Starwood Hotels has sold its leasehold interest in London's Park Lane hotel to Sir Richard Sutton's Settled Estates.
Starwood Hotels has sold its leasehold interest in London's Park Lane hotel to Sir Richard Sutton's Settled Estates.
Financial details were not disclosed.
Located at the heart of London Mayfair, the hotel will continue to be operated by Starwood under a new long-term management contract under the Sheraton brand flag.
'We look forward to collaborating together on the future success of this iconic hotel, which will undergo a full renovation beginning this fall,' said Michael Wale, president, Europe, Africa and the Middle East for Starwood Hotels & Resorts Worldwide.
The hotel faces Green Park and is within walking distance from Buckingham Palace, the boutiques on Bond Street, and London's West End theaters. The 303-room hotel features two restaurants and 16,700 sq ft (1,550 m2) of meeting space for business meetings.