BOSTON—Starwood Hotels & Resorts WorldwideInc. reports it has commenced construction on its dualbranded hotel development—Aloft Boston Waterfrontand Element Boston Waterfront—that will add 510rooms to the market when it opens in 2016.
The $158-million project will feature the 330-room Aloft BostonWaterfront and 180-room Element Boston Waterfront located on DStreet, directly across the street from the BostonConvention & Exhibition Center. The hotels will beowned and developed by a partnership between majority equitypartner Ares Management-controlled funds andCV Properties on a 5.2 acre-parcel of land leasedfrom the Massachusetts Convention CenterAuthority.
The two hotels will be operated by Stamford, CT-based hotelierStarwood Hotels & Resorts under the Aloft and Element brandflags. A total of $97 million of financing will be provided byRBS Citizens Financial Group and SantanderBank.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
