Starwood Hotels to move headquarters from New York to Stamford, Connecticut
Starwood Hotels & Resorts Worldwide Inc have this week announced plans to move their headquarters to Stamford, Connecticut in January 2012.
The firm currently has it’s headquarters in White Plains, New York and are set to take on office space at Stamfords waterfront Harbor Point. The move is set to bring 800 full-time Connecticut positions and will see the firm take on 250,000 square feet of office space within 2 years. This will hopefully go someway towards repairing the current unstable economy in the area. They have said they will invest $40 million in the existing facility. The Department of Economic and Community Development will assist the relocation with a $9.5 million and up to $75 million in Urban and Industrial Site Re-investment Tax Credits.
œAfter an extensive search for new office space for our worldwide headquarters, it became clear that this particular space in Stamford was an ideal choice, said Frits van Paasschen, President and CEO of Starwood. œNot only did the State of Connecticut provide meaningful incentives that translate to a saving of 20 percent per year in rent, but we will also have the opportunity to design office space that reflects Starwoods leadership in global hospitality, design and brand-building, as well as our commitment to the environment and our communities.
Starwood said their choice to move to Harbour Point validates their decision to invest in the re-development of Stamfords South End as an ideal “smart-growth” community.
The group have been hit harder than most of their competitors by the recession. Occupancy among the chain’s costliest rooms slid to 62% this year according to Smith Travel Research, down from 70% a year earlier.