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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.