Originally built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace in Venice, Italy – which is now operated by Starwood as a Luxury Collection-branded property – has been sold to Nozul Hotels & Resorts for €105m (US$120m, £76m).

Starwood will continue to operate the 82-key hotel under a new long-term management agreement, including the hotel’s Acqua di Parma Blu Mediterraneo Spa and restaurants – which were updated during a significant restoration in recent years.

Nozul Hotels & Resorts is the owner of W Doha Hotel and is a wholly-owned subsidiary of Jaidah Holdings – a Qatar-based conglomerate whose main focus is long-term investment in sectors including energy and engineering services, real estate development and hotels.

Adam Aron, CEO of Starwood on an interim basis, said Starwood’s asset-light strategy is to complete US$800m (€701m, £510m) in hotel dispositions “in the balance of 2015, while maintaining these hotels’ continued participation in the Starwood system.”