May 22, 2014

GOV. MALLOY: STARWOOD HOTELS WORLDWIDE WILL EXPAND IN STAMFORD AND CREATE JOBS FOR RESIDENTS

State Will Help Support Hiring and Expansion Plans for Starwood's Global Headquarters, Resulting in Creation and Retention of More Than 1,300 Jobs for Connecticut Residents

(STAMFORD, CT) - Governor Dannel P. Malloy, joined by Department of Economic and Community Development (DECD) Commissioner Catherine Smith, Starwood executives and other state and local officials, today announced that Starwood Hotels & Resorts Worldwide, Inc. is expanding its global headquarters in Stamford. Starwood will be creating 340 new full-time jobs in the state, in addition to retaining its current workforce of 980 employees.

"Since Starwood came to Stamford a number of years ago, the company has demonstrated their commitment to Connecticut by growing jobs, spurring economic development and, essentially, letting other large corporations know that this is a great place to work, invest and call home," said Governor Malloy. "This is just one of the many steps we are taking to send a loud and clear message that Connecticut is open for business. Starwood's decision to continue to create good paying jobs with good benefits for residents shows that the work we are doing to attract and retain well-respected, world-leading companies is paying off."

DECD will provide a Manufacturing Assistance Act loan of up to $5 million and up to $20,000,000 in Urban and Industrial Sites Reinvestment Tax Credits (URA) to support the $30 million expansion project. URA allows for a dollar-to-dollar corporate tax credit of up to 100 percent of capital investment on eligible projects with a minimum investment of $5 million in targeted investment or urban distressed areas and $50 million in all other areas of the state. The credits can be used over ten years according to a schedule. URA earned credits can also be sold or transferred to another corporate taxpayer or carried forward for five consecutive years.

"As our pipeline grows around the world, we also continue to grow our home base in the heart of Stamford," said Frits van Paasschen, President and CEO of Starwood Hotels & Resorts. "Our design-driven headquarters in Harbor Point is in the final stages of LEED certification and is a great showcase for Starwood and our nine lifestyle brands, and we are excited to expand our presence here. As a proud member of this community, we are thrilled that our growth will bring more than 300 jobs to Stamford's historic waterfront."

The ten-year, $5 million DECD loan will be provided at an interest rate of 3 percent with principal deferred for the first three years and principal forgiveness of up to 100 percent if the company meets its commitment to bring its total Connecticut-based employment to 1,320 within three years. Funding may be used for leasehold improvements and general working capital directly related to the expansion project.

"Starwood Hotels has been a great corporate citizen of Stamford, and they are actively following through on their commitment to create jobs in our city," said State Senator Carlo Leone (D-27). "It is very good news that they will now be expanding their headquarters here and growing their Connecticut workforce by almost a full third. Stamford remains a great place to do business, and the creation of these new jobs is great news for our entire city economy."

"I am happy to hear additional job opportunities will be coming to Stamford through Starwood's commitment to expand its presence in our town," said State Rep. Michael Molgano (R-144). "I look forward to the next biennium and working in a bipartisan effort to remove barriers to business and establish a trend of creating job growth here in Stamford and throughout Connecticut."

"This investment in Stamford will mean Connecticut residents not only keep their jobs, but those looking for work will have an opportunity right in their backyard," said State Rep. Pat Miller (D-145). "I want to thank the Governor and the state for recognizing the importance of keeping successful businesses in Stamford."

"News of Starwood Hotels & Resorts Worldwide, Inc.'s $30 million expansion here in Stamford is certainly a welcomed development and represents how important it is for our state to work with the private sector to create jobs and bolster economic development," said State Rep. Gerald Fox III (D-146). "I applaud Governor Malloy's announcement and appreciate Starwood's expansion in Stamford that creates more than 300 new jobs and demonstrates an important commitment to the region and the state."

"The Starwood expansion is ample evidence that Governor Malloy's aggressive focus on economic development is paying significant dividends," said State Rep. William Tong (D-147). "Coupled with our efforts in the legislature to make Connecticut the best state in the nation for business, the governor's continued dedication to growing the economy and creating new jobs for hard-working families will ensure our future."

"Through this expansion, Starwood continues to show its commitment to Stamford and to Connecticut and the Governor has again shown his commitment to investing in and continuing to move forward our state's economy," said State Rep. Dan Fox (D-148).

"Starwood is such a wonderful member of the Stamford business and civic community; it is truly fabulous to have them thriving and growing and remaining in our City," said State Rep. Livvy Floren (R-149).

"We are extremely pleased by Starwoods' expansion in Stamford," said Stamford Mayor David Martin. "They have been a tremendous partner for the city over the years. We especially applaud them for being a leading supporter of our summer youth employment program. We know that they will continue to contribute to the economic vitality of our city and I look forward to working with them in the years to come."

"Starwood is already a great Connecticut company with global recognition and top notch reputation," said DECD Commissioner Smith. "The over three hundred new, good paying jobs that Starwood will create will support many more as the effects of this expansion ripple out into the community. Starwoods commitment to the community's education and not-for-profit sector will also benefit from this expansion."

Starwood Hotels & Resorts is one of the leading hotel and leisure companies in the world with an unmatched portfolio of nearly 1,200 properties in 100 countries under its nine distinct lifestyle brands including St. Regis, Sheraton Hotels & Resorts, Westin Hotels & Resorts, The Luxury Collection, Le Meridien, W Hotels, Aloft, Element and Four Points by Sheraton brands. Starwood relocated its global headquarters to Harbor Point in Stamford in 2012.

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For Immediate Release: May 22, 2014

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