Starwood sells W San Francisco for £56m

Group will continue to operate property under W brand

Starwood Hotels & Resorts has agreed to sell the W San Francisco for £56m to Hong Kong-based hotel investment firm Keck Seng Investments.

The group said in a statement that the sale "represents one of a few select asset dispositions that Starwood is pursuing to further reduce its debt levels".

Starwood, which opened the upscale, 423-room hotel at the height of the dot-com boom in 1999, will continue to operate it as a W Hotel under a long-term management agreement.

The sale, which is subject to customary closing conditions, is expected to be finalised at the end of the month.

Despite the tough economic climate, Starwood is continuing to grow the W brand globally and expects to double the portfolio from 25 to 60 hotels by 2011.

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