WHITE PLAINS, N.Y., May 13, 1998 - Starwood Hotels Resorts, the nation's largest hotel real estate investment trust and Starwood Hotels Resorts Worldwide, Inc., a hotel and gaming operating company (NYSE: HOT) today announced the acquisition of the 242-room Danbury Hilton Hotel in Danbury, Connecticut from Danbury Hotel Associates, I.P., a Connecticut partnership, for a purchase price of $20 million, or approximately $80,000 per key. Starwood Hotels Resorts Worldwide, Inc. will continue to manage the property.
"Through a privately negotiated transaction, we were able to acquire an established, full-service hotel that is located in an area with high barriers to entry near other Starwood owned assets. The Corporation has been managing the property since February 1996 which should help eliminate any operational surprises, and make the transition of ownership seamless with only nominal transition costs," said Steven R. Goldman, Executive Vice President, Starwood Hotels Resorts, Acquisitions.
The Danbury Hilton consists of a 10-story, 242-room hotel, including four suites, and is highly functional, well-maintained and competitive in its marketplace. Facilities include 18,000 square feet of meeting space and banquet space, which is the largest amount of space among the hotel's primary competition, a full-service restaurant, sports bar and a lounge. Amenities and services include a business center, a fitness center, an indoor pool, two lighted tennis courts, room and valet service and parking. The hotel also has expansion potential -- concrete footings are in place and the architectural renderings have been completed for a 100-room expansion on the west side of the property.
The hotel is located at 18 Old Ridgebury Road in Danbury, Connecticut which is in Fairfield County. Its close proximity to Stamford enables the complexing of operational and administrative functions with other Starwood properties in the Connecticut area.
Starwood Hotels Resorts Worldwide, Inc. through its ITT Sheraton, Westin
and Caesars subsidiaries, is one of the leading hotel and gaming operating
companies in the world. Starwood Hotels Resorts is the largest real estate
investment trust in the United States. Shares of Starwood Hotels Resorts
Worldwide, Inc. are paired and trade together with shares of Starwood Hotels