March 26 2012
Aloft to Open Hotel in Cupertino, the Heart of Silicon Valley
Aloft Cupertino is Set to Open Summer 2013, Delivering Style at a
Steal to the Next Generation of Travelers
STAMFORD, Conn.--(BUSINESS WIRE)--Mar. 26, 2012--
Starwood Hotels & Resorts Worldwide, Inc.® (NYSE:HOT) today announced
its new destination sensation brand, Aloft® Hotels, will open a new
property in Cupertino, California in early 2013. Aloft Cupertino will be
the third Aloft to open in California and its second in Silicon Valley,
following the opening of Aloft San Francisco Airport in 2012. Owned by a
venture between Shashi Corporation and Somera Capital Management, Aloft
Cupertino will deliver style at a steal with 123 spacious, loft-like
rooms, forward-thinking technology and a vibrant, social atmosphere.
“The Aloft brand is perfectly suited for Cupertino, one of the most
dynamic cities in Silicon Valley,” said Allison Reid, Senior Vice
President of North American Development for Starwood. “Aloft is now 55
plus hotels and, fueled by the brand’s popularity among savvy travelers,
we continue to aggressively grow the brand across North America and
around the world.”
Located in the heart of Cupertino’s business district, the new Aloft
will be convenient to numerous high-tech businesses such as Apple
Computer’s world headquarters, Hewlett Packard and IBM. Also nearby are
Santa Clara University, HP Pavilion, Winchester Mystery House, and a
selection of wineries and world-class golf courses. Amenities will
include an indoor pool, w xyz sm bar, 24-hour
fitness center and 2,000 square feet of flexible meeting space, ideal
for both business meetings and social gatherings.
“Aloft Cupertino will offer a compelling blend of style and social
interplay that will appeal to both travelers and professionals in this
energetic high-tech hub,” said Brian McGuinness, Senior Vice President,
Speciality Select Brands for Starwood. “Aloft’s emphasis on high design
combined with its tech-savvy features and social atmosphere all at an
affordable price is attracting a growing group of loyal travelers who
expect their lodging to reflect their evolving lifestyle.”
“We are thrilled to bring Aloft’s highly innovative and lifestyle
oriented guest experience to Silicon Valley, the epicenter of global
innovation,” said Dipesh Gupta, CEO of Shashi Corporation.
“We are excited to join forces with Shashi Corporation and Starwood
Hotels & Resorts on this unique opportunity,” said Christopher Herthel,
Executive Vice President of Somera Capital Management.
Los Angeles-based Canyon Capital Realty Advisors (CCRA) provided the
senior construction loan for the project. The loan proceeds are being
used for the purchase of the land and construction of the hotel. “We are
pleased to provide the construction financing for Aloft’s newest
property in California,” said CCRA Managing Director Richard Bosworth.
“We see opportunity in Cupertino because of the thriving job market and
severe lack of hotel supply in the city.”
About Aloft Hotels
Created to shake up the staid, traditional select-service segment of the
hotel industry, the Aloft brand delivers style at a steal with
urban-influenced, modern, open and vibrant design – and a social guest
experience – all at an affordable price point. With more than 55 hotels
open in the three years since Aloft first arrived on the scene, Aloft
has changed the hotel landscape offering style at a steal everywhere
from Abu Dhabi and Baltimore to Dallas and Beijing and everywhere in
between. For more information, please visit www.alofthotels.com.
Aloft, like all brands within Starwood's portfolio, is proud to offer
the Starwood Preferred Guest(R) program, which offers a
breakthrough policy of no blackout dates on Free Night Awards. To learn
more, please visit www.spg.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 1090 properties in 100 countries
and territories with 154,000 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 Méridien®, Sheraton®, Four Points® by Sheraton, 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 Shashi Corporation
Founded in 2004 in Silicon Valley, Shashi Corporation is a privately
held real estate development and asset management firm, with a special
focus on hospitality. Shashi specializes in creating long term value by
penetrating high barrier to entry markets with lifestyle oriented
designs and leading world-class brands.
About Somera Capital Management
Somera Capital Management, LLC is a fully integrated real estate
investment and portfolio management company with headquarters in Santa
Barbara, California and an additional office in Washington, D.C. From
its formation in 1994, Somera has managed approximately $600 million of
total transaction equity committed to over 70 transactions throughout
the United States, representing a total transaction cost basis of
approximately $2.0 billion. Please visit www.someracapital.com
for more information.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC and its affiliate Canyon Capital
Advisors LLC are registered investment advisors and money management
firms based in Los Angeles, California, with approximately $18 billion
of capital under management. Our real estate funds focus on providing
value-added debt and equity capital to, among others, real estate
owners, operators, developers, mortgage lenders and corporations,
allowing them to meet their needs for time-sensitive and complicated
transactions where reliable execution provides a substantial financial
advantage. Canyon’s investment platforms include: (a) the Canyon Value
Mortgage Funds which originate and/or purchase senior and mezzanine
mortgage debt, (b) the Canyon-Johnson Urban Funds, a series of
closed-end real estate funds and joint venture with Earvin “Magic”
Johnson focusing on inner-city and urban real estate development and (c)
the Canyon-Agassi Charter School Facilities Fund, a joint venture with
Andre Agassi focusing on the development of learning friendly,
environmentally responsible charter school facilities for best in class
charter school operators.
Source: Starwood Hotels & Resorts Worldwide, Inc.
Meg Connolly Communications
Meg Connolly, 212-505-8200
meg@mcc-pr.com
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