Add-on Acquisition • Leisure

Starwood Hotels & Resorts Worldwide Acquires Philadelphia Airport Complex

On August 24, 1998, Starwood Hotels & Resorts Worldwide acquired leisure company Philadelphia Airport Complex

Acquisition Context
  • This is Starwood Hotels & Resorts Worldwide’s 1st transaction in the Leisure sector.
  • This is Starwood Hotels & Resorts Worldwide’s 2nd transaction in the United States.
Investment Fate
  • Philadelphia Airport Complex was divested to a consortium of strategic buyers in 2014.

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M&A Deal Summary

Date August 24, 1998
Target Philadelphia Airport Complex
Sector Leisure
Buyer(s) Starwood Hotels & Resorts Worldwide
Deal Type Add-on Acquisition

Target Company

Philadelphia Airport Complex

United States
Philadelphia Airport Complex consists of three Starwood properties including the 252-room Sheraton Suites Philadelphia Airport, the 177-room Four Points by Sheraton Philadelphia Airport and the 136-room Aloft Philadelphia Airport.
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Buyer Overview 1

Buyer

Starwood Hotels & Resorts Worldwide

Stamford, Connecticut, United States

Category Company
Founded 1969
Sector Leisure
Employees180,400
Revenue 5.8B USD (2015)
DESCRIPTION

Starwood Hotels & Resorts Worldwide, Inc. is a hotel and leisure company with more than 1,270 properties in some 100 countries and over 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Regis, The Luxury Collection, W, Design Hotels, Westin®, Le Méridien, Sheraton, Four Points by Sheraton, Aloft, Element, and the recently introduced Tribute Portfolio™. Starwood was formed in 1969 and is based in Stamford, Connecticut.


Deal Context for Buyer #
Overall 2 of 3
Sector: Leisure 1 of 1
Type: Add-on Acquisition 2 of 2
Country: United States 2 of 2
Year: 1998 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-08-25 W New Orleans - French Quarter

New Orleans,, Louisiana, United States

W New Orleans – French Quarter is ideally located at the heart of the city’s historic center, adjacent to Jackson Square and walking distance to boutiques, art galleries and jazz clubs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-04 Sheraton Fiji Resort

Nadi, Fiji

Sheraton Fiji Resort owns and operates a resort.

Sell -