Starwood Hotels & Resorts closed its sale of Italy’s St. Regis Florence and The Westin Excelsior, Florence to Nozul Hotels & Resorts, a subsidiary of Qatar-based Jaidah Holdings, for $123 million. Starwood will continue to operate the properties under the existing flags as part of new long-term management agreements. Starwood CEO Thomas Mangas said Starwood, in preparation for its merger with Marriott, has disposed of $500 million in assets this year: the sales of the Florence properties and Hotel Imperial in Vienna and the transfer of five properties as part of the Vistana Signature Experiences spinoff. At the recent NYU International Hospitality Industry Investment Conference, Marriott CEO Arne Sorenson declined to provide a closing date for the Marriott-Starwood deal but said the companies still expect it to occur "mid-year."