Starwood Hotels & Resorts Worldwide has divested The St Regis, Rome property to subsidiaries of Constellation Hotels Holding for €110m.

Originally opened as the Grand Hotel in 1896, The St Regis, Rome became the first of its hotel brand to open in Europe. It is located at Via Vittorio Emanuele Orlando 3, overlooking the Piazza della Repubblica in central Rome.

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Starwood will continue to operate the hotel under the St Regis brand flag as part of a new long-term management agreement.

"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."

Subject to obtaining the required administrative authorisations, Constellation Hotels Holding will renovate The St Regis, Rome, including upgrades to all 161 guestrooms and suites and a redesign of the restaurant and lounge.

In addition, improvements will be made to the hotel’s lobby, meeting space, business centre and exterior façade.

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Starwood global development president Simon Turner said: "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, and we are delighted to collaborate with Constellation Hotels Holding to ensure the future success of this extraordinary hotel.

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"With the benefit of favourable market conditions, we are seeing strong interest in our remaining assets from a broad array of investors around the world."

Constellation CEO Zaki El Guiziri said: "The St Regis, Rome is an outstanding addition to our growing global portfolio of world-class assets in the world’s most desirable destinations.

"Building on its rich legacy, The St Regis caters to the next generation of luxury travelers with its uncompromising elegance, modern amenities and bespoke service. I take this opportunity to express our thanks to our advisors Hogan Lovells and BNP Paribas for their assistance in the closing of the transaction."

Starwood Hotels & Resorts Worldwide operates nearly 1,200 properties in 100 countries.