Starwood Hotels & Resorts Sells Element Denver Park Meadows to Denver Hospitality II, L.P.
Third Starwood Hotel Sale to Close in the Two Months of May and June 2015; Hotel will Continue to Operate as an Element under a New Franchise Agreement
STAMFORD, Conn. - July 7, 2015 - (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has sold Element Denver Park Meadows to Denver Hospitality II, LLC. for $15.5 million. The hotel will continue to be affiliated with Starwood Hotels & Resorts and its award-winning Starwood Preferred Guest® program.
Adam Aron, CEO of Starwood on an interim basis, said: “The sale of Element Denver Park Meadows follows the recent high profile sales of two of our hotel properties in The Luxury Collection, namely The Phoenician and The Gritti Palace. While this is a smaller sale, nonetheless it also marks continued progress in fulfilling on our asset light strategy and achieving our stated goal of $800 million in hotel sales by the end of 2015."
Brian McGuinness, Senior Vice President, Specialty Select Brands for Starwood, added: "We look forward to working with Denver Hospitality to ensure the continued success of this property, which was one of our first Element hotels and remains an excellent representation of this stylish, eco-minded brand.”
Element Denver Park Meadows is located just south of Denver with easy access to downtown businesses, shopping, dining and entertainment via the nearby RTD light rail line. The hotel is also close to Denver Tech Center, Sports Authority Field at Mile High, Coors Field and The Colorado Convention Center. Element Denver Park Meadows offers 123 light-filled rooms with fully equipped kitchens, a 450 square-foot meeting space, an indoor saline swimming pool, an outdoor patio and an atmosphere designed to fuel a life in balance and on the move.
On track to double its portfolio in the next two years, Element is recognized as an industry leader in the eco-space and offers travelers a fresh, reimagined interpretation of the extended stay hotel experience.
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 some 100 countries and over 180,000 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®, Element® and the recently introduced Tribute Portfolio™. 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. Earlier this year, Starwood announced plans to spin off its Starwood Vacation Ownership, Inc. business, a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands, into a standalone public company by the end of 2015. 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 and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions including the impact of war and terrorist activity, natural disasters, business and financing conditions (including the condition of credit markets in the U.S. and internationally), foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses, relationships with associates and labor unions, customers and property owners, the impact of the internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions, competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their interpretation), travelers’ fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk associated with potential acquisitions and dispositions and the introduction of new brand concepts and other risks and uncertainties. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission.
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SOURCE Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts