Connecticut, Starwood hotels OK state aid deal

STAMFORD, Conn. (AP) — Starwood Hotels and Resorts will spend $30 million to expand its headquarters in Stamford, helped by a state loan of up to $5 million and $20 million in state tax credits, state officials and company executives said Thursday.

Gov. Dannel P. Malloy, state economic development officials and Starwood executives said the hotel business will create 340 new jobs in Connecticut, adding to its current 980 employees. The company established its headquarters in Stamford in 2012.

Businesses may take tax credits of up to 100 percent of capital investment on eligible projects with a minimum investment of $5 million invested in urban distressed areas and $50 million in other areas.

The credits may be used over 10 years and may be sold or transferred to another corporate taxpayer or carried forward for five years.

Frits van Paasschen, president and CEO of Starwood hotels, said its Stamford headquarters is in the final stages of energy and environmental design certification.

The loan will be provided at 3 percent interest with principal deferred for the first three years and the principal waived if the company meets its commitment to bring Connecticut employment to 1,320 in three years.

Malloy, a former mayor of Stamford, said that Starwood has increased jobs, spurred economic development and let other large corporations know that the city “is a great place to work, invest and call home.”

Starwood Hotels and Resorts holds nearly 1,200 properties in 100 countries under brands such as St. Regis, Sheraton Hotels and Resorts, Westin Hotels and Resorts and others.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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