Starwood Hotels to move HQ from New York to Conn.

AP News
Posted: Nov 19, 2009 7:47 AM

Starwood Hotels & Resorts Worldwide Inc. says it will move its headquarters from White Plains, N.Y., to Stamford, Conn., in January 2012, with the help of millions of dollars in incentives from the state of Connecticut.

The chain, which operates the Sheraton, W Hotels and Westin brands, announced Wednesday that it will move to the Harbor Point waterfront development in Stamford and invest $40 million in the existing facility.

Connecticut Gov. M. Jodi Rell says Starwood will bring 800 jobs to the state.

Starwood President and Chief Executive Officer Frits van Paasschen says the company will save 20 percent a year in rent.

The Connecticut Department of Economic and Community Development is helping the move with a $9.5 million loan and up to $75 million in tax credits.