New-Build Sheraton Mesa Hotel to Open 2015

Sheraton Mesa Elevation Renderings (City of Mesa)
Sheraton Mesa Elevation Renderings (City of Mesa)

Owned and developed by River View Hotel, LLC and operated by Power hotels, LLC, Sheraton Mesa Hotel broke ground this spring and is slated to open in March 2015. The 180-room hotel will be Starwood’s first property in Mesa and the sixth Sheraton hotel in greater Phoenix.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced last week its Sheraton brand will open a new-build hotel in Mesa, Arizona next to the Chicago Cubs’ new spring training complex. Owned and developed by River View Hotel, LLC and operated by Power hotels, LLC, Sheraton Mesa Hotel broke ground this spring and is slated to open in March 2015. The 180-room hotel will be Starwood’s first property in Mesa and the sixth Sheraton hotel in greater Phoenix.

“Sheraton Mesa Hotel will be an exciting, new addition to the Sheraton portfolio and will give us yet another great location within the thriving Phoenix metropolitan area,” said Hoyt Harper, Global Brand Leader, Sheraton Hotels & Resorts. “We look forward to offering Cubs fans and travelers a stylish, comfortable atmosphere where they can make connections and enjoy all the brand’s signature amenities and services.”

The new Sheraton will be located immediately adjacent to Cubs Park at Wrigleyville West, the brand-new 15,000-seat stadium spring training facility for the Chicago Cubs. It is part of the Riverview re-development project, which spans 170 acres and will include facilities for sports, recreation, cultural and public events. Guests will be walking distance to the Mesa Riverview shopping center and just minutes from Phoenix Sky Harbor International Airport (PHX), the Mesa Convention Center, Arizona State University and the offices, dining and shops of Tempe.

“We are delighted to partner with Power Hotels on this new-build Sheraton hotel in Mesa, which will appeal to baseball fans and travelers while meeting the need for high-quality lodging and conference space in this thriving suburb of Phoenix,” said Allison Reid, Senior Vice President of North America Development, Starwood Hotels & Resorts Worldwide, Inc. “Sheraton is a popular choice among owners and developers seeking a strong global brand for new developments across North America.”

At the heart of the lobby, guests will enjoy the signature Link@Sheraton® experienced with Microsoft®” – a relaxed space with complimentary wireless broadband where guests can socialize and connect with friends, both old and new. All guest rooms will offer the all-white Sheraton Sweet Sleeper® bed, designed to meet AAA’s Five Diamond Award® criteria, an oversized work desk, ergonomic chair, high-speed Internet and 42-inch flat panel television. Sheraton Club guests will enjoy upgraded amenities, as well as complimentary breakfast, beverages and evening hors d’oeuvres in the Sheraton Club Lounge.

An ideal choice for business meetings, weddings and social functions, Sheraton Mesa Hotel will feature more than 30,000 square feet of indoor and outdoorstate-of-the-art meeting and function space. Hotel amenities will include two full-service restaurants, both indoor and outdoor bars, a resort-style outdoor swimming pool, and a fitness facility featuring the brand’s revolutionary health and fitness program, Sheraton Fitness by Core Performance.

Sheraton Hotels & Resorts, like all brands within Starwood’s robust portfolio, is proud to offer the Starwood Preferred Guest® program, which made headlines when it launched in 1999 with a breakthrough policy of no blackout dates on Free Night Awards. SPG® offers members the ability to redeem awards at more resorts, more luxury properties, more European hotels and more golf properties than any other hotel program.

 




Lightstone Value Plus REIT Buys Aloft Hotel for $19 Million

Aloft Tucson University, 1900 E Speedway, Tucson (courtesy photo)
Aloft Tucson University, 1900 E Speedway, Tucson
(courtesy photo)

Starwood Tucson Realty, an affiliate of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) has completed the sale of Aloft Tucson University at 1900 E Speedway Blvd in Tucson to LVP Tucson, LLC and affiliate of Lightstone Value Plus Real Estate Investment Trust II, Inc., a public, non-traded REIT sponsored by The Lightstone Group (“Lightstone”), a privately held real estate company. The hotel commanded a sale price of $19 million ($123,377 per room) for the 154-room, 7-story hotel.

Originally built in 1972, the hotel underwent a complete redevelopment prior to its re-opening in April 2013 as Aloft Tucson University. Located at the southeast corner of Speedway and Campbell, hotel amenities include an outdoor Splash pool, the brand’s signature W XYZ® bar, a 24-hour fitness center and 1,723-square-feet of flexible meeting space, ideal for both business meetings and social gatherings.

As part of the agreement, the hotel will be managed under a long-term license agreement by Island Hospitality Management and continue to fly the Aloft brand flag.

“The sale of Aloft Tucson University highlights Starwood’s commitment to an asset-light strategy as we continue to seek the right owners and partners for our remaining owned real estate assets to create value for our shareholders,” said Simon Turner, President of Global Development for Starwood. “With favorable capital market conditions and improving hotel industry fundamentals, we’re seeing continued strong investor interest in our remaining assets from investors around the globe.”

Turner continued: “We are proud of the conversion-friendly strategy we’ve created for the Aloft brand. The Aloft Tucson University showcases the success of our conversion approach for older hotels with the appropriate capital investment, and its redevelopment allowed us to fine tune our approach to benefit future projects. We are pleased to broaden our relationship with both Lightstone and Island Hospitality Management, and look forward to collaborating with them on the future success of this property.”

“This is a premium-branded hotel in a strategic location poised for growth,” said David Lichtenstein, Chairman and CEO of The Lightstone Group. “Adjacent to the University of Arizona campus, with a student population of approximately 40,000, and sports complexes, the hotel is also in close proximity to the University of Arizona Medical Center, downtown Tucson, and numerous corporate offices, and has good accessibility to Tucson International Airport and Interstate 10. We believe this acquisition is representative of Lightstone’s ability to identify attractive investment opportunities.”

The Lightstone Group was founded in 1988, and is a privately held real estate company with a most diversified real estate portfolio. Lightstone’s portfolio consists of more than 11,000 multifamily units, 8.1 million square feet of office, hotel, retail and industrial assets, and 12,000 fully-improved residential lots throughout the United States. Lightstone and its affiliates have been one of the largest developers of outlet shopping centers in the United States over the last 10 years. The company has owned, managed and developed 25 outlet centers totaling more than 8 million square feet. Lightstone is one of the most active residential and hospitality developers in New York City with more than $1 billion of projects under development in Manhattan, Brooklyn and Queens.

Lichtenstein of the Lightstone Group can be reached at (732) 369-0129.

[mepr-show rules=”58038″]Sale date: 4/9/2014. $4 million down payment. APNs: 125-01-078B & 087A. Sale price included $1.7 million in personal property such as furniture and equipment. [/mepr-show]