Starwood announces management deal, renovation plan for Silvertree Hotel and Wildwood Lodge

The Silvertree Hotel

Starwood Capital Group and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) on Monday announced that they have entered into new management agreements for the Silvertree Hotel and Conference Center and the Wildwood Lodge – two premier resort locations in Snowmass Village. Starwood Capital Group also announced plans to significantly renovate both hotels to broaden their appeal as destination properties in one of the world’s top ski resort communities.

Renovations, which are slated to begin in April 2012, will include significant improvements to the existing structures of the buildings, all rooms, meeting space and some public areas. Both hotels will re-open in time for the 2012/2013 ski season. The renovations will feature little to no disruption to the Silvertree conference center. Upon reopening, Silvertree Hotel will operate under Starwood Hotels' Westin® brand, while Wildwood Lodge will remain under an independent flag. The two hotels will be managed by Starwood Hotels & Resorts.

Both locations, which were built in phases beginning in 1967, are owned by a joint venture between Starwood Capital Group and Wasserman Real Estate, which purchased the properties in June.

"The planned renovations of both Silvertree and Wildwood and our new partnership with Starwood Hotels & Resorts will not only broaden the global appeal of these two magnificent locations, but it will bring one of the world's strongest international booking engines to both properties," said Suril Shah, vice president of acquisitions of Starwood Capital Group. "We would like to express our gratitude to the city of Snowmass and its elected officials for their support and partnership as we look to reposition both properties. We are looking forward to delivering a world class lodging experience to our guests for years to come."

According to Allison Reid, senior vice president of North American development for Starwood Hotels & Resorts, "Starwood Hotels attracts more affluent and discerning global guests. The power of our distribution systems to reach these sought after travelers, combined with the global appeal of Snowmass as a destination makes these two hotels impactful additions to our global portfolio. We look forward to collaborating with Starwood Capital Group and Snowmass Village on this transformative project."

"This is an exciting time for both the residents and guests of our town," said Snowmass Village Town Manager Russ Forrest. "Conference services, managed by the Silvertree, are an extremely important operation in this town, and will continue to be with the redevelopment. I am confident that Starwood Hotels and the Starwood Capital Group will carry on the same commitment to, and pride in, this community as the Silvertree and Wildwood. We are looking forward to working closely with them in the future."