Starwood Hotels and Partners Detail Lofty Plans For Cupertino
- Apr 24, 2012
In a move that Starwood Hotels & Resorts Inc. hopes will capture the Silicon Valley’s young, hip demographic, the company is bringing its Aloft select-service brand to Cupertino. Scheduled for an early 2013 opening, the 123-key hotel will be the third Aloft in the Golden State. A joint venture of Shashi Corp. and Somera Capital Management L.L.C. will own the property, which will cost between $10 million and $20 million to build, according to MercuryNews.com.
Starwood and its construction lender, Canyon Capital Realty Advisors L.L.C., are eyeing opportunities created by the presence of technology giants like Apple, Hewlett Packard and IBM, as well as Santa Clara University, HP Pavilion and Winchester House. “We see opportunity in Cupertino because of the thriving job market and severe lack of hotel supply in the city,” said Richard Bosworth, managing director of Canyon Capital, which provided the senior construction loan for the project. Elsewhere in the Bay Area, Starwood is re-branding a Clarion hotel near San Francisco International Airport as an Aloft property.
Located on N. De Anza Boulevard between Stevens Creek Boulevard and Interstate 280, Aloft Cupertino will feature an indoor pool, 24-hour fitness center, a bar and 2,000 square feet of meeting space, plus the Aloft brand’s signature loft-like guest rooms.