Wednesday April 9th, 2014 - 9:52AM
TUCSON, AZ—Starwood Hotels & Resorts Worldwide, Inc. has completed the sale of Aloft Tucson University to Lightstone Value Plus Real Estate Investment Trust II, Inc., a public, non-traded REIT sponsored by The Lightstone Group, for $19 million.
As part of the agreement, the hotel will be managed under a long-term license agreement by Island Hospitality Management and continue to fly the Aloft brand flag.
“The sale of Aloft Tucson University highlights Starwood’s commitment to an asset-light strategy as we continue to seek the right owners and partners for our remaining owned real estate assets to create value for our shareholders,” stated Simon Turner, president of global development for Starwood. “With favorable capital market conditions and improving hotel industry fundamentals, we’re seeing continued strong investor interest in our remaining assets from investors around the globe.”
Originally built in 1972, the hotel underwent a complete redevelopment prior to its re-opening in April 2013 as Aloft Tucson University. Located at 1900 East Speedway, hotel amenities include an outdoor Splash pool, the brand’s signature W XYZ bar, a 24-hour fitness center and 1,723 sq. ft. of meeting space.
“This is a premium-branded hotel in a strategic location poised for growth,” stated David Lichtenstein, chairman and CEO of The Lightstone Group. “Adjacent to the University of Arizona campus, with a student population of approximately 40,000, and sports complexes, the hotel is also in close proximity to the University of Arizona Medical Center, downtown Tucson, and numerous corporate offices, and has good accessibility to the Tucson International Airport and Interstate 10. We believe this acquisition is representative of Lightstone’s ability to identify attractive investment opportunities.”