They're Coming to Connecticut
Starwood Hotels & Resorts plans to relocate from White Plains, New York to Stamford.
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.
Posted Wednesday, Nov 18, 2009 - 10:41 PM EST
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