STAMFORD, Conn.--(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 Mridien, 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.
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 Mridien, 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.