Starwood Capital Acquires 11 Larkspur Landing Hotels
Larkspur Hotels and Restaurants to Retain Management of the Extended Stay Chain
JULY 11, 2007. Larkspur Hospitality Development and Management Company, LLC, an affiliate of Larkspur Hotels and Restaurants, announced today that a Starwood Capital Group Global, LLC controlled affiliate has acquired its 11 Larkspur Landing extended stay hotels. Terms of the transaction were not disclosed. The hotels consist of 1,279 guest rooms and stretch from California's Silicon Valley through the Pacific Northwest. Larkspur Hotels and Restaurants will manage all 11 hotels, which also will continue to operate under the Larkspur Landing brand.
"This acquisition represents a tremendous opportunity for Starwood Capital to add both a valuable hotel chain and talented management team to our investment portfolio," said Marc Perrin, a Managing Director in Starwood Capital Group's West Coast office. "The Larkspur team shares Starwood Capital Chairman and CEO Barry Sternlicht's core philosophy of providing a high level of comfort and service and we are thrilled to be working in partnership with them and look forward to enhancing the company's reputation as one of the strongest operators in the extended stay industry."
"We are very pleased with this transaction, particularly the opportunity it provides to work with Starwood Capital and Barry Sternlicht, who is an incredibly successful visionary and investor in the hotel industry," said Karl Hoagland, Chairman and CEO of Larkspur Hotels and Restaurants. "We designed and developed the Larkspur Landings as innovative upscale craftsman-styled extended stay hotels to better meet the needs of travelers. We have had great success as measured by guest satisfaction scores, market shares and returns on investment. Affiliating with Starwood Capital will challenge us to perform even better and expose us to new ideas and opportunities."
The 11 Larkspur Landings are located in suburban markets in Northern California and the Pacific Northwest. The hotels were developed by Larkspur Hotels and Restaurants in the late 1990s and were designed to maximize the comfort and productivity of technologically-savvy business and leisure travelers.
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