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Starwood Sells Historic Austrian Hotel
In accordance with the new disposition strategy, Starwood Hotels & Resorts Worldwide decided to get rid of one of its most precious and historic hotels – Hotel Goldener Hirsch. The heritage hotel in Salzburg, Austria, operates as a part of Luxury Collection brand. The buyer is WILD Group, which purchased the property for 20 million euro. It is reported that Starwood will keep operating the hotel as a Luxury Collection property, not as the owner but under a long-term management contract.
The 70-guestroom hotel was one of the last properties fully owned by Starwood. In 2016, the company already has sold assets worth US$250 million. The company will keep disposing assets to execute its current strategy and create value for shareholders.
WILD Group is a Swiss company based in Zug. The group also owns another hotel in Salzburg, Hotel Schloss Mönchstein. WILD Group is primarily famous for WILD Flavors, which is a manufacturer of natural ingredients and flavors.
The Hotel Goldener Hirsch was built in 1407. Already in 1564 it started operating as a hotel. In 1997 the hotel was added to the list of UNESCO World Heritage Sites.
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