Why did the number of hotels decrease from a portfolio of 38 hotels to 33?
Starwood Hotels & Resorts Worldwide, Inc. elected to remove 3 Canadian hotels from the transaction because it was unable to obtain a tax ruling that would have significantly reduced the payment of taxes on the sale of those hotels. Starwood Hotels & Resorts Worldwide, Inc. is considering other options for these hotel assets, including selling these assets in future transactions or holding onto these assets for some period of time. In addition, two hotels in Fiji were deferred from the initial closing pending the receipt of certain consents. On July 7th, both parties mutually agreed that Starwood would discontinue the pursuit of those consents and will retain ownership of the hotels.
