Starwood Hotels & Resorts Worldwide announced it has sold the Hotel Imperial, a Luxury Collection hotel in Vienna, to UAE-based Al Habtoor Investment for $78.8 million. As part of the agreement, all of the rooms and suites will be renovated over the next four years. Hotel Imperial will continue to operate as part of the Luxury Collection under a new long-term management agreement.
“On the heels of exceeding our $800 million asset disposition target in 2015, the sale of Hotel Imperial underscores Starwood’s continued commitment to advancing our asset-light strategy to create value for our shareholders,” says Starwood CEO Thomas Mangas.
Built in 1863 as Prince Philipp of Württemberg’s Viennese residence, Hotel Imperial was transformed into a hotel for visitors to the 1873 World’s Fair. Situated in the iconic Ringstrasse next to the legendary Musikverein concert hall, the hotel features 138 guestrooms including 59 suites. In 2014, the hotel completed a $14 million renovation of its ground floor, which includes the lobby, a signature restaurant, destination bar, Café Imperial and Imperial Torte shop, and a private event venue.
Hotel Imperial is the fifth Starwood property to enter the Al Habtoor Group portfolio of 14 hotels, joining the newly opened St Regis Dubai; the W Dubai – Al Habtoor City; the Westin Dubai, Al Habtoor City; and the St. Regis Dubai, Al Habtoor Polo Resort and Club.
“Hotel Imperial is one of Europe’s most extraordinary luxury hotels and a premium addition to our growing global portfolio,” says Khalaf Ahmad Al Habtoor, founder and chairman of Al Habtoor Group. “We look forward to making further improvements to this legendary property and continuing to provide exceptional luxury hospitality to the next generation of luxury travelers.”
