STAMFORD, Conn. -September 10, 2012 - (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced the opening of Sheraton Silver Spring Hotel, just north of downtown Washington, D.C. The hotel is ideally located at the heart of the bustling business and entertainment district in Silver Spring, Maryland. Owned by Integrated Capital, the former Crowne Plaza has undergone an extensive renovation and conversion project in excess of $5 million to bring up to Sheraton standards.
“We look forward to opening our first hotel in Silver Spring, Maryland, and invite travelers to come experience the new look and feel of Sheraton in an unbeatable location, just outside the nation’s capital,” said Hoyt Harper, Global Brand Leader, Sheraton Hotels & Resorts. “The Sheraton Silver Spring Hotel will feature all the latest signature Sheraton brand offerings, designed to create community and help guests make connections.”
“The heart of the all-new lobby is the Link@Sheraton® experienced with Microsoft®– a social hub where connections, whether face-to-face or webcam-to-webcam take place,” said Daniel Kurz, partner of Integrated Capital.
All 229 refurbished guest rooms feature an oversized work desk, an ergonomic chair, high-speed Internet, LCD flat panel television, and the all-white Sheraton Sweet Sleeper® bed, designed to meet AAA’s Five Diamond Award® criteria. The property also features a brand-new Club floor lounge.
Sheraton Silver Spring Hotel offers nearly 16,000 square feet of flexible meeting space with all the latest in meetings technology. Additional amenities include a full-service restaurant and lounge, outdoor pool, and fully equipped fitness facility featuring the brand’s revolutionary new health and fitness program, Sheraton Fitness programmed by Core Performance™, designed exclusively for Sheraton guests through its partner Core Performance. By year-end 2012, the hotel will feature a Starbucks® Coffeehouse, which will also open onto Georgia Avenue and service the nearby business community as well.
Just three blocks from Silver Spring Metro Station, The Sheraton Silver Spring Hotel is ideally located to explore all the leading Washington, D.C. attractions including the White House, the Capitol, the Washington Monument, and the Smithsonian Museums. Guests are walking distance from Silver Spring’s revitalized downtown and close to key demand generators, including the headquarters of Discovery Communications, the National Institutes of Health and the Food and Drug Administration. The hotel is also close to the campuses of the University of Maryland - College Park and Howard University.
“We are delighted to raise the Sheraton flag at our hotel, where we offer all of the Sheraton brand’s recently improved amenities and services,” said Managing Partner of Integrated Capital, Kenneth Fearn. “Another benefit of joining Starwood is the ability to connect with travelers via the award-winning Starwood Preferred Guest program.”
Starwood has spent the last few years renovating and rebuilding one of the hotel industry’s most iconic brands and Sheraton now stands stronger than ever with the strongest portfolio in its history. The brand is gaining market share, RevPAR continues to rise, guest satisfaction scores are the highest in the brand’s history and likelihood to return, likelihood to recommend and meeting planner and associate engagement scores are also at all-time highs - signaling that guests are taking notice and rediscovering the new Sheraton.
A minority-owned, hotel-focused private real estate firm, Integrated Capital was founded in 2004 and has completed approximately $400 million in hospitality transactions. Based in Los Angeles, the firm has acquired 12 hotel properties throughout the United States and invested approximately $400 million in hospitality assets. Prior to forming Integrated Capital, the principals directed more than $1 billion of hospitality acquisitions and development. Collectively, Integrated Capital principals boast more than 50 years of real estate experience, including investment, development and operations in hospitality, particularly mid-scale through luxury full-service and extended stay hotels and resorts affiliated with brands, throughout North America while maintaining a commitment to diversity within the firm and operating investments.
Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an independent, third-party operator of hotels, and resorts. The company currently owns or operates approximately 64 hotels and resorts, aggregating 13,000+ guest rooms in 21 states, the U.S., Virgin Islands, and Canada. The company’s portfolio encompasses properties in the luxury, resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as legendary independent hotels and resorts. Additional information about Crescent Hotels & Resorts may be found on the company’s Web site www.chrco.com
Sheraton helps guests make connections at more than 400 hotels in 70 countries around the world and recently completed a $6 billion global revitalization and is now in the midst of a $6 billion global expansion over the next three years. Sheraton is owned by and is the largest and most global brand of Starwood Hotels & Resorts Worldwide, Inc., one of the leading hotel and leisure companies in the world with 1,112 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.)
Starwood Hotels & Resorts