PHILADELPHIA—Starwood Hotels & Resorts Worldwide,Inc. has sold its three-hotel complex atPhiladelphia International Airport to New YorkCity-based The Lightstone Group and one of itsaffiliates.

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No financial details were disclosed on the sale of the Stamford,CT-based hotelier's Philadelphia Airport Complex,which includes the 252-room Sheraton Suites PhiladelphiaAirport, the 177-room Four Points by SheratonPhiladelphia Airport and the 136-room AloftPhiladelphia Airport. All three properties will beoperated by Island Hospitality, undergorenovations and continue to fly the three brand flags, companyofficials say.

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“We are pleased to announce the sale of the Philadelphia Airportcomplex, furthering our asset-light strategy,” says SimonTurner, president of global development forStarwood. “The Lightstone Groupis a terrific partner for us and we look forward to collaboratingwith them on the future success of these hotels.”

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Starwood purchased the PhiladelphiaAirport Complex in 1998 and converted the two existinghotels to its Sheraton and Four Points bySheraton brands. Starwood then built andadded the Aloft Philadelphia to the complex in2008.

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The Lightstone Group currently owns twoStarwood properties—AloftRogers-Bentonville in Rogers, AR and Aloft TucsonUniversity in Tucson, AZ.

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Lightstone's portfolio consists of more than11,000 multifamily units, 8.1 million square feet of office, hotel,retail and industrial assets, and 12,000 fully-improved residentiallots throughout the United States. Lightstone isone of the most active residential and hospitality developers inNew York City with more than $1 billion of projects underdevelopment in Manhattan, Brooklyn and Queens.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.