Starwood Hotels Completes Sale of Bliss Spas to Steiner Leisure for $100 Million
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Starwood Hotels Completes Sale of Bliss Spas to Steiner Leisure for $100 Million
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Category: Worldwide - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-01-06
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million. As part of the transaction, Bliss and Remède spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively. Additionally, Starwood's Aloft brand will continue to offer Bliss Tried+Blue amenities.
"Not only does this sale further our strategy to focus exclusively on our global hospitality business and our nine distinct and compelling hotel brands, but our ongoing and exclusive relationship with Steiner Leisure means that we will continue to distinguish our spa offerings in our W and St. Regis hotels and provide amenities that are guest favorites," said Frits van Paasschen, President and CEO of Starwood. "The sale of Bliss, coupled with several other recent sale transactions we've announced, demonstrate that despite today's tough economic conditions we're able to sell assets at strong multiples."
In addition to Bliss spas in W Hotels and Remède spas in St. Regis hotels, Starwood has more than 300 spa properties in its hotels and resorts around the world, such as the award winning Heavenly Spa by Westin at the Westin Beijing Financial Street, Spa Gaucin at the St. Regis Monarch Beach Resort, and GB Spa at the Hotel Grande Bretagne, a Luxury Collection Hotel in Athens. Starwood also develops and operates proprietary spa brands including Heavenly Spa by Westin, Explore Spa by Le Mèridien and Shine Spa for Sheraton.
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