Qataris buy Westin Excelsior Rome for €222m

Katara Hospitality, part of Qatar's sovereign wealth fund, has acquired the Westin Excelsior Rome from Starwood Hotels & Resorts Worldwide for €222 mln.

Opened in 1906, the 316-room Westin Excelsior Rome is located on Via Veneto, nestled between the Spanish Steps and the Borghese Gardens & Galler. The hotel is also adjacent to the American Embassy and close to the Colosseum, the Pantheon and the Sistine Chapel in the Italian capital.

Aside from guest accommodation Westin Excelsior Rome features two restaurants and a bar, a fitness studio, a wellness centre, an indoor swimming pool, as well as a 24-hour business centre with 1,300 m2 of meeting space.

New York-listed Starwood Hotels will continue to operate the hotel under a new long-term management agreement. As part of the transaction the historic hotel will be renovated over the next five years. This will include a top-to-bottom transformation of all guestrooms, as well as upgrades to the hotel’s public areas.

Comment
'On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to $817 mln (€722 mln) of hotel assets sold so far this year,' said Starwood interim CEO Adam Aron. 'Accordingly, Starwood has now exceeded our stated goal of completing at least $800 mln in hotel asset sales by the end of 2015.'

Simon Turner, president of Global Development, Starwood, added: “We continue to see strong interest in our remaining owned hotels from a broad array of high-quality investors from around the world as we look for the right sale opportunities and long-term partners to create value for our shareholders.”

The transaction increases Katara Hospitality’s portfolio to 35 properties in operation or under development and marks its third owned hotel in Italy.

'The Westin Excelsior Rome is the epitome of what Katara looks for in a hotel,' said Katara chairman Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani. He continued, 'Its grand and statuesque appearance is the ultimate in luxurious hospitality. The hotel is a welcome addition to our growing global portfolio of iconic properties, and we are delighted to be continuing to set the standard for luxury hospitality the world over.'

Law firm Clifford Change advised Katara in the transaction, while law firm Gianni, Origoni, Grippo, Cappelli & Partners advised Starwood Hotels.