Big buzz from Rome's luxury hotel scene today: Starwood Hotels & Resorts has sold The St. Regis, Rome to subsidiaries of Constellation Hotels Holding Limited for an estimated $150.7 million. Starwood will continue to operate the hotel under the St. Regis brand flag as part of a new long-term management agreement.
“The sale of The St. Regis, Rome further advances Starwood’s asset-light strategy as we continue to seek the right owners and partners to create value for our shareholders and focus on growing our global fee business,” Simon Turner, president of global development for Starwood, said in a statement. “With the benefit of favorable market conditions, we are seeing strong interest in our remaining assets from a broad array of investors around the world.”
Subject to obtaining the required administrative authorizations, Constellation Hotels Holding will complete further renovations to hotel, including upgrades to all 161 guestrooms and suites and a redesign of the restaurant and lounge. In addition, improvements will be made to the hotel’s lobby, meeting space, business center and exterior façade.
The St. Regis, Rome was originally opened as the Grand Hotel in 1896 by hotelier César Ritz. Following a $35 million refurbishment completed in 2000, The St. Regis, Rome became the first St. Regis hotel to open in Europe.
Located at Via Vittorio Emanuele Orlando 3, The St. Regis, Rome overlooks the Piazza della Repubblica in central Rome. It is within walking distance of the celebrated Via Veneto district of Rome and close to numerous landmarks, including Santa Maria della Vittoria, Sainta Susanna at the baths of Diocletian, Fountain of Moses, St. Mary of the Angels and the Martyrs, The National Museum of Rome and Via Nazionale.