Headlines

Starwood Sells Off Hotel Retail

St. Regis New York hotel’s retail goes for $117 million

Published

14 years ago

November 6, 2009

VMSD Staff

Starwood Hotels & Resorts Worldwide Inc. (White Plains, N.Y.) has sold 24,700 square feet of retail space at its St. Regis New York hotel for $117 million to GFC Fifth Avenue.

GFC is an investment group led by the Chera family's Crown Acquisitions, Lloyd Goldman and the Feil Organization.

The shops in the expensive retail space at Fifth Avenue and 55th Street include De Beers Diamond Jewellers Ltd., Pucci and Bottega Veneta.

Starwood will use the proceeds from the transaction to pay down debt as part of ongoing efforts to streamline its business. Earlier this week, the hotelier sold its Bliss spa and product company for $100 million. A recent quarterly earnings report showed that Starwood has $3.36 billion in long-term debt.

GFC is the holder of several retail properties on New York's Fifth Avenue.

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