Starwood Capital Group Global L.L.C. is buying Minnewaska Lodge, a 26-room hotel on 17 acres at the base of the scenic Shawangunk Ridge in Gardiner.
Greenwich, Conn.-based Starwood, a privately-held global real estate investment firm, was founded in 1991 and has some $20 billion in assets.
The move was announced by the Ulster County Development Corp., which said the new owner is assuming the conditions of a current payment in lieu of taxes (PILOT) agreement. Financial assistance was structured through a UCIDA sale/leaseback arrangement.
“UCDC is pleased to continue to support the Minnewaska Lodge and its new owners,” said Lance Matteson, CEO of UCDC. “The lodge represents a key sector in the local economic development plan and is a major tourist attraction in the region.”
Matteson said Starwood plans to keep the lodge”™s current management in place.
He said Starwood”™s investment in the property “Is yet more evidence that major league potential exists in some Ulster County tourist attractions.”
A person who answered the phone at Minnewaska Lodge said the facility is open and operating but said there was no one available to comment on the matter.
