Starwood Completes Sale of The Gritti Palace in Venice

Starwood has closed on the sale of The Gritti Palace, Venice to Nozul Hotels & Resorts, the owner of W Doha Hotel, and a wholly owned subsidiary of Jaidah Holdings for €105 million (approximately US$117 million).

Starwood will continue to operate the hotel under The Luxury Collection brand flag under a new long-term management agreement.

Adam Aron, CEO of Starwood on an interim basis, said, “As we said on our quarterly earning’s conference call on April 29th, Starwood reaffirmed our confidence that, as part of our asset light strategy, we would complete $800 million in hotel dispositions in the balance of 2015, while maintaining these hotels’ continued participation in the Starwood system. The sale of The Gritti Palace is an important and positive step toward achieving our 2015 target.”

Built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace has built a reputation as one of the world’s most iconic and luxurious hotels.

Many of the property’s 82 rooms (including 21 suites) offer views of the Grand Canal and Santa Maria della Salute.

The hotel, which joined The Luxury Collection brand in 1992, completed a significant restoration last May and features the world-renowned Club del Doge restaurant, Bar Longhi, and the Acqua di Parma Blu Mediterraneo Spa.

“We are proud to extend our relationship with Jaidah Holdings, for whom we have been successfully operating W Doha since its opening as the first W Hotel in the Middle East in 2009. Jaidah Holdings shares Starwood’s vision for the majestic Gritti Palace, Venice’s most celebrated hotel and an extraordinary representation of The Luxury Collection brand,” said Michael Wale, President, Europe, Africa and the Middle East for Starwood. “We look forward to our continued operation of the hotel, which completed a meticulous restoration a year ago.”