STARWOOD SELLS TWO MANHATTAN W HOTELS FOR $78 MILLION
NEW YORK CITY — Starwood Hotels & Resorts Worldwide has sold two of its W Hotels properties for a total of $78 million. The properties include W New York – The Court, a 198-room hotel located at 130 E. 39th St. in Manhattan, and W New York – The Tuscany, a 122-room hotel located nearby at 120 E. 39th St. Both hotels debuted in 1999 and were some of Starwood's first properties to fly the W flag.
The buyer in the transaction is St. Giles Hotels LLC. The company plans to operate the two hotels and has already re-flagged them as the St. Giles Hotel – The Court New York and the St. Giles Hotel – The Tuscany New York.
Starwood maintains four W Hotels in the New York metropolitan area, including Manhattan locations at Lexington Avenue, Times Square and Union Square as well as a hotel in Hoboken, N.J. The grand opening is expected this summer for the W New York – Downtown, a 217-room hotel located at 123 Washington St.
— Coleman Wood