Starwood Hotels plans to sell Bliss spas for $100M

Starwood Hotels agrees to sell Bliss spas to Steiner for $100 million

• On 12:38 pm EST, Monday November 2, 2009

WHITE PLAINS, N.Y. (AP) -- Starwood Hotels & Resorts Worldwide Inc. said Monday it signed an agreement to sell Bliss spa to Steiner Leisure Ltd. for $100 million.

"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.

Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively.

The deal is in addition to the purchase and sales agreements signed during the third quarter for roughly $125 million. Starwood said it expects sales of these other noncore assets to close during the fourth quarter.

Earlier Monday, Starwood lowered its annual cash dividend by 70 cents to 20 cents a share.

Shares of Starwood fell 53 cents to $28.53 in afternoon trading.