ニュース
ニュースリリース
STAMFORD, CT – January 31, 2013 – Starwood Hotels & Resorts
Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of
Aloft and Element Lexington to Rockwood Capital for $36 million. As part
of the agreement, the dual-hotel development in Lexington, Massachusetts will
be managed under long-term license agreements by Paramount Hotel Group and
continue to fly the Aloft and Element flags.
“This sale is consistent with Starwood’s asset-light strategy as we continue to
seekopportunities to sell owned real estate at the right time to the right
owners,” said Simon Turner, President of Global Development for Starwood.
“Starwood completed over $500 million of hotel asset sales in 2012, and
investor interest in the company’s other owned assets has increased markedly as
hotel industry fundamentals and capital markets have continued to
improve.”
“We are thrilled to be expanding our relationship with Starwood. We view
these properties as an excellent fit with our strategy to acquire strong
income-producing properties in one of our key target markets on the east
coast,” said Tony Larino, Managing Director and Head of Lodging at Rockwood
Capital.
Built by Starwood and opened in 2008, Aloft Lexington and Element Lexington
share the same parcel of land at 727 Marrett Road, close to the 128 Mass
Turnpike. Home to numerous technology businesses, Lexington offers a charming
combination of historical sites, farm stands and greenhouses, as well as
convenient access to Boston's thriving business community and leisure
attractions.
Aloft Lexington offers 136 guest rooms, indoor pool, w
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smbar, fitness center and meeting space. Element
Lexington features 123 guestrooms, fitness facility and meeting space. The two
hotels share 297 parking spaces.
About Rockwood Capital
Rockwood Capital, LLC is a real estate investment firm that provides equity
capital combined with real estate expertise for repositioning,
recapitalization, development and redevelopment of retail, hotel, residential,
office and research and development space in key markets throughout the United
States. Since 1990, Rockwood and its principals have invested on behalf
of their clients approximately $13.4 billion of real estate through eight
value-add vehicles and three separate accounts. Today, Rockwood is an 82
person real estate investment firm with offices in White Plains, NY, San
Francisco, CA, and Los Angeles, CA and manages a portfolio of
approximately $2.6 billion of net equity value in approximately $6.6
billion of gross real estate value. Rockwood’s investors include public
and private pension funds, endowments, foundations, insurance companies, fund
of funds, high net worth individuals and family offices.
About Paramount Hotel Group
Paramount Hotel Group is a third-party, independent management and ownership
group that focuses on hotel operations, acquisition and development
opportunities, construction management and technical services support.
Paramount is solely focused on commercial hotels within the full service,
select service and extended stay sectors. Together with select capital
partners, Paramount and its principals have developed, acquired and operated
over 200 hotels throughout the United States. Additional information
about the company may be found at www.paramounthotelgroup.com.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with 1,134 properties in nearly 100 countries
and 154,000 employees at its owned and managed properties. Starwood is a fully
integrated owner, operator and franchisor of hotels, resorts and residences
with the following internationally renowned brands: St. Regis®, The Luxury
Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton,
Aloft®, and ElementSM. The Company boasts one of the industry’s leading loyalty
programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem
points for room stays, room upgrades and flights, with no blackout dates.
Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of
world-class vacation experiences through villa-style resorts and privileged
access to Starwood brands. For more information, please visit www.starwoodhotels.com.
(Note: This press release contains
forward-looking statements within the meaning of federal securities
regulations. Forward-looking statements are not guarantees of future
performance or events and involve risks and uncertainties and other factors
that may cause actual results or events to differ materially from those
anticipated at the time the forward-looking statements are made. These risks
and uncertainties are presented in detail in our filings with the Securities
and Exchange Commission. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can give
no assurance that our expectations will be attained or that results and events
will not materially differ. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.)
