America’s Starwood Hotels & Resorts Worldwide has sold the Hotel Principe di Savoia in Milan for €272m to Dorchester Group.
Dorchester is a UK registered company that manages international hotels belonging to the Brunei Investment Agency in Europe and the US. The 404-room hotel belonged to the CIGA hotel and resort portfolio and is part of the $500m of hotels that Starwood plans to sell this year.
The sale comes on the heels of its disposal of four Costa Smeralda hotels in Sardinia to Los Angeles-based Colony Capital for €290m. Colony also acquired a 51% interest in 2,428ha of development land on the islands in the deal.
Starwood said it is closing in on a deal to sell a 14-hotel portfolio and another one of four hotels in North America.
