Aloft to open Hotel in Cupertino, the Heart of Silicon Valley
Starwood Hotels & Resorts Worldwide, Inc.® (NYSE:HOT) today announced its new destination sensation brand, Aloft® Hotels, will open a new property in Cupertino, California in early 2013. Aloft Cupertino will be the third Aloft to open in California and its second in Silicon Valley, following the opening of Aloft San Francisco Airport in 2012. Owned by a venture between Shashi Corporation and Somera Capital Management, Aloft Cupertino will deliver style at a steal with 123 spacious, loft-like rooms, forward-thinking technology and a vibrant, social atmosphere.
“The Aloft brand is perfectly suited for Cupertino, one of the most dynamic cities in Silicon Valley,” said Allison Reid, Senior Vice President of North American Development for Starwood. “Aloft is now 55 plus hotels and, fueled by the brand’s popularity among savvy travelers, we continue to aggressively grow the brand across North America and around the world.”
Located in the heart of Cupertino’s business district, the new Aloft will be convenient to numerous high-tech businesses such as Apple Computer’s world headquarters, Hewlett Packard and IBM. Also nearby are Santa Clara University, HP Pavilion, Winchester Mystery House, and a selection of wineries and world-class golf courses. Amenities will include an indoor pool, w xyz sm bar, 24-hour fitness center and 2,000 square feet of flexible meeting space, ideal for both business meetings and social gatherings.
“Aloft Cupertino will offer a compelling blend of style and social interplay that will appeal to both travelers and professionals in this energetic high-tech hub,” said Brian McGuinness, Senior Vice President, Speciality Select Brands for Starwood. “Aloft’s emphasis on high design combined with its tech-savvy features and social atmosphere all at an affordable price is attracting a growing group of loyal travelers who expect their lodging to reflect their evolving lifestyle.”
“We are thrilled to bring Aloft’s highly innovative and lifestyle oriented guest experience to Silicon Valley, the epicenter of global innovation,” said Dipesh Gupta, CEO of Shashi Corporation.
“We are excited to join forces with Shashi Corporation and Starwood Hotels & Resorts on this unique opportunity,” said Christopher Herthel, Executive Vice President of Somera Capital Management.
Los Angeles-based Canyon Capital Realty Advisors (CCRA) provided the senior construction loan for the project. The loan proceeds are being used for the purchase of the land and construction of the hotel. “We are pleased to provide the construction financing for Aloft’s newest property in California,” said CCRA Managing Director Richard Bosworth. “We see opportunity in Cupertino because of the thriving job market and severe lack of hotel supply in the city.”