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.