Starwood Hotels Sells Philadelphia Airport Complex to The Lightstone Group
STAMFORD, Conn. - December 22, 2014 - (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has completed the sale of the Philadelphia Airport Complex to The Lightstone Group and its affiliates. Located on Island Avenue one mile from Philadelphia International Airport (PHL), the Philadelphia Airport Complex consists of three Starwood properties including the 252-room Sheraton Suites Philadelphia Airport, the 177-room Four Points by Sheraton Philadelphia Airport and the 136-room Aloft Philadelphia Airport. All three properties will be operated by Island Hospitality, undergo renovations and continue to fly the three brand flags.
"We are pleased to announce the sale of the Philadelphia Airport Complex, furthering our asset-light strategy," said Simon Turner, President of Global Development for Starwood. "The Lightstone Group is a terrific partner for us and we look forward to collaborating with them on the future success of these hotels."
Starwood purchased the Philadelphia Airport Complex in 1998 and converted the two existing hotels to its Sheraton and Four Points by Sheraton brands. The company then built and added Aloft Philadelphia to the complex in 2008. In close proximity to the city’s downtown, the hotels are convenient to several major corporations, including Atlantic Aviation, United Parcel Service and Boeing Corporation, and to the South Philadelphia Sports Complex – home to Wells Fargo Center, Lincoln Financial Field and Citizens Bank Park.
The Lightstone Group currently owns two Starwood properties – Aloft Rogers-Bentonville and Aloft Tucson University.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,200 properties in 100 countries, and 181,400 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 Element®. 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.
About The Lightstone Group
The Lightstone Group, founded in 1988, is a privately held real estate company with one of the most diversified real estate portfolios in the United States. Today, Lightstone’s portfolio consists of more than 11,000 multifamily units, 8.1 million square feet of office, hotel, retail and industrial assets, and 12,000 fully-improved residential lots throughout the United States. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active residential and hospitality developers in New York City with more than $1 billion of projects under development in Manhattan, Brooklyn and Queens.
For more information, visit www.lightstonegroup.com.
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Global Communications