St. Regis Florence sold to Nozul Hotels & Resorts

Starwood Hotels and Resorts has sold the St. Regis Florence to Nozul Hotels & Resorts, a subsidiary of the Qatar-based Jaidah Holdings.

Starwood Hotels and Resorts sold the St. Regis Florence in a US $213 million (AED 782 million) transaction, aaccording to reports.

As Starwood Hotels prepares to merge with Marriott International, the company has already sold almost $500 million (AED 1.83 billion) in assets.

“The sale of the St. Regis Florence and the Westin Excelsior Florence hotels following our recent sale of The Gritti Palace in Venice to Jaidah Holdings highlights our ongoing commitment to dispose of our owned assets to the right long-term partners to create both immediate and long-term shareholder value,” said Starwood president of global development Simon Turner in a brand statement.

“We see strong interest in our remaining assets from a diverse array of investors worldwide with other potential transaction discussions ongoing,” he said.

The St. Regis Florence is housed in a building originally constructed in 1432, the property was later converted to a St. Regis in 2011.

“As we work to prepare for the close of our merger with Marriott International, we continue to vigorously compete in the market, grow our brands, and execute against our strategy to create value for Starwood’s shareholders,” said Starwood Hotels & Resorts Worldwide CEO Thomas Mangas.

“Asset dispositions remain a key part of that strategy and, following a year where we exceeded our target, we have already disposed of nearly $500 million of assets this year, including this sale, the sale of Hotel Imperial, and the transfer of five properties as part of Vistana Signature Experiences’ separation from Starwood,” he added.