Starwood Hotels sells leasehold interest in The Park Lane Hotel Starwood Hotels & Resorts Worldwide announced it has sold its leasehold interest in The Park Lane Hotel, London to Sir Richard Sutton’s Settled Estates. Starwood will continue to operate the hotel under a new long-term management contract under the Sheraton brand flag.
Starwood sells Sheraton on the Park in Sydney, Australia for $399M Starwood Hotels announced it has sold Sheraton on the Park in Sydney, Australia to Sunshine Insurance Group Corporation for $399M. Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.
Starwood downgraded to Neutral from Buy at UBS UBS downgraded Starwood Hotels to Neutral on signs that RevPAR growth peaked in Q3. The firm adds that Starwood has the most exposure to the slowing high end of the market. It lowered its price target for shares to $79 from $86.