Starwood enlarges time-share portfolio plan
Pacific Business News (Honolulu)
Starwood Vacation Ownership, which has properties on Maui and Kauai, has finalized the acquisition of 29 acres in Palm Desert, Calif.
The Orlando, Fla.-based company is the vacation ownership and time-share division of New York-based Starwood Hotels & Resorts Worldwide (NYSE: HOT), the parent company of the Sheraton and Westin hotel brands.
The land, in the established Desert Willow development, has been bought from Intrawest Corp. (NYSE: IDR) and will be developed as a Westin-branded vacation ownership resort. Construction is scheduled to begin on new villas in 2007.
This will be the eighth Westin Vacation Ownership resort either completed or in development including resorts on Maui and Kauai, and in California, Arizona, Cancun, St. John, U.S. Virgin Islands and Aruba.
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