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Malloy Gives More Money To Hotel Company To Expand in Stamford

by Christine Stuart | May 23, 2014 5:30am
(3) Comments | Commenting has expired
Posted to: Town News, Stamford, Jobs, Labor

Democratic Gov. Dannel P. Malloy announced Thursday a deal to help Starwood Hotels & Resorts, a company his Republican predecessor convinced to move to Stamford, expand in the state.

Under the deal, Starwood will expand its headquarters in Stamford and create 340 full-time jobs in addition to retaining its current workforce of 980 employees.

“Since Starwood came to Stamford a number of years ago, the company has demonstrated their commitment to Connecticut by growing jobs, spurring economic development and, essentially, letting other large corporations know that this is a great place to work, invest and call home,” Malloy said in a press release. “This is just one of the many steps we are taking to send a loud and clear message that Connecticut is open for business.”

The state will provide a Manufacturing Assistance Act loan of up to $5 million and up to $20 million in Urban and Industrial Sites Reinvestment Tax Credits. The credits can be used over a period of 10 years. Those credits also can be sold or transferred to another corporate taxpayer or carried forward for five years.

The 10 year, $5 million loan will carry a 3 percent interest rate with principal deferred for the first three years and up to 100 percent forgiveness if the company meets its job creation target within three years.

In 2009, former Gov. M. Jodi Rell got the hotel company, which oversees nearly 1,200 properties in 100 countries, to move its headquarters 15 miles from White Plains, N.Y. to Stamford. At the time, the company was offered a $9.5 million loan and up to $75 million in Urban and Industrial Site Reinvestment Tax Credits.

A spokesman for the Department of Economic and Community Development said Thursday that the company accepted the $9.5 million loan and only used $7.5 million of the $75 million Urban and Industrial Site Reinvestment Tax Credits. In addition, the company was given up to $5 million in sales tax exemptions for building materials.

The company officially moved to Stamford in 2012.

“As our pipeline grows around the world, we also continue to grow our home base in the heart of Stamford,” Frits van Paasschen, president and CEO of Starwood Hotels & Resorts, said in a press release. “Our design-driven headquarters in Harbor Point is in the final stages of LEED certification and is a great showcase for Starwood and our nine lifestyle brands, and we are excited to expand our presence here.”

Malloy visited the headquarters Thursday to make the announcement.

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(3) Comments

posted by: justsayin | May 23, 2014  7:17am

Manufacturing Assistance Act loan for a hotel chain? What about manufacturing companies, they can certainly use the support.

posted by: Chien DeBerger | May 23, 2014  12:40pm

Will be interesting to see what their contribution the Malloy’s campaign was..

posted by: NoNonsense2014 | May 23, 2014  2:32pm

Simply mind-boggling. An obviously successful company (that would be expanding anyway) gets a $5M completely forgivable, well-below-market-rate loan. Why not just call it a grant and be done with it? Why the pretense of a “loan”?