STARWOOD CLOSES HOTEL IMPERIAL SALE TO AL HABTOOR

Starwood Hotels & Resorts has closed the sale of the 138-room Hotel Imperial, a Luxury Collection Hotel in Vienna to UAE-based conglomorate Al Habtoor Group for US$78.8 million (US$571,000 per room). The hotel's building dates back to 1863, when it was built as a residence for Prince Philipp of Württenberg, and it was converted into a hotel in 1863. As part of the deal, the hotel will undergo a rooms renovation over the next four years, and it will continue to be flagged as a Luxury Collection property under a new long-term management agreement.

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