"This is the first of multiple ventures we expect to launch(with Warburg Pincus)," Pfleuger says.
The first JV is primarily targeting the development ofselect-service hotels such as Aloft, Starwood's new select serviceconcept aimed at business travelers. Pfleuger says it also willentertain the acquisition, repositioning and development of lodgingassets within other sectors and brands.
The JV already has projects tied up, she says, including a$25-million Aloft-branded project in Tempe, AZ, that will have 136rooms. Information on the other projects could not yet bereleased.
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