Connecticut REIT acquires Minnewaska Lodge

st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; mso-ascii- mso-ascii-theme- mso-fareast- mso-fareast-theme- mso-hansi- mso-hansi-theme- mso-bidi- mso-bidi-theme-} 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.