Starwood Reaps $125M From W Hotel Sale

Law360, New York (August 24, 2012, 3:27 PM EDT) -- In the second sale of a W-branded hotel this week, Starwood Hotel & Resorts Worldwide Inc. has handed over a property in the Westwood section of Los Angeles to Pebblebrook Hotel Trust for $125 million, the companies announced Thursday.

As part of the deal, Starwood will continue managing the property through a 40-year agreement, and Pebblebrook has agreed to fund a multimillion-dollar renovation of the luxury hotel, which will include updating its meeting, restaurant and other public spaces, the companies said. The deal comes on the...
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