Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced plans for a dual-branded hotel development in Boston featuring its popular Aloft and Element brands. Set to open in 2016, the 330-room Aloft Boston Waterfront and 180-room Element Boston Waterfront will be ideally 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, upon completion, 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,” said Brian McGuinness, Senior Vice President of Specialty Select Brands for Starwood. “Recognized as an industry leader in the eco-space, Element promotes a life in balance with its emphasis on wellness and sustainability, while Aloft resonates with the next generation of travelers who appreciate its distinctive urban design, intuitive technologies and live music scene at the W XYZ Bar.”
“The addition of the Element and Aloft Boston Waterfront hotels on D Street will provide needed support to the BCEC and the entire South Boston Waterfront for its many business and leisure travelers,” said Boston Mayor Martin J. Walsh. “I look forward to celebrating the opening of these two new and modern properties, and congratulate the MCCA, CV Properties and Starwood on a successful collaboration.”
“These two highly-anticipated Starwood hotels will create 175 permanent jobs and 510 additional hotel rooms to help meet the rising demand for affordable, high-caliber lodging within walking distance of Boston Convention & Exhibition Center,” said James E. Rooney, MCCA Executive Director. “This is one of several projects underway that will help keep Boston in the list of top meetings and convention destinations in the world.”