Starwood To Move Headquarters to Connecticut

Starwood Hotels & Resorts Worldwide will be moving its headquarters from White Plains, N.Y., to Stamford, Conn., in January 2012, according to the office of Connecticut governor M. Jodi Rell. The multibrand hotel company plans to invest $40 million—and aims for LEED certification—in renovating existing space at the waterfront Harbor Point development, home to such major employers as Pitney Bowes and Deloitte & Touche.

In a statement, Starwood president and CEO Frits van Paasschen cited cost savings and the environment as reasons for the relocation. "Not only did the State of Connecticut provide meaningful incentives that translate to a savings of 20 percent per year in rent, but we will also have the opportunity to design office space that reflects Starwood's leadership in global hospitality, design and brand-building, as well as our commitment to the environment and our communities," he said.

The "meaningful incentives" include a $9.5 million loan from the Department of Economic and Community Development and up to $75 million in tax credits. In addition, Starwood expects to receive up to $5 million in sales tax exemptions on building materials through the Connecticut Development Authority.