Ariz - October 23, 2009 - Triyar Hospitality Scottsdale, LLC, owner of
the W Scottsdale Hotel, announced today that it has reached a resolution
in its legal disputes with its lender and the hotel’s construction contractors,
which ends litigation between them and the lender’s foreclosure proceedings.
W Scottsdale, which opened one year ago, quickly established itself
as a destination hot spot, host to high profile events, celebrities, and
trend setting travelers from around the world. Despite the challenging
economy, W Scottsdale continues to significantly outperform its competition,
as well as well-established hotels and luxury resorts in Phoenix, Scottsdale
and throughout Arizona.
“Due to the timing of construction, the W Scottsdale opened in the
most tumultuous economic period in recent history and was one of the first
of many high-profile hotels in the U.S. to experience financial difficulties.
We are pleased to be amongst the first of such properties to successfully
restructure and are hopeful this is a sign of ensuing economic recovery,”
said Steven Yari, Principal of Triyar Hospitality Scottsdale.
“Despite the issues with our lender and contractors which compounded
the financial situation, we are pleased and grateful that the parties were
able to reach a reconciliation without the need for further litigation,”
added Michael Mahoney, CEO of Triyar Hospitality.
“We are now working on several hotel transactions, some involving properties
facing similar ownership issues, and see a bright future ahead to strategically
grow our company,” added Steven Yari.
“Scottsdale has long been on W’s short list of coveted destinations,
and the hotel’s performance from the moment we opened our doors, despite
the economy and the legal proceedings in the background, are proof positive
that Scottsdale is a great location for W. Likewise, the W Scottsdale is
a great asset for the City,” said Matt Avril, President of Starwood’s Hotel
Group. “Our success is also a testament to the quality of the hotel, power
of the W brand and its innovative and contemporary delivery of hospitality.
Now that our owners have resolved the legal aspects, we expect the hotel’s
performance to continue to accelerate, especially as the economy begins
The hotel’s celebrated offerings, including Bliss Spa, Sushi Roku restaurant
and its three bars and lounges, have quickly become a destination for guests,
local insiders and celebrities alike. The future outlook for the hotel
is favorable as it continues to set itself apart as a unique destination.
About Triyar Hospitality Scottsdale, LLC
Triyar Companies, LLC, which includes Triyar Hospitality Scottsdale,
LLC (Triyar), has been actively investing in U.S. real estate since the
mid-1950s, engaging in property development, acquisition, management, and
leasing. The company has extensive real estate holdings including hotels,
high-rise commercial (office) and residential buildings, industrial business
centers, enclosed shopping malls, and retail centers with a strong concentration
of properties in New York (Manhattan), Texas, California and Arizona. Triyar
and its affiliates also own development land for mixed-use commercial and
residential projects and have diverse operating business interests in restaurants,
health clubs, film production, and aerospace manufacturing.
About W Scottsdale
W Scottsdale marks the debut of W Hotels in Arizona. This Southwest
oasis, where innovative design mixes with urban sophistication, features
224 guest rooms including 27 lavish suites. A true insider escape, W Scottsdale
boasts Arizona’s only Bliss® Spa, Sushi Roku restaurant, and W Hotels
The Store and offers three chic destination bars – the W Living Room, Shade
and sunset.beach. Located in downtown Scottsdale at the iconic corner of
Camelback and Scottsdale Roads, W Scottsdale provides guests access to
discover the city’s high-profile shopping, innovative restaurants, eclectic
arts district and vibrant nightlife. Signature services and amenities include
the Whatever/Whenever® concierge service, Wheels?, SWEAT Fitness®,
WET?, WIRED Business Center and P.A.W. – Pets Are Welcome™. For more information,
visit www.WHotels/Scottsdale.com or call to schedule a reservation 877
About W Hotels Worldwide®
W Hotels is an innovative contemporary lifestyle brand and the hotel
category buster with 34 hotels and retreats in the most vibrant cities
and exotic destinations around the world. Inspiring, iconic, innovative
and influential, W Hotels provides the ultimate in insider access to a
world of “Wow.” Each hotel offers a unique mix of innovative design and
passions around fashion, music, entertainment, design, architecture, pop
culture, and everything in between. W Hotels are unique and individual
expressions of modern living, reflected in the brand’s sensibility to a
holistic lifestyle experience with cutting-edge design, contemporary restaurant
concepts, glamorous nightlife experiences, and signature spas. With 10
years of proven success, W Hotels is on track to double its footprint by
2011. In North America and Latin America, W Hotels have been announced
in Austin, Boston, Hollywood, Huntington Beach, and Downtown New York.
In Europe, W Hotels have been announced in Athens, London, Manchester,
Milan, Paris and St. Petersburg. In Asia, W has announced properties in
Bangkok, Guangzhou, Macao-Studio City, Shanghai and Yokohama. In Africa
and the Middle East, W has announced properties in Marrakech, Amman, and
Dubai. W has plans to open W Retreats in Bali, Koh Samui, Vieques Island
and Verbier, the latter of which will serve as W Hotels’ first ski retreat.
For more information, visit www.whotels.com.