Starwood Sells Off St. Regis New York Retail Space

by Deidre Woollard (RSS feed)
Nov 5th 2009 at 8:01PM

The Starwood sell off continues. Earlier this week it unloaded the Bliss spa brand to Steiner Leisure for $100 million. Now Starwood Hotels & Resorts Worldwide Inc has announced that it has sold 24,700 square feet of retail space in St. Regis New York hotel for $117 million. The brand plans to use the proceeds to pay down debt. Starwood sold the space to GFC Fifth Avenue LLC, an investment group led by the Chera family's Crown Acquisitions and is is part of an ongoing push to streamline and chip away at its debt. As Reuters reports in its most recently quarterly earnings report, Starwood reported $3.36 billion in long-term debt.

Tags: st regis new york, starwood, StRegisNewYork