Qatar has bought the The Westin Excelsior Rome for $251 million, and plans to undertake a five-year renovation of the hotel following the deal.

Starwood Hotels & Resorts Worldwide agreed to sell the iconic property to Katara Hospitality, part of the state-owned Qatar Holding, it said in a press statement.

“This agreement marks our third property in Italy. The Westin Excelsior Rome is the epitome of what Katara Hospitality looks for in a hotel,” said Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani, Chairman of Katara Hospitality.

The 316-room hotel will continue to be operated by Starwood under a new long-term management agreement, the statement said. The property opened in 1906 on Via Veneto, one of Rome’s most celebrated streets.

“On the heels of our recent high-profile sales of The Phoenician and The Gritti Palace, along with other hotel asset transactions, the sale of the Westin Excelsior Rome brings us to $817 million of hotel assets sold so far this year,” said Adam Aron, the interim CEO of Starwood.

“Accordingly, Starwood has now exceeded our stated goal of completing at least $800 million in hotel asset sales by the end of 2015.”