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Starwood Hotels Completes Sale of Aloft and Element Lexington

Starwood Hotels Completes Sale of Aloft and Element Lexington

STAMFORD, Conn.— Starwood Hotels & Resorts Worldwide, Inc. announced that it has completed the sale of Aloft and Element Lexington to Rockwood Capital for $36 million. As part of the agreement, the dual-hotel development in Lexington, Mass. will be managed under long-term license agreements by Paramount Hotel Group and continue to fly the Aloft and Element flags. “This sale is consistent with Starwood’s asset-light strategy as we continue to seek opportunities to sell owned real estate at the right time to the right owners,” said Simon Turner, president of global development for Starwood. “Starwood completed over $500 million of hotel asset sales in 2012, and investor interest in the company’s other owned assets has increased markedly as hotel industry fundamentals and capital markets have continued to improve.” “We are thrilled to be expanding our relationship with Starwood. We view these properties as an excellent fit with our strategy to acquire strong income-producing properties in one of our key target markets on the east coast,” said Tony Larino, Managing Director and Head of Lodging at Rockwood Capital. Built by Starwood and opened in 2008, Aloft Lexington and Element Lexington share the same parcel of land. Aloft Lexington offers 136 guest rooms, ...

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Griffin Gate Marriott Resort & Spa to Undergo Renovation

LEXINGTON, Ky.— Griffin Gate Marriott Resort & Spa will begin an expansive renovation project this December. From upgraded guestroom furnishings to revitalized corridors, this unique resort will become thoroughly energized, reimagined, and transformed. While the entire renovation will be completed during a three-year period, phase one is scheduled to be finished in April. Phase one consists of a $5 million investment into the guestrooms and corridors, including new carpeting, stylish accents, such as vinyl, head boards, desks, and lighting, Tempur-Pedic mattresses, and new patio furniture. In addition, technology enhancements, including wireless Internet access, HD TVs, MP3 players and video connectivity, modern bathroom amenities and locally inspired artwork will deliver the full combination of contemporary style and horse country charm. The rest of the enhancements to begin in late 2013 include a completely reimaged lobby featuring the new MI Greatroom, restaurant and bar, and renovated meeting space.

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Lexington Enters Canada for the First Time

CLEVELAND—Lexington by Vantage, part of Vantage Hospitality Group, announced the opening of its first-ever property in Canada—a Lexington Inn & Suites in Windsor, Ontario. “We wanted to find a hotel brand with a family approach to doing business, one where you’re not just a number. We were also looking for better pricing and structure, plus the freedom to make decisions that work best for our property. Lexington was the answer,” said owner Kirti Shah, iin an announcement. “Lexington has been making its mark in the United States, so it was inevitable that the brand would expand into Canada. We are very pleased that it’s Kirti and his team in Windsor who are our first Canadian members. They truly know the hospitality industry and what it takes to be successful, and we welcome them with open arms,” said Bill Hanley, group president of Lexington by Vantage. Formerly a Howard Johnson Express, the Lexington Inn & Suites. The property is installing new beds this month and will replace bedding and carpets in November in each of the 49 guestrooms and suites, while adding a microwave oven and mini refrigerator to every room. The hotel will also feature complimentary continental breakfast, and wireless ...

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