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March 15, 2007New aloft Brand Hotel Slated for Dallas Area
Hoping to capitalize on its success with the W brand of hotels, Starwood Hotels & Resorts Worldwide Inc. plans to develop a new line of lifestyle hotels with the first aloft hotel in Texas, located in the affluent Dallas suburb of Las Colinas. Starwood plans to partner with Dallas-based developer Hillwood, led by Ross Perot Jr., the company which developed the master planned Victory Park in Dallas. Aimbridge Hospitality, Champ Development and JF Capital Advisors are also partners in the venture. Hillwood will serve as the primary equity contributor, Champ is developing the hotel and JF Capital has provided the underwriting and is managing the debt placement. In addition to having an investment interest, Aimbridge will manage the aloft property once completed. The 136-room aloft Las Colinas will be the first aloft hotel to be built in Texas and will be located on Texas Highway 114, minutes from the Dallas Fort Worth International Airport and about midway between the cities of Dallas and Fort Worth. “We are aggressively growing the aloft brand in strategic locations and Dallas--Las Colinas, in particular--is a thriving market and a place we’re excited to be in,” a spokesperson for Starwood told CPN. Construction is set to begin later this month with a targeted opening for first quarter 2008, the spokesperson said. No financials on the project were disclosed. Following the success of Starwood’s W Hotels, aloft properties (pictured) will feature urban-influenced design and a social atmosphere with guest lofts featuring loft-like nine-foot ceilings and oversized windows. The aloft line will be designed by David Rockwell and the Rockwell Group. Starwood anticipates the first aloft hotels to open in early 2008, with 500 properties worldwide expected by 2012. In addition to Las Colinas, the partnership is also looking to develop aloft properties in several other locations throughout the country, including the suburban Dallas area.
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