Third Starwood Hotel Sale to Close in the Two Months of May and June 2015
Hotel will Continue to Operate as an Element under a New Franchise Agreement
STAMFORD, Conn. — July 7, 2015 — Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has sold Element Denver Park Meadows to Denver Hospitality II, LLC. for $15.5 million. The hotel will continue to be affiliated with Starwood Hotels & Resorts and its award-winning Starwood Preferred Guest® program.
Adam Aron, CEO of Starwood on an interim basis, said: “The sale of Element Denver Park Meadows follows the recent high profile sales of two of our hotel properties in The Luxury Collection, namely The Phoenician and The Gritti Palace. While this is a smaller sale, nonetheless it also marks continued progress in fulfilling on our asset light strategy and achieving our stated goal of $800 million in hotel sales by the end of 2015.”
Brian McGuinness, Senior Vice President, Specialty Select Brands for Starwood, added: “We look forward to working with Denver Hospitality to ensure the continued success of this property, which was one of our first Element hotels and remains an excellent representation of this stylish, eco-minded brand.”
Element Denver Park Meadows is located just south of Denver with easy access to downtown businesses, shopping, dining and entertainment via the nearby RTD light rail line. The hotel is also close to Denver Tech Center, Sports Authority Field at Mile High, Coors Field and The Colorado Convention Center. Element Denver Park Meadows offers 123 light-filled rooms with fully equipped kitchens, a 450 square-foot meeting space, an indoor saline swimming pool, an outdoor patio and an atmosphere designed to fuel a life in balance and on the move.
On track to double its portfolio in the next two years, Element is recognized as an industry leader in the eco-space and offers travelers a fresh, reimagined interpretation of the extended stay hotel experience.
