PHILADELPHIA—Starwood Hotels & Resorts Worldwide, Inc. has sold its three-hotel complex at Philadelphia International Airport to New York City-based The Lightstone Group and one of its affiliates.

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 Philadelphia Airport, the 177-room Four Points by Sheraton Philadelphia Airport and the 136-room Aloft Philadelphia Airport. All three properties will be operated by Island Hospitality, undergo renovations and continue to fly the three brand flags, company officials say.

“We are pleased to announce the sale of the Philadelphia Airport complex, furthering our asset-light strategy,” says Simon Turner, president of global development for Starwood. “The Lightstone Group is a terrific partner for us and we look forward to collaborating with them on the future success of these hotels.”

Starwood purchased the Philadelphia Airport Complex in 1998 and converted the two existing hotels to its Sheraton and Four Points by Sheraton brands. Starwood then built and added the Aloft Philadelphia to the complex in 2008.

The Lightstone Group currently owns two Starwood properties—Aloft Rogers-Bentonville in Rogers, AR and Aloft Tucson University in Tucson, AZ.

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 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.