Proceeds from the sales of these properties are expected to be used primarily to repurchase stock under Starwood’s existing share repurchase program. 

As previously announced, Starwood’s board has approved the repurchase from time to time of up to $1.1 billion of its stock, of which about $800 million has been repurchased to date.

“We are continuing to evaluate our worldwide portfolio with a focus toward improving our stock performance for our shareholders,” said Barry S. Sternlicht, chairman and chief executive officer of Starwood. “Capital expenditures, as well as all owned real estate are being evaluated to maximize returns on our invested capital. We are very focused on selling non-strategic assets around the world in a tax efficient manner. Our goal is to retain the management contracts where possible. We are currently in discussions to sell several assets with an aggregate value of approximately $200 million,” Mr. Sternlicht concluded. 

The company declined to identify the properties that may be sold at this time. 

Starwood, through its subsidiaries, owns, manages and franchises hotels under its St. Regis/Luxury Collection, Westin, Sheraton, Four Points and W brands. Starwood is one of the leading hotel and leisure companies in the world with more than 700 hotels in 76 countries and 130,000 employees at its owned and managed properties.  This release contains certain statements that may be deemed “forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.