Starwood Unveils Plans for Dual-Branded Development In Boston
Friday June 6th, 2014 - 9:31AM B
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STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has unveiled plans for a dual-branded hotel development in Boston featuring its Aloft and Element brands.
Set to open in 2016, the 330-room Aloft Boston Waterfront and 180-room Element Boston Waterfront will be situated on D Street, directly across the street from the Boston Convention & Exhibition Center.
The hotels will be owned and developed by a partnership between majority equity partner Ares Management-controlled funds and CV Properties on a 5.2-acre parcel of land leased from the Massachusetts Convention Center Authority (MCCA).
Construction on the $158 million project is already underway and the hotels will be operated by Starwood Hotels & Resorts under the Aloft and Element brand flags. Financing will be provided by RBS Citizens Financial Group and Santander Bank in the amount of $97 million.
“We look forward to opening this dual-branded Aloft and Element hotel complex as part of the ongoing redevelopment of the South Boston Waterfront, the city’s fast-growing business and innovation district,” stated Brian McGuinness, SVP of Specialty Select Brands for Starwood.
Tags: Starwood • dual development • Aloft • Element • Hospitality • Brands •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.