This is an instance of what happens when a hotel brand sells an asset unencumbered with a mgmt agreement. Contrast this announcement with the Westin Turberry Starwood is selling to Dubai World. That hotel will remain SPG for another 50 years and will transition to Luxury Collection.

When HOT announced the sale in Jan it was specifically noted that "Starwood is in talks with EST regarding Starwood's continued
management of the Lido hotels" so the Cip was never intended to remain affiliated with SPG.

Starwood tried pretty hard to retain mgmt of the Lido hotels, but couldn't come to agreement with EST. The sale closed today, and affiliation was terminated immediately. The Westin is rumored to become a Fairmont and the Hotel Des Baines, some kind of independent, possibly a condo-hotel. New ownership appears to be unsure of what to do with this 31-room gem.