GREENWICH,
Conn., and WHITE PLAINS, N.Y., Sept. 26, 2011-- Starwood Capital
Group and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
announced today that they have entered into new management agreements
for the Silvertree Hotel and Conference Center and the Wildwood Lodge –
two premier resort locations in Snowmass Village, Colorado. Starwood
Capital Group also announced plans to significantly renovate both
hotels to broaden their appeal as destination properties in one of the
world’s top ski resort communities.
Renovations, which are slated to begin in April 2012, will include
significant improvements to the existing structures of the buildings,
all rooms, meeting space and some public areas. Both hotels will
re-open in time for the 2012/2013 ski season. The renovations will
feature little to no disruption to the Silvertree conference center.
Upon reopening, Silvertree Hotel will operate under Starwood Hotels'
Westin® brand, while Wildwood Lodge will remain under an
independent flag. The two hotels will be managed by Starwood Hotels
& Resorts.
Both locations, which were built in phases beginning in 1967, are owned
by a joint venture between Starwood Capital Group and Wasserman Real
Estate, which purchased the properties in June.
"The planned renovations of both Silvertree and Wildwood and our new
partnership with Starwood Hotels & Resorts will not only broaden
the global appeal of these two magnificent locations, but it will bring
one of the world's strongest international booking engines to both
properties," said Suril Shah, Vice President of Acquisitions of
Starwood Capital Group. "We would like to express our gratitude to the
city of Snowmass and its elected officials for their support and
partnership as we look to reposition both properties. We are looking
forward to delivering a world class lodging experience to our guests
for years to come."
According to Allison Reid, Senior Vice President of North American
Development for Starwood Hotels & Resorts, "Starwood Hotels
attracts more affluent and discerning global guests. The power of our
distribution systems to reach these sought after travelers, combined
with the global appeal of Snowmass as a destination makes these two
hotels impactful additions to our global portfolio. We look forward to
collaborating with Starwood Capital Group and Snowmass Village on this
transformative project."
"This is an exciting time for both the residents and guests of our
town," said Russ Forrest, Snowmass Village Town Manager. "Conference
services, managed by the Silvertree, are an extremely important
operation in this town, and will continue to be with the redevelopment.
I am confident that Starwood Hotels and the Starwood Capital Group will
carry on the same commitment to, and pride in, this community as the
Silvertree and Wildwood. We are looking forward to working
closely with them in the future."
About Starwood Capital Group
Global, LLC
Starwood Capital Group is a private, U.S.-based investment firm with a
core focus on global real estate. Since the group's inception in 1991,
the firm, through its various funds, has invested over $10 billion of
equity capital, representing $28.6 billion in assets. Starwood Capital
Group currently has $18 billion of assets under management. Starwood
Capital Group maintains offices in Greenwich, Atlanta, San Francisco,
Washington, D.C., and affiliated offices in London, Luxembourg, Paris,
Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly
every class of real estate on a global basis, including office, retail,
residential, senior housing, golf, hotels, resorts and industrial
assets. Starwood Capital Group and its affiliates have successfully
executed an investment strategy that includes building enterprises
around core real estate portfolios in both the private and public
markets. Additional information about Starwood Capital can be found at
www.starwoodcapital.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 1058 properties in 100
countries and territories with 145,000 employees at its owned and
managed properties. Starwood Hotels 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 Meridien®, Sheraton®,
Four Points® by Sheraton, and the recently launched Aloft®, and
Element SM. 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 Hotels also owns Starwood
Vacation Ownership, Inc., one of the premier developers and operators
of high quality vacation interval ownership resorts. For more
information, please visit www.starwoodhotels.com.
About Snowmass Village, CO
The resort town of Snowmass Village, Colorado, is a dynamic destination
resort located in the heart of the Elk Mountains just 9 miles from
Aspen. Best known as a winter wonderland, the resort also is also a
world class summer destination for families, adventurers, music lovers
and festival goers alike. Breathtaking backdrops and 300 days of
sunshine on average every year produce a captivating mixture of
relaxation and adventure. Snowmass is also becoming well known for its
major Ice Age Discovery unearthed in late 2010. Fossils from mammoths,
mastodons, a Jefferson ground sloth, gigantic ice age bison and other
mammals, reptiles, plants and invertebrates reveal an exceptionally
well preserved Ice Age ecosystem turning into the most significant find
in Colorado and possibly the country. For general information or for
lodging deals, visit www.snowmasstourism.com
or call 1-800-SNOWMASS.