Starwood Hotels Closes on Sale of St. Regis Space

Starwood Hotels & Resorts Worldwide Inc. said Thursday it closed on the sale of St. Regis New York's retail space for $117 million to investment group GFC Fifth Avenue LLC.

Sale proceeds will go toward paying down debt.

Starwood Hotels & Resorts Worldwide has 982 properties worldwide.

Shares of Starwood rose $1.14, or 3.8 percent, to $30.88.

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