Starwood Plans to Relocate to Connecticut - can the jobs be far behind?

From the Wall Street Journal | Nov 19, 2009

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.

Write to Christina S.N. Lewis at christina.lewis@wsj.com

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