Starwood Hotels & Resorts Worldwide has signed a binding agreement to sell four hotels and a 51 per cent interest in its undeveloped land assets at Costa Smeralda in Sardinia, Italy, to Los Angeles-based Colony Capital, LLC for EUR290m plus additional consideration.

Under the agreement, Colony Capital is buying from Starwood's CIGA portfolio of hotels and resorts: Hotel Cala di Volpe, Hotel Pitrizza, Hotel Romazzino and Cervo Hotel and Conference Centre; the Porto Cervo Marina and Shipyard; the Pevero Golf Club; a 51 per cent stake in nearly 5,000 acres of undeveloped oceanfront land.

The hotels boast a total of 382 rooms and the Porto Cervo Marina is host to the Yacht Club Costa Smeralda. Starwood will continue to manage the hotels under a long-term contract and will retain a 49 per cent stake in the undeveloped land.

Colony's holdings have included the Savoy Hotel Group in London, the Amanresorts, the Guanahani Hotel in St Barth's and The Orchid at Mauna Lani in Hawaii. Details: www.colonyinc.com