Starwood Hotels & Resorts Worldwide has completed the sale of Aloft Tucson University in Arizona to Lightstone Value Plus Real Estate Investment Trust II for $19 million. The hotel will remain an Aloft under a long-term license agreement. It will be managed by Island Hospitality Management.
“The sale of Aloft Tucson University highlights Starwood’s commitment to an asset-light strategy as we continue to seek the right owners and partners for our remaining owned real estate assets to create value for our shareholders,” said Simon Turner, president of global development for Starwood. “With favorable capital market conditions and improving hotel industry fundamentals, we’re seeing continued strong investor interest in our remaining assets from investors around the globe.”
“This is a premium-branded hotel in a strategic location poised for growth,” said David Lichtenstein, chairman and CEO of The Lightstone Group. “Adjacent to the University of Arizona campus, with a student population of approximately 40,000, and sports complexes, the hotel is also in close proximity to the University of Arizona Medical Center, downtown Tucson, and numerous corporate offices, and has good accessibility to the Tucson International Airport and Interstate 10. We believe this acquisition is representative of Lightstone’s ability to identify attractive investment opportunities.”
Originally built in 1972, the hotel underwent a complete redevelopment prior to its re-opening in April 2013 as Aloft Tucson University.