Starwood Hotels & Resorts Acquires Danbury Hilton Hotel in Connecticut

Starwood Hotels & Resorts, the nation's largest hotel real estate investment trust, has acquired the 242-room Danbury Hilton Hotel in Danbury, Connecticut, from Danbury Hotel Associates, I.P. for a purchase price of $20 million, or approximately $80,000 per key. The hotel, which has been managed by Starwood since February 1996, features 18,000 square feet of meeting space, a full-service restaurant, sports bar, and lounge, as well as a business center, fitness center, indoor pool, and two lighted tennis courts. The acquisition is expected to be seamless, with minimal transition costs due to Starwood's existing management of the property.

Key Takeaways:

• The Danbury Hilton Hotel, located in Danbury, Connecticut, has been acquired by Starwood Hotels & Resorts for a purchase price of $20 million.
• The property features 242 rooms, including four suites, and 18,000 square feet of meeting space, making it the largest among its primary competition.
• The hotel has been managed by Starwood since February 1996, ensuring a smooth transition of ownership with minimal operational surprises.
• The acquisition expands Starwood's holdings in the Connecticut area, allowing for the complexing of operational and administrative functions with other Starwood properties.
• The hotel has expansion potential, with concrete footings in place and architectural renderings completed for a 100-room expansion on the west side of the property.
• Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and gaming operating companies in the world, with shares paired and trading together with shares of Starwood Hotels & Resorts.
• The acquisition is expected to benefit from the existing management and operational expertise of Starwood Hotels & Resorts.

Statistics:

• $20 million: Purchase price of the Danbury Hilton Hotel
• $80,000: Approximate price per room
• 18,000 square feet: Meeting space and banquet space at the hotel
• 242 rooms: Number of rooms at the hotel, including four suites
• 100 rooms: Potential expansion on the west side of the property
• 1996: Year Starwood began managing the property

Sources:

• Starwood Hotels & Resorts Worldwide, Inc.
• Danbury Hotel Associates, I.P.
• ITT Sheraton, Westin, and Caesars subsidiaries
• Bloomberg, NYSE: HOT