US hotel group Starwood has announced that next year it plans to sell its Ciga Hotels portfolio, which includes a number of renowned luxury resorts such as Venice’s Danieli and Palazzo Gritti, and the Florence Grand Hotel.
Starwood indicated that it would like to retain the maintenance and management contracts for the hotels in question. The Ciga portfolio is valued at €1.5bn ($1.3bn) and consists of 27 hotels, 17 of which are located in Italy and the rest of Europe. Starwood obtained the portfolio for €949m ($800m), so it looks set to make a handsome profit.
The group also announced its third quarter figures yesterday: profits were up 39% to €122m ($103m), equivalent to €0.59 (50¢) per share. Turnover increased by 16% to €1.3bn ($1.1bn).
Il Sole 24 Ore, 01 November 2000 p33
