| Starwood Hotels Signs an Agreement to Sell Bliss Spas to Steiner Leisure for $100 Million |
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03/11/2009 12:31 (18 Day 03:57 minutes ago) | |||||
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The FINANCIAL -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced on November 2 that the company has signed an agreement to sell the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million.
As part of the transaction, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels respectively.
“This sale is illustrative of our long term strategy to focus purely on our growing and increasingly global hospitality business,” said Frits van Paasschen, President and CEO of Starwood. “At the same time, we are delighted that we will continue our business relationship with Bliss, which has provided a distinct point of view to our amenities and spas in our W and St. Regis hotels.”
This agreement is in addition to the purchase and sale agreements signed during the third quarter for expected cash consideration of approximately $125 million. The sales of these other non-core assets are also expected to close during the fourth quarter of this year, subject to customary closing conditions.
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