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Westin to Continue Management of the Historic Property |
| WHITE PLAINS, N.Y., Jan. 21, 1999 - Starwood Hotels Resorts
Worldwide, Inc., on behalf of The Westin St. Francis Limited Partnership,
announced today an agreement to sell the 1,192 room Westin St. Francis
in San Francisco to BRE / St. Francis L.L.C. of New York for $243 million.
The sale, which is subject to customary conditions including the consent
of a majority of the limited partners of Westin Hotels Limited Partnership,
is
anticipated to close in the second quarter of this year. “This sale is part of the natural evolution of the partnership, which
was formed in 1986,” remarked Joseph Long, senior vice president of acquisitions
and development for Starwood. “This is strictly a change in ownership and
hotel guests will continue to receive the same upscale services and amenities
they have come to expect from
Starwood currently represents nearly 3,500 rooms in San Francisco including The Westin St. Francis, The Westin San Francisco Airport, the Palace Hotel, the W San Francisco, the Sheraton at Fisherman’s Wharf and the Four Points Hotel San Francisco Bay Bridge. |
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Katie Meyer of APR-Starwood, 914-640-8247 katie.meyer@starwoodhotels.com http://www.starwoodlodging.com |