Starwood Capital Group and Starwood Hotels & Resorts Announce Management Deal, Planned Renovations For Silvertree Hotel and Wildwood Lodge in Snowmass, Co

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Sep 26, 2011, 08:30 ET

GREENWICH, Conn., and WHITE PLAINS, N.Y., Sept. 26, 2011 /PRNewswire/ -- Starwood Capital Group and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that they have entered into new management agreements for the Silvertree Hotel and Conference Center and the Wildwood Lodge – two premier resort locations in Snowmass Village, Colorado. Starwood Capital Group also announced plans to significantly renovate both hotels to broaden their appeal as destination properties in one of the world’s top ski resort communities.

Renovations, which are slated to begin in April 2012, will include significant improvements to the existing structures of the buildings, all rooms, meeting space and some public areas. Both hotels will re-open in time for the 2012/2013 ski season. The renovations will feature little to no disruption to the Silvertree conference center. Upon reopening, Silvertree Hotel will operate under Starwood Hotels' Westin® brand, while Wildwood Lodge will remain under an independent flag. The two hotels will be managed by Starwood Hotels & Resorts.

Both locations, which were built in phases beginning in 1967, are owned by a joint venture between Starwood Capital Group and Wasserman Real Estate, which purchased the properties in June.

"The planned renovations of both Silvertree and Wildwood and our new partnership with Starwood Hotels & Resorts will not only broaden the global appeal of these two magnificent locations, but it will bring one of the world's strongest international booking engines to both properties," said Suril Shah, Vice President of Acquisitions of Starwood Capital Group. "We would like to express our gratitude to the city of Snowmass and its elected officials for their support and partnership as we look to reposition both properties. We are looking forward to delivering a world class lodging experience to our guests for years to come."

According to Allison Reid, Senior Vice President of North American Development for Starwood Hotels & Resorts, "Starwood Hotels attracts more affluent and discerning global guests. The power of our distribution systems to reach these sought after travelers, combined with the global appeal of Snowmass as a destination makes these two hotels impactful additions to our global portfolio. We look forward to collaborating with Starwood Capital Group and Snowmass Village on this transformative project."

"This is an exciting time for both the residents and guests of our town," said Russ Forrest, Snowmass Village Town Manager. "Conference services, managed by the Silvertree, are an extremely important operation in this town, and will continue to be with the redevelopment. I am confident that Starwood Hotels and the Starwood Capital Group will carry on the same commitment to, and pride in, this community as the Silvertree and Wildwood. We are looking forward to working closely with them in the future."

About Starwood Capital Group Global, LLC

Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm, through its various funds, has invested over $10 billion of equity capital, representing $28.6 billion in assets. Starwood Capital Group currently has $18 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1058 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Meridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. The company boasts one of the industry's leading loyalty programs, Starwood Preferred Guest® (SPG®), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.

About Snowmass Village, CO

The resort town of Snowmass Village, Colorado, is a dynamic destination resort located in the heart of the Elk Mountains just 9 miles from Aspen. Best known as a winter wonderland, the resort also is also a world class summer destination for families, adventurers, music lovers and festival goers alike. Breathtaking backdrops and 300 days of sunshine on average every year produce a captivating mixture of relaxation and adventure. Snowmass is also becoming well known for its major Ice Age Discovery unearthed in late 2010. Fossils from mammoths, mastodons, a Jefferson ground sloth, gigantic ice age bison and other mammals, reptiles, plants and invertebrates reveal an exceptionally well preserved Ice Age ecosystem turning into the most significant find in Colorado and possibly the country. For general information or for lodging deals, visit www.snowmasstourism.com or call 1-800-SNOWMASS.

SOURCE Starwood Capital Group