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Real estate investment trusts

Starwood Lodging Trust Acquires Sheraton Colony Square Hotel in Atlanta

Strategic Insights

— 1 min read

Starwood Lodging Trust and its management company, Starwood Lodging Corp., have completed the acquisition of the 462-room Sheraton Colony Square hotel in Atlanta, Georgia, for $34 million in cash. This acquisition marks the first hotel property purchase by the Trust since its recent offering in July 1995, which raised approximately $252.1 million. The Trust's president and chief operating officer, Jeffrey C. Lapin, stated that the acquisition aligns with their strategy to expand their hotel portfolio through the acquisition of well-positioned, upscale hotels that offer superior value to guests and attractive yields on investment.

Key Takeaways:

  • Starwood Lodging Trust and its management company, Starwood Lodging Corp., acquired the 462-room Sheraton Colony Square hotel in Atlanta, Georgia, for $34 million in cash.
  • The acquisition is the first hotel property purchase by the Trust since its recent offering in July 1995, which raised approximately $252.1 million.
  • The Trust will own equity and mortgage interests in 47 hotels with approximately 9,400 rooms located in 20 states, including one hotel/casino in Las Vegas.
  • The equity portfolio includes 17 franchise locations and 12 independent properties.
  • The Trust's president and chief operating officer, Jeffrey C. Lapin, stated that the acquisition aligns with their strategy to expand their hotel portfolio through the acquisition of well-positioned, upscale hotels.
  • Starwood Lodging Corp. leases properties from the Trust and operates them directly or through third-party management companies.

Statistics:

  • $34 million: The purchase price for the Sheraton Colony Square hotel in Atlanta, Georgia.
  • $252.1 million: The amount raised by the Trust's recent offering in July 1995.
  • 462: The number of rooms at the Sheraton Colony Square hotel.
  • 9,400: The approximate total number of rooms across the Trust's 47 hotel properties.
  • 20: The number of states where the Trust's hotels are located.
  • 17: The number of franchise locations in the Trust's equity portfolio.
  • 12: The number of independent properties in the Trust's equity portfolio.

Sources:

  • Starwood Lodging Trust press release, July 24, 1995
  • Starwood Lodging Corp. press release, July 6, 1995
  • Jeffrey C. Lapin, president and chief operating officer of Starwood Lodging Trust
  • Contact: Starwood Lodging Trust, Los Angeles, Jeffrey C. Lapin, 310/575-3900
  • Contact: Silverman Heller Associates, Los Angeles, Eugene G. Heller, 310/208-2550

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