Starwood Hotels & Resorts Worldwide, Inc. has sold its leasehold interest in The Park Lane Hotel, London to Sir Richard Sutton’s Settled Estates (SRSSE). Starwood will continue to operate the hotel under a new long-term management contract under the Sheraton brand flag.
Full renovation
“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,” said 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 centre of London and the property will offer a unique experience to our guests and corporate customers for many years to come.”
Pipeline of 100 Sheraton hotels
Sheraton Hotels & Resorts is increasing its worldwide footprint through $11 billion in enhancements – a development effort that follows the recent three-year, multi-billion-dollar revitalization of its iconic brand and guest experiences. As Starwood’s largest and most global brand, Sheraton currently boasts more than 430 hotels and is poised for record-breaking growth, with over 100 hotels in the development pipeline.
SRSSE Managing Director, Christopher Lacey, commented: ‘The Estate is delighted to be in the hotel trade and working with one of the world’s pre-eminent hospitality operators on one of the most widely-recognized global hotel brands. We look forward to repositioning The Sheraton Park Lane Hotel and reinforcing its reputation as one of London’s leading luxury hotels.’