Starwood Hotels and Resorts will spend $30 million to expand its headquarters in Stamford, The AP reports, aided by a state loan of up to $5 million and $20 million in state tax credits.
Governor Dannel P. Malloy, state economic development officials and Starwood executives said the hotel business will create 340 new jobs in Connecticut, adding to its current 980 employees. The company moved to Stamford in 2012.
Businesses may take tax credits of up to 100 percent of capital investment on eligible projects with a minimum investment of $5 million invested in urban distressed areas and $50 million in other areas.
The credits may be used over 10 years and may be sold or transferred to another corporate taxpayer or carried forward for five years.
Frits van Paasschen, president and CEO of Starwood hotels, said its Stamford headquarters is in the final stages of energy and environmental design certification.
The loan will be provided at 3-percent interest with principal deferred for the first three years and the principal waived if the company meets its commitment to bring Connecticut employment to 1,320 in three years.