Starwood Strikes $250M Partnership with Yotel
A fund affiliated with Starwood Capital Group made a strategic $250-million investment in Yotel. Starwood took a 30% stake in the hotel company, and is investing in asset acquisitions for new build, hotel conversion and adaptive reuse properties, which will allow Yotel to continue expanding its international footprint.
Starwood Capital Group’s Barry Sternlicht says, “Yotel is an exciting brand focused on technology, smart design and a distinct guest experience at an affordable price, which is the right strategy amid the current wave of digital disruption. Yotel has global appeal, and can be easily scaled up with key strategic acquisitions and developments in desired city centre and airport locations.”
The specific expansion focus is on Europe, North America and Asia. Starwood has already secured sites in Edinburgh, Glasgow and Amsterdam, which are expected to open as Yotel properties by 2019.
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