Sheraton planned for Stamford
Starwood Hotels & Resorts Worldwide Inc. detailed plans to convert the Holiday Inn Stamford Downtown to its Sheraton Hotel brand next July, even as Starwood finalizes plans to relocate its headquarters to Stamford”™s South End in 2012 from its current base in White Plains, N.Y.
Owned by a joint venture between RockBridge Capital and affiliates of Davidson Hotel Co., the Holiday Inn Stamford Downtown has some 380 guest rooms and 20,000 square feet of space and recently underwent a renovation.
Worldwide in the third quarter, Starwood opened 17 hotels and resorts with approximately 3,300 rooms, including the W New York Downtown, while selling or closing another seven hotels. During the quarter, Starwood signed another 20 hotel management and franchise contracts representing 4,500 rooms.
Starwood booked nearly $1.3 billion in revenue in the third quarter, up 9 percent from a year ago, and took a $6 million loss on the quarter.
“I wouldn”™t say ”“ even though we”™re seeing a lot of money building up on the sidelines ”“ that we have a complete array of eager buyers,” said Frits van Paasschen, CEO of Starwood, in a conference call with investment analysts. “What you”™re seeing today in terms of transactions in North America have largely been focused by large, well-capitalized (real estate investment trusts) looking at hotels that are in great shape in gateway cities ”“ and by the way, paying pretty substantial prices for those hotels. But the full range of buyers entering the market isn”™t a phenomenon that we”™ve seen yet.”
Holiday airfare hikes in store
Airfares for the Thanksgiving and Christmas holidays are at their second highest level in the past eight years, according to Priceline.com Inc.
For Christmas, airfares are expected to average $444, the Norwalk-based company determined, just $8 less than in 2008 and well over the $361 average fare in 2003. Thanksgiving airfares are currently averaging $383, only $2 below their level in 2007.
According to Priceline.com, the best days to fly over the Thanksgiving holiday period are November 22, 23, 25 (Thanksgiving Day) and 30. The best days to fly over the Christmas holiday are December 20, 21, 24 (Christmas Eve), 28, 29, New Year”™s Eve and New Year”™s Day.
