News for the Hospitality Executive
Pacific Management Corporation and Penta-Ocean Construction
Co., Ltd. Sign
Starwood to manage a New-build 245 room W Hotel in Yokohama, Japan
Singapore, November 2, 2007 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), today announced the signing of W Yokohama, marking the brand’s entrance into Japan. Starwood entered into a long-term relationship with Pacific Management Corporation and Penta-Ocean Construction Co., Ltd. to manage this new-build hotel in Yokohama, one of Japan’s major commercial centers. Boasting a prime location at the heart of the city’s most forward-looking, urban development project, W Yokohama will make its debut in 2010 offering 245 guest rooms, more than 10,000 square feet of meeting space, a W Living Room Bar, two restaurants and a signature spa.
"W continues to extend beyond the boundaries of everyday travel, offering a magical mix of sexy destinations and sublime design,” said Ross Klein, President of Starwood’s Luxury Brands Group. “W Yokohama will offer a modern, sophisticated escape for travelers in the bustling landscape of one of Japan’s most dynamic cities. From Japan to Greece, Spain to Switzerland, Chile to China, W is going global as the influential and innovative lifestyle authority."
W Yokohama is a highly anticipated addition to Shinko, the New Port district, an impressive, futuristic destination within a destination with dazzling views, soaring towers and high-end shopping in Minato Mirai 21 development Home to nearly 1,200 corporations, MM21 attracts millions of visitors each year to its retail, leisure, hotel and convention facilities. W Yokohama will offer sweeping harbor views from its prime water-front location next to the Red Brick Warehouse, a refurbished shopping area with a variety of boutiques, restaurants and live music venues. The city’s top attractions, including Sankeien Garden, Shomyoji Temple and Japan’s largest Chinatown, are easily accessible via the city’s sleek new subway system.
Located 18 miles west of Tokyo, the forward-looking city of Yokohama is experiencing brisk growth in its biotechnology and semiconductor sectors and continued expansion of its convention business. In addition to offering direct access to the city’s most important business centers, W Yokohama will be less than 30 minutes drive from the Haneda Airport, Tokyo’s main domestic airport, also known as the busiest airport in Asia.
“The entry of the W brand into Japan is truly an exciting moment for us. The signing of W Yokohama marks the debut of this luxury lifestyle brand in Japan, and will be a major cornerstone for the W brand’s presence in Japan and in Asia,” said Miguel Ko, President, Starwood Hotels & Resorts, Asia Pacific. “As Japan’s second largest city, Yokohama and its southern suburbs have traditionally been a place of escape, enjoyment and relaxation for Tokyo’s well-to-do. Given its position as Japan’s largest port, home to a considerable expatriate community and high-end boutiques, Yokohama enjoys nationwide recognition as a sophisticated and alluring destination, a great fit with the W brand.”
“It is a great pleasure to announce the development of W Yokohama, marking the debut in Japan of the W brand that commands tremendous popularity as a source of modern lifestyle across the globe,” said a representative from Pacific Management. “A good balance between the W brand’s signature design and comfort will be maintained at a high dimension while keeping in harmony with the historical features of the surroundings in the conviction that W Yokohama will write a new page in urban developments in the Minato Mirai 21 district as a landmark hotel with great presence that will become the future icon of the district.”
“Pacific Management has been contributing to the stable livelihood of the people of Japan by listing Nippon Residential Investment Corporation, which is Japan’s first REIT specializing in residential properties, followed by listing Nippon Commercial Investment Corporation, which invests into office and retail properties, and by engaging in other real estate investment fund management operations,” continued a representative from Pacific Management. “Pacific Management will take this hotel development as an opportunity to seek the creation of added value in real estate investment through the provision of hospitality that is distinct from any other.”
In addition to W Yokohama’s cutting-edge design and cosmopolitan ambience, the hotel will offer guests an opportunity to relax in style in the signature W bed, outfitted with feather-top mattresses, 350 thread-count Egyptian cotton sheets and goose-down comforters. The alluring, water-front hotel will also offer the signature W Whatever/Whenever service, the hotel’s 24-hour concierge that can provide whatever guests want -- from a pair of running shoes to private jet service -- whenever they want it.
W Yokohama is the latest addition to the brand's fast-growing international collection of hotels in the world's most vibrant cities and emerging destinations. W, the fastest growing luxury hotel brand in the world, has recently announced plans to open hotels in Barcelona, Istanbul, Athens, Hong Kong, Shanghai, Koh Samui, Santiago, Dubai, Doha and Macau. These properties will follow the highly successful openings of the W Retreat & Spa-Maldives, W Montreal, and W Mexico City
About W Hotels Worldwide
W Hotels is a global lifestyle brand with 21 properties in the most vibrant cities around the world. Inspiring and indulging its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas, W has become the fastest growing luxury hotel brand in the world. Each hotel offers a unique mix of innovative design, comfort, and cultural influences from fashion to music to art and everything in between. The W brand’s first residential property, W Dallas-Victory, opened in June of 2006, and soon thereafter was named a Forbes Magazine “Top Business Hotel.” W Residences, offering the W lifestyle at home, have been announced for Scottsdale (2008), Midtown Atlanta (2008), Fort Lauderdale (2008), Buckhead (2008), Hoboken (2008), Downtown Atlanta (2009), Downtown New York (2009), South Beach (2009), Phoenix (2009), Hollywood (2009), Philadelphia (2009), and Austin (2010). Internationally, W has announced plans for hotels in Istanbul (2008), Doha (2008), Hong Kong (2008), St. Petersburg (2008), Athens (2008), Santiago (2008), Milan (2008), Dubai-Festival City (2008), Shanghai (2009), Barcelona (2009), Guangzhou (2010), Dubai-The Palm (2010), Macau (2009) and Bangkok (2011). W’s first Retreat & Spa, W Maldives, opened in September of 2006 and in March of 2007, received the prestigious Travel + Leisure Design Award for Best Resort. W has plans to open Retreat & Spa hotels in Vieques (2008), Koh Samui (2008), and Verbier (2010), the latter of which will serve as the W brand’s first ski retreat. For more information, visit www.whotels.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 approximately 890 properties in more than 100 countries and 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft(SM), and Element(SM). 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 Pacific Management Corporation
Pacific Management Corporation (PMC) is an unaffiliated real estate investment fund manager listed on the first section of the Tokyo Stock Exchange. PMC possesses a vast wealth of proven track record in planning, originating and managing real estate investment funds based on our management philosophy of contributing to the Japanese economy and stable livelihood of the Japanese people. The PMC Group manages two J-REITs – Nippon Residential Investment Corporation, the first residential REIT to be listed on the Japanese J-REIT market in March 2004, and Nippon Commercial Investment Corporation, a compound REIT investing in office and retail properties. The PMC Group also manages opportunity funds and other private funds. The PMC Group’s assets under management reached 803.4 billion yen as of the end of August 2007.
Profile of Pacific Management Corporation
Trade name: Pacific Management Corporation
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.
|Also See:||Istithmar Hotels FZE and Golden Land Property Development PLC Developing 400 room W Hotel in Bangkok; Starwoods Second W Branded Property in Thailand / October 2007|