneto district of Rome and close to numerous landmarks, including Santa Maria della Vittoria, Sainta Susanna at the baths of Diocletian, Fountain of Moses, St. Mary of the Angels and the Martyrs, The National Museum of Rome and Via Nazionale.