Starwood Hotels & Resorts Worldwide, Inc. announced plans for a dual-branded hotel development in Boston featuring its popular Aloft and Element brands.
Set to open in 2016, the 330-room Aloft Boston Waterfront and 180-room Element Boston Waterfront will be ideally situated on D Street, directly across the street from the Boston Convention & Exhibition Center. The hotels will be owned and developed by a partnership between majority equity partner Ares Management-controlled funds and CV Properties on a 5.2 acre-parcel of land leased from the Massachusetts Convention Center Authority (MCCA).
Construction on the $158 million project is already underway and, upon completion, the hotels will be operated by Starwood Hotels & Resorts under the Aloft and Element brand flags. Financing will be provided by RBS Citizens Financial Group and Santander Bank in the amount of $97 million.