Starwood Hotels & Resorts Worldwide, Inc. has announced that it has closed on the sale of Hotel Imperial, a Luxury Collection Hotel, Vienna to Al Habtoor Investment - the investment arm of UAE conglomerate Al Habtoor Group for $78.8 million USD.

As part of the transaction, all rooms and suites of the iconic hotel will be renovated over the next four years. Hotel Imperial will continue to operate as part of The Luxury Collection brand under a new long-term management agreement.

Hotel Imperial is the fifth Starwood property in the Group’s portfolio of 14 world-class hotels, joining the newly opened The St Regis Dubai, as well as the upcoming W Dubai – Al Habtoor City, The Westin Dubai, Al Habtoor City and The St. Regis Dubai, Al Habtoor Polo Resort and Club.