Starwood Continues Asset-Light Strategy with the Sale of Hotel Goldener Hirsch, A Luxury Collection Hotel, Salzburg

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has closed on the sale of Hotel Goldener Hirsch, A Luxury Collection Hotel in Salzburg, Austria to companies of the WILD Group for €20M (approximately $22 million USD). Starwood will continue to operate the hotel under the Luxury Collection brand flag under a new long-term management agreement.

Thomas Mangas, Chief Executive Officer of Starwood Hotels & Resorts Worldwide, Inc. said, "Our team continues to vigorously execute on all corners of our strategy to create value for Starwood's shareholders, including meaningful progress on our asset disposition target. With this transaction, we have disposed of over $520 million of assets already in 2016, including five hotels transferred to Interval Leisure Group in connection with ILG's acquisition of Vistana."

Simon Turner, President of Global Development for Starwood said, "The sale of Hotel Goldener Hirsch underscores our ongoing commitment to dispose of our owned assets to the right long-term partners to create both immediate and long-term shareholder value. We continue to experience strong interest from global investors looking to add unique and quality properties to their portfolios."

WILD Group owns Hotel Schloss Mönchstein, located just 2 km from Hotel Goldener Hirsch.

Dr. Hans-Peter WILD, owner and chairman of the WILD Group said, "We are delighted to add Hotel Goldener Hirsch to our portfolio and look forward to partnering with Starwood on the continued success of this celebrated hotel, a perennial favorite among visitors to Salzburg."

Michael Wale, President of Starwood for Europe, Africa and the Middle East concluded: "Hotel Goldener Hirsch is one of the last and most historic European properties that was fully owned by Starwood. In WILD Group we believe we have found the right partner to continue the legacy of this landmark hotel."

Dating back to 1407, the historical Hotel Goldener Hirsch building first opened as a hotel in 1564. It then became the Salzburg Festival's premier residence when it was acquired by Countess Harriet Walderdorff in 1939. Named a UNESCO World Heritage Site in 1997, the elegant hotel features 70 guestrooms, including five suites, the Restaurant Goldener Hirsch, Restaurant Herzl and Bar Goldener Hirsch. The hotel is located on the prestigious Getreidegasse road in Salzburg's Old Town, in close proximity to boutiques, Mozart's birthplace, Festival Hall and The Hohensalzburg Fortress.