LEXINGTON, MA-A power trio is shaping the face of the Aloft and Element Lexington hotels here; Starwood sold the dual hotel development to Rockwood Capital for $36 million and Paramount Hotel Group will be responsible for all management. The facility is located at 727 Marrett Rd. and was built in 2008.
Aloft Lexington has 136 guest rooms and Element Lexington has 123 guest rooms. There are 297 parking spaces available for both hotels.
In a statement from Starwood, Simon Turner, president of global development said: “This sale is consistent with Starwood’s asset-light strategy as we continue to seek opportunities to sell owned real estate at the right time to the right owners.” He added, “investor interest in the company’s other owned assets has increased markedly as hotel industry fundamentals and capital markets have continued to improve.”