Starwood Sells Leasehold Interest in The Park Lane Hotel, London to Sir Richard Sutton’s Settled Estates
Tuesday May 13th, 2014 - 10:44AM EBG
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STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has sold its leasehold interest in The Park Lane Hotel, London to Sir Richard Sutton’s Settled Estates. Starwood will continue to operate the hotel under a new long-term management contract under the Sheraton brand flag.
“Sir Richard Sutton’s Settled Estates shares Starwood’s vision for The Park Lane Hotel to be a brand-enhancing property, and we look forward to collaborating together on the future success of this iconic hotel, which will undergo a full renovation beginning this fall,” stated Michael Wale, president, Europe, Africa and the Middle East for Starwood Hotels & Resorts Worldwide, Inc. “Our new long-term management contract for this hotel puts a foothold for the Sheraton brand in the center of London and the property will offer a unique experience to our guests and corporate customers for many years to come.”
Situated in Mayfair in the heart of London, the hotel faces Green Park and is walking distance to Buckingham Palace, the boutiques on Bond Street and London’s West End theaters. The 303-room hotel has two restaurants, including afternoon tea at the Palm Court, and 16,700 sq. ft. of meeting space.
Tags: Starwood Hotels and Resorts Worldwide • Sir Richard Sutton's Settled Estates • The Park Lane London • Sheraton • Hospitality • Brands • Acquisitions • Construction/Renovation •
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