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News Breaks
August 1, 2014
09:03 EDTHOTStarwood board increases share repurchase authorization to $1.5B
Starwood Hotels & Resorts Worldwide announced that its board approved a new $1.1B share repurchase authorization. Including approximately $400M remaining under the prior authorization, Starwood’s total share repurchase authorization is now approximately $1.5B. Starwood has repurchased approximately $200M of shares to date in 2014 and expects to accelerate the pace of its repurchases.
News For HOT From The Last 14 Days
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October 12, 2015
08:08 EDTHOTSheraton announces strategic conversion of resort in Panama City Beach, Florida
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07:01 EDTHOTStarwood announces entry in Chuzhou, china with Sheraton opening
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September 30, 2015
09:08 EDTHOTWyndham appoints Chip Ohlsson as Chief Development Officer
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08:34 EDTHOTStratus Properties completes purchase of Block 21 JV
Stratus Properties (STRS) announced that on September 28, 2015, Stratus completed its previously announced acquisition of Canyon-Johnson Urban Fund II, L.P.'s approximate 58% joint venture interest in CJUF II Stratus Block 21 LLC, which owns a 36-story mixed-use development in downtown Austin, Texas, anchored by the W Austin Hotel & Residences (HOT), for approximately $62M. Stratus funded its acquisition of Canyon-Johnson's interest in Block 21 with approximately $32.3M of proceeds from its non-recourse term loan with Bank of America (BAC), a $20M term loan under Stratus' credit facility with Comerica Bank (CMA), and approximately $9.7M in cash. The Sale and Purchase Agreement contains customary representations and warranties, and the parties have agreed to indemnify each other in connection with the breach of such representations and warranties. Block 21 is now a wholly-owned subsidiary of Stratus. As of September 28, 2015, in addition to its real estate assets, Block 21 had cash and cash equivalents of approximately $22.8M.

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