LARKSPUR, Calif. | Larkspur Hospitality Development and Management Company, LLC, an affiliate of Larkspur Hotels and Restaurants, announced today that a Starwood Capital Group Global, LLC controlled affiliate has acquired its 11 Larkspur Landing extended stay hotels. Terms of the transaction were not disclosed. The hotels consist of 1,279 guest rooms and stretch from California's Silicon Valley through the Pacific Northwest. Larkspur Hotels and Restaurants will manage all 11 hotels, which also will continue to operate under the Larkspur Landing brand.

"This acquisition represents a tremendous opportunity for Starwood Capital to add both a valuable hotel chain and talented management team to our investment portfolio," said Marc Perrin, a Managing Director in Starwood Capital Group's West Coast office. "The Larkspur team shares Starwood Capital Chairman and CEO Barry Sternlicht's core philosophy of providing a high level of comfort and service and we are thrilled to be working in partnership with them and look forward to enhancing the company's reputation as one of the strongest operators in the extended stay industry."

"We are very pleased with this transaction, particularly the opportunity it provides to work with Starwood Capital and Barry Sternlicht, who is an incredibly successful visionary and investor in the hotel industry," said Karl Hoagland, Chairman and CEO of Larkspur Hotels and Restaurants. "We designed and developed the Larkspur Landings as innovative upscale craftsman-styled extended stay hotels to better meet the needs of travelers. We have had great success as measured by guest satisfaction scores, market shares and returns on investment. Affiliating with Starwood Capital will challenge us to perform even better and expose us to new ideas and opportunities."

The 11 Larkspur Landings are located in suburban markets in Northern California and the Pacific Northwest. The hotels were developed by Larkspur Hotels and Restaurants in the late 1990s and were designed to maximize the comfort and productivity of technologically-savvy business and leisure travelers.

Larkspur Hotels and Restaurants

Established in 1996, Larkspur Hotels and Restaurants is a rapidly growing hotel company based in Larkspur, California. Larkspur operates 23 hotels in California and the Pacific Northwest, consisting of 11 Larkspur Landings and 12 Larkspur Hotels, including six premier Larkspur Collection hotels. The company also operates Kuleto's Italian Restaurant in downtown San Francisco and the Three Degrees Restaurants in Portland, Oregon; Los Gatos, California and Tiburon, California. For additional information on Larkspur Hotels and Restaurants, visit .

Starwood Capital Group Global LLC

Starwood Capital Group has been a leader in real estate investments since 1991. Its international investor base includes some of the United States' largest state and corporate pension funds, endowments and foundations and high-net worth families from around the world. During the past fifteen years, Starwood Capital and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood has closed and/or advised on more than 250 transactions and has acquired equity interests in residential and multifamily, hotels, office, retail and industrial space, golf and leisure-related properties. Starwood's past and current investments include the acquisition or formation and growth of several market leading companies including Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network; iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels; Mammoth Mountain Ski Area, the leading four season resort in California; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S. Starwood Capital Group no longer owns an equity stake in either iStar Financial or Starwood Hotels.

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Tom Johnson
+1-212-371-5999
Starwood Capital Group