Lured by government incentives worth as much as $89.5 million, Starwood Hotels & Resorts Worldwide Inc. will move its corporate headquarters to Stamford, Conn., from New York's Westchester County, Connecticut Gov. M. Jodi Rell said Wednesday.
The relocation, slated to be completed in 2012, will bring an estimated 800 jobs to the state, Ms. Rell said. The incentives include a $9.5 million loan, as much as $5 million in sales tax relief and up to $75 million in tax credits.
State and local governments in the New York City region have regularly used these types of incentives to woo each others businesses. New Jersey earlier this fall used an $89 million incentive package to convince the Depository Trust & Clearing Corp. to move 1,600 employees from New York City to Jersey City.
Starwood will move to Harbor Point, a large mixed-use real estate development under construction in Stamford's south end, which is currently home to accounting firm Deloitte. The landlord, a local firm called Building & Land Technologies will shoulder some of the cost of the estimated $40 million renovation of the 250,000-square-foot space. Starwood said the move would save 20% annually in rent. Brokerage Newmark Knight Frank represented the hotel company.
Starwood is one of the world's largest hotel companies with nine hospitality brands including Sheraton, Westin, St. Regis and W Hotels.