Starwood Completes $36M Sale
Friday February 1st, 2013 - 9:41AM
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STAMFORD, CT—Starwood Hotels & Resorts Worldwide, Inc. has completed the sale of Aloft and Element Lexington to Rockwood Capital for $36 million.
Paramount Hotel Group will manage the dual-hotel development in Lexington, MA under long-term license agreements. The property will continue to fly the Aloft and Element flags.
Aloft Lexington offers 136 guestrooms, an indoor pool, a w xyz bar, a fitness center and meeting space. Element Lexington offers 123 guestrooms, and also features a fitness facility and meeting space.
Tags: Hospitality Ownership Management Companies
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.