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Chain quiet on development

Thursday, Feb. 24, 2005 | 9:14 a.m.

Representatives of White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide Inc., say they have no expansion plans to announce despite reports that the company is on the verge of completing several key real estate deals.

Late last week, Starwood officials said they had nothing to announce in response to inquiries that they were negotiating to purchase property to build upscale W and St. Regis hotel properties as well as a Starwood timeshare project.

On Wednesday, the Los Angeles Times reported the company is working with several financial partners on about $250 million in real estate purchases in Las Vegas.

The Times cited sources that said Starwood plans to open a W hotel with a casino on Harmon Avenue east of the Strip and that investors are attempting to buy 60 acres at Russell Road and Polaris Avenue for a St. Regis property, a timeshare and possibly a Westin hotel.

Starwood officials could not be reached for comment today on the Times report.

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