They're Coming to Connecticut
By JASON DUSETT
Updated 11:00 PM EDT, Wed, Nov 18, 2009
It's happened again to White Plains, New York.
Thursday, Connecticut Governor M. Jodi Rell announced Starwood Hotels & Resorts will relocate its global headquarters to Stamford.
The move will bring a $40 million investment to the state, and shift more than 800 jobs to Connecticut.
“For months I have worked with Starwood executives and my economic development team to make this deal – and the jobs and investments it brings – a reality for the people of our state,” Governor Rell said in a statement. “I am thrilled to see a company of Starwood’s stature make the business decision to move here and invest here. It is a triumph for Connecticut – and it speaks volumes about what our state has to offer businesses.
The company is set to move along Stamford's waterfront by 2012.
Starwood Hotels & Resorts owns 982 hotels in nearly 100 countries and nine renowned brands including Sheraton, Westin, St. Regis and W Hotels.
The move will save the company 20% per year in rent, according to its officials.
Connecticut's Department of Economic and Community Development will assist the project with a $9.5 million loan and up to $75 million in Urban and Industrial Site Reinvestment Tax Credits.
In addition, Starwood expects to receive up to $5 million in sales tax exemptions on building materials through the Connecticut Development Authority.
This is the second time this year a company has moved from White Plains, New York to Connecticut. Also lured by tax breaks, Blue Sky Studios moved to Greenwich from White Plains in January.
First Published: Nov 18, 2009 10:41 PM EDT
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