MILAN – Qatar has snapped up another piece of Italian luxury.
Starwood Hotels & Resorts, which has 1,200 properties on its roster, said it sold the St. Regis, Rome to Constellation Hotels Holding Limited, a Luxembourg-based holding company with ties to the Qatari royal family, for 110 million euros, or about $150.7 million at current exchange. The agreement between the two groups stipulates that Starwood will continue to operate the hotel under its St. Regis brand.
The St. Regis, Rome, opened in 1896 by César Ritz as the Grand Hotel.
“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,” said Starwood’s president of global development Simon Turner, adding: “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.”
“The St. Regis, Rome is an outstanding addition to our global portfolio of world-class assets” in key luxury locations, said Constellation Hotels Holding chief executive officer Zaki El Guiziri. Under its new ownership, the St. Regis will see the renovation of all 161 of its rooms and suites, as well as a redesign of its restaurant and lounge. The hotel’s lobby, meeting area, business center and façade will also get a facelift.
Constellation Hotels Holding owns a range of five-star hotels and office buildings in the U.S. and Europe.