Ponce
14th April 2010, 10:58 AM
To me this is the one step two steps dance.....one step forward and two steps backwards.........and the hotel's stocks will go "UP" because of this hahahahah.
We did a good job with the patient, but he died anyway.....
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Starwood Sells Two Luxury W Hotels in Manhattan (Update1)
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By Nadja Brandt
April 13 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc. agreed to sell two of its W Hotels in Manhattan to St. Giles Hotels LLC, reducing the luxury brand’s current New York area locations by a third.
St. Giles, based in London, will take over operations of the W Court and the W Tuscany as of 11:59 p.m. New York time tomorrow, according to a notification on Starwood’s Web site. The hotels, both on 39th Street between Park and Lexington avenues, will no longer be affiliated with the W, White Plains, New York-based Starwood said in a separate statement.
The W brand -- started in New York City more than a decade ago -- has seen demand slump in the past year as the U.S. recession crimped travel. Starwood agreed in July to sell the W San Francisco for $90 million to Keck Seng Investments (Hong Kong) Ltd. as part of an effort to cut long-term debt, which stood at $2.96 billion as of Dec. 31.
More......http://www.bloomberg.com/apps/news?pid=20601093&sid=aYqqlswNB5g4
We did a good job with the patient, but he died anyway.....
===============================================
Starwood Sells Two Luxury W Hotels in Manhattan (Update1)
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Nadja Brandt
April 13 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc. agreed to sell two of its W Hotels in Manhattan to St. Giles Hotels LLC, reducing the luxury brand’s current New York area locations by a third.
St. Giles, based in London, will take over operations of the W Court and the W Tuscany as of 11:59 p.m. New York time tomorrow, according to a notification on Starwood’s Web site. The hotels, both on 39th Street between Park and Lexington avenues, will no longer be affiliated with the W, White Plains, New York-based Starwood said in a separate statement.
The W brand -- started in New York City more than a decade ago -- has seen demand slump in the past year as the U.S. recession crimped travel. Starwood agreed in July to sell the W San Francisco for $90 million to Keck Seng Investments (Hong Kong) Ltd. as part of an effort to cut long-term debt, which stood at $2.96 billion as of Dec. 31.
More......http://www.bloomberg.com/apps/news?pid=20601093&sid=aYqqlswNB5g4