STAMFORD,
Conn.--Apr. 9, 2012-- Starwood Hotels & Resorts Worldwide,
Inc. (NYSE:HOT) today announced that it has completed the sale of the
275-room Atlanta Perimeter Hotel & Suites to RockBridge Partners, a
division of RockBridge. The property, which will be franchised, is
located just north of Atlanta’s city center and will be managed by
Wischermann Partners, Inc. The hotel will continue to be affiliated
with Starwood Hotels & Resorts and its award-winning Starwood
Preferred Guest® program.
“Starwood’s decision to sell the Atlanta Perimeter Hotel & Suites
is reflective of our continued asset-light strategy,” said Simon
Turner, President of Global Development, Starwood Hotels & Resorts
Worldwide, Inc. “We continue to pursue opportunities to sell our owned
real estate at the right time to the right owners in the best interest
of shareholders.”
As part of the transaction, RockBridge has committed to extensive
property enhancements within the next 18-months, after which the hotel
will fly Starwood’s Le Méridien flag.
“Le Méridien brand’s success under Starwood is catching the
attention of great owners and developers, such as RockBridge, and is
driving high-profile deals in primary locations across North America,”
said Allison Reid, Senior Vice President, Starwood Acquisitions and
Development, North America. “We are so pleased to again work with
RockBridge on our third conversion opportunity, following the newly
opened Sheraton Stamford and Sheraton Ann Arbor, as they, along with
Wischermann Partners, share in our vision for the property. We look
forward to collaborating with them to bring Le Méridien to the
Atlanta market.”
Le Méridien was acquired by Starwood in November 2005 and has
benefitted from Starwood’s centralized services and expertise in
lifestyle brand building. Since the acquisition, Le Méridien has
gone through a full brand re-launch, including a comprehensive
portfolio review as well as a re-development of brand strategy,
marketing approach and service culture training. With the strongest
portfolio and performance levels in the brand’s history, Le
Méridien is also gaining momentum in North America with
additions, such as the recently converted Le Méridien Arlington,
Le Méridien Philadelphia and Le Méridien Chambers
Minneapolis.
Jim Merkel, President and CEO of RockBridge commented on the project
stating, “We are excited about the opportunity to complete our third
Starwood conversion in the past few years and to do our first project
involving Le Méridien. The comprehensive renovation and
rebranding of the hotel, coupled with the strength of the Starwood
system, will position the property as the premier hotel in the market.”
“Our goal is to create memorable guest experiences by pairing
exceptional product design and functionality with a service culture of
excellence,” remarked Paul Wischermann, President of Wischermann
Partners. “Atlanta, as a global hub, is the right location for this
property connecting with Starwood’s strong upper upscale and luxury
customer base.”
Conversions continue to be the primary driver of new hotel growth for
Starwood using a pragmatic approach that ensures brand standards are
maintained while balancing the needs of owners. In 2011, Starwood
opened more hotels than previously predicted in North America because
of the addition of several high quality conversions that were signed
and opened during the course of the year. Conversions made up 75% of
Starwood’s openings and 63% of its new deal signings in North America
last year.
About Starwood Hotels &
Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading
hotel and leisure companies in the world with 1090 properties in 100
countries and territories with 154,000 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 Méridien®,
Sheraton®, Four Points® by Sheraton, 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 RockBridge
RockBridge is an integrated hotel investment firm that has executed on
over 300 debt and equity hotel investments in the U.S. over the past
two decades. Since 1992, RockBridge’s team has invested nearly $3
billion in the hospitality industry as part of approximately $5 billion
of total transaction capitalization. The principals of RockBridge have
formed and managed nine hospitality-focused investment funds across
multiple platforms with predominantly institutional investors. For
additional information about RockBridge, visit
www.rockbridgecapital.com
About Wischermann Partners, Inc.
Wischermann Partners, Inc. is a national hospitality firm, focused on
the operations of upper upscale and luxury hotels. Recognized by
clients, peers and industry experts, Wischermann Partners brings a
unique mix of knowledge, experience and insight to hospitality
management, development and acquisitions. Currently, Wischermann
Partners operates a hotel portfolio of nearly 2,000 rooms. For more
information about Wischermann Partners, please visit
www.wischermannpartners.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 and involve risks and uncertainties and other
factors that may cause actual results to differ materially from those
anticipated at the time the forward-looking statements are made.
Further results, performance and achievements may be affected by
general economic conditions, including the duration and severity of any
global or regional economic downturns, the availability of financing
alternatives at acceptable terms, the impact of war and terrorist
activity, business and financing conditions, foreign exchange
fluctuations, cyclicality of the real estate (including residential)
and the hotel and vacation ownership businesses, operating risks
associated with the hotel, vacation ownership and residential
businesses. 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 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.