HVS HODGES WARD ELLIOTT ADVISES ON SALE OF THE GRITTI PALACE, VENICE

Starwood Hotels & Resorts has sold the Gritti Palace in Venice, Italy, to Qatar-based Nozul Hotels & Resorts for €105 million (approximately €1.3 million per room). Nozul, which also owns the W Doha Hotel & Residences, was represented by HVS Hodges Ward Elliott for the transaction. Part of Starwood's Luxury Collection brand, the 82-room Gritti Palace re-opened in 2013 after a 15-month, €40 million renovation. The property dates from 1525, when it was built as the palatial residence of Doge Andrea Gritti.

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