Qatar's Constellation buys St Regis Rome for $151m
Hotel sale continues Starwood Hotels & Resorts' asset-light strategy
Constellation Hotels Holding, a subsidiary of Qatar Holding, has purchased The St. Regis, Rome from Starwood Hotels & Resorts Worldwide for €110 million (US $150.7 million).
The sale is part of Starwood’s asset-light strategy, although the company will continue to operate the hotel under the St. Regis brand as part of a new long-term management agreement.
Originally opened as the Grand Hotel in 1896 by César Ritz, the property became the first St. Regis in Europe following the completion of a US $35 million refurbishment project in 2000.
Subject to obtaining the required administrative authorizations, Constellation will complete further renovations to the hotel, including upgrades to all 161 guestrooms and suites and a redesign of the restaurant and lounge.
It will also make improvements to the hotel’s lobby, meeting space, business centre and exterior façade.
“The St. Regis, Rome is an outstanding addition to our growing global portfolio of world-class assets in the world’s most desirable destinations,” said Constellation CEO Zaki El Guiziri.
“Building on its rich legacy, The St. Regis caters to the next generation of luxury travellers with its uncompromising elegance, modern amenities and bespoke service. I take this opportunity to express our thanks to our advisors Hogan Lovells and BNP Paribas for their assistance in the closing of the transaction.”
Constellation is currently working on a deal to purchase the Intercontinental Paris – Le Grand from IHG for US $442 million.