Starwood Hotels announced Tuesday it has sold Aloft Tucson University for $19 million, and that the midtown hotel will keep the Aloft brand.
The buyer was Lightstone Value Plus Real Estate Investment Trust II.
As part of the agreement, the hotel, at 1900 E. Speedway, will be managed by Island Hospitality Management under a long-term license agreeement.
“This is a premium-branded hotel in a strategic location poised for growth,” David Lichtenstein, chairman and CEO of The Lightstone Group, said in a news release.
Originally built in 1971, the seven-story hotel underwent a complete redevelopment before its reopening in April 2013 as Aloft Tucson University.
“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, in a news release. “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.”
Turner continued: “The Aloft Tucson University showcases the success of our conversion approach for older hotels with the appropriate capital investment, and its redevelopment allowed us to fine-tune our approach to benefit future projects.”
Starwood’s Aloft brand has about 100 hotels in 14 countries.