Starwood Hotels & Resorts Worldwide has completed the sale of Aloft Tucson University to Lightstone Value Plus Real Estate Investment Trust II, a public, non-traded REIT sponsored by The Lightstone Group, a privately held real estate company, for $19 million. As part of the agreement, the hotel will be managed under a long-term license agreement by Island Hospitality Management and continue to fly the Aloft brand flag. "The sale of Aloft Tucson University highlights Starwood's commitment to an asset-light strategy as we continue to seek the right owners and partners for our remaining owned real estate assets to create value for our shareholders," said Simon Turner , President of Global Development for Starwood. "With favorable capital market conditions and improving hotel industry fundamentals, we're seeing continued strong investor interest in our remaining assets from investors around the globe." Originally built in 1972, the hotel underwent a complete redevelopment prior to its re-opening in April 2013 as Aloft Tucson University. Located at 1900 East Speedway, hotel amenities include an outdoor Splash pool, the brand's signature W XYZ® bar, a 24-hour fitness center and 1,723 square feet of flexible meeting space, ideal for both business meetings and social gatherings.
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