STAMFORD,
Conn.--Jan.
31, 2013-- Starwood Hotels
&
Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has
completed
the sale of Aloft and Element Lexington to Rockwood Capital
for $36
million. As part of the agreement, the dual-hotel development
in Lexington,
Massachusetts will be managed under long-term license
agreements by Paramount
Hotel Group and continue to fly the Aloft and Element flags.
"This sale is consistent with
Starwood's
asset-light strategy as we continue to seek opportunities to sell owned
real
estate at the right time to the right owners," said Simon
Turner,
President of Global Development for Starwood. "Starwood
completed over $500 million of hotel asset sales in
2012, and
investor interest in the company's other owned assets has increased
markedly as
hotel industry fundamentals and capital markets have continued to
improve."
"We are thrilled to be expanding our
relationship
with Starwood. We view these properties as an excellent fit with our
strategy
to acquire strong income-producing properties in one of our key target
markets
on the east coast," said Tony Larino, Managing
Director
and Head of Lodging at Rockwood Capital.
Built by Starwood and opened in 2008,
Aloft
Lexington and Element Lexington
share the same parcel of land at 727 Marrett Road,
close
to the 128 Mass Turnpike. Home to numerous
technology
businesses, Lexington
offers a charming combination of historical sites, farm stands and
greenhouses,
as well as convenient access to Boston's
thriving business community and leisure attractions.
Aloft Lexington
offers 136 guest rooms, indoor pool, w xyz sm bar,
fitness center and meeting space. Element Lexington
features 123 guestrooms, fitness facility and meeting space. The two
hotels
share 297 parking spaces.
About Rockwood
Capital
Rockwood Capital, LLC
is a real estate
investment firm that provides equity capital combined with real estate
expertise for repositioning, recapitalization, development and
redevelopment of
retail, hotel, residential, office and research and development space
in key
markets throughout
the
United
States. Since 1990, Rockwood and its principals have
invested on
behalf of their clients approximately
$13.4 billion of
real
estate through eight value-add vehicles and three separate accounts.
Today,
Rockwood is an 82 person real estate investment firm with offices in
White
Plains, NY,
San
Francisco, CA, and
Los
Angeles, CA and manages a portfolio of
approximately $2.6
billion of net equity value in approximately
$6.6 billion
of
gross real estate value. Rockwood's investors include public and
private
pension funds, endowments, foundations, insurance companies, fund of
funds,
high net worth individuals and family offices.
About Paramount Hotel
Group
Paramount Hotel Group
is a third-party,
independent management and ownership group that focuses on hotel
operations,
acquisition and development opportunities, construction management and
technical services support.
Paramount is solely focused on
commercial hotels within the full service, select service and extended
stay
sectors. Together with select capital partners,
Paramount
and its
principals have developed, acquired and operated over 200 hotels
throughout
the
United States. Additional information about the company may
be found
at
www.paramounthotelgroup.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 1,134 properties in nearly 100
countries
and 154,000 employees at its owned and managed properties. Starwood 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 ElementSM. 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 also owns
Starwood Vacation Ownership, Inc., a
premier
provider of world-class vacation experiences through villa-style
resorts and
privileged access to Starwood brands. For more information, please
visit
www.starwoodhotels.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 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.)