Forbes:
Starwood Hotels & Resorts Worldwide Inc. said Tuesday it has agreed to sell the W San Francisco to a hotel investment company for $90 million, but will continue to manage the property under the W name.
Starwood noted that the buyer, Hong Kong-based Keck Seng Investments Ltd., already owns three other Starwood hotels.
Starwood also said it has retained a long-term management agreement to continue operating the hotel as a W. The company expects to continue growing the W brand from 25 hotels today to 60 hotels by 2011.
Like several other hotel companies, Starwood is looking to shed its real-estate assets to focus on managing and franchising its brands. Starwood said the sale “represents one of a few select asset dispositions” the company is pursuing to help reduce its debt.
Starwood’s more than 900 properties include managed, franchised and owned hotels as well as resorts.
