Starwood Hotels and Resorts has agreed to sell three Italian properties to independent asset management company EST Capital.
The US$229m deal covers the Westin Excelsior and the Hotel Des Bains in Venice, the Villa Cipriani in Asolo and additional office, retail and storage facilities.
EST and Starwood are in discussion over Starwood’s continued management of the Lido hotels.
The deal is expected to close in the fourth quarter of 2008.
By staff writer