SCOTTSDALE, Ariz - October 23, 2009 - Triyar Hospitality Scottsdale, LLC, owner of the W Scottsdale Hotel, announced today that it has reached a resolution in its legal disputes with its lender and the hotel's construction contractors, which ends litigation between them and the lender's foreclosure proceedings.
W Scottsdale, which opened one year ago, quickly established itself as a destination hot spot, host to high profile events, celebrities, and trend setting travelers from around the world. Despite the challenging economy, W Scottsdale continues to significantly outperform its competition, as well as well-established hotels and luxury resorts in Phoenix, Scottsdale and throughout Arizona.
"Due to the timing of construction, the W Scottsdale opened in the most tumultuous economic period in recent history and was one of the first of many high-profile hotels in the U.S. to experience financial difficulties. We are pleased to be amongst the first of such properties to successfully restructure and are hopeful this is a sign of ensuing economic recovery," said Steven Yari, Principal of Triyar Hospitality Scottsdale.
"Despite the issues with our lender and contractors which compounded the financial situation, we are pleased and grateful that the parties were able to reach a reconciliation without the need for further litigation," added Michael Mahoney, CEO of Triyar Hospitality.
"We are now working on several hotel transactions, some involving properties facing similar ownership issues, and see a bright future ahead to strategically grow our company," added Steven Yari.
"Scottsdale has long been on W's short list of coveted destinations, and the hotel's performance from the moment we opened our doors, despite the economy and the legal proceedings in the background, are proof positive that Scottsdale is a great location for W. Likewise, the W Scottsdale is a great asset for the City," said Matt Avril, President of Starwood's Hotel Group. "Our success is also a testament to the quality of the hotel, power of the W brand and its innovative and contemporary delivery of hospitality. Now that our owners have resolved the legal aspects, we expect the hotel's performance to continue to accelerate, especially as the economy begins to recover."
The hotel's celebrated offerings, including Bliss Spa, Sushi Roku restaurant and its three bars and lounges, have quickly become a destination for guests, local insiders and celebrities alike. The future outlook for the hotel is favorable as it continues to set itself apart as a unique destination.
About Triyar Hospitality Scottsdale, LLC
Triyar Companies, LLC, which includes Triyar Hospitality Scottsdale, LLC (Triyar), has been actively investing in U.S. real estate since the mid-1950s, engaging in property development, acquisition, management, and leasing. The company has extensive real estate holdings including hotels, high-rise commercial (office) and residential buildings, industrial business centers, enclosed shopping malls, and retail centers with a strong concentration of properties in New York (Manhattan), Texas, California and Arizona. Triyar and its affiliates also own development land for mixed-use commercial and residential projects and have diverse operating business interests in restaurants, health clubs, film production, and aerospace manufacturing.
About W Scottsdale
W Scottsdale marks the debut of W Hotels in Arizona. This Southwest oasis, where innovative design mixes with urban sophistication, features 224 guest rooms including 27 lavish suites. A true insider escape, W Scottsdale boasts Arizona's only BlissÂ® Spa, Sushi Roku restaurant, and W Hotels The Store and offers three chic destination bars - the W Living Room, Shade and sunset.beach. Located in downtown Scottsdale at the iconic corner of Camelback and Scottsdale Roads, W Scottsdale provides guests access to discover the city's high-profile shopping, innovative restaurants, eclectic arts district and vibrant nightlife. Signature services and amenities include the Whatever/WheneverÂ® concierge service, Wheels?, SWEAT FitnessÂ®, WET?, WIRED Business Center and P.A.W. - Pets Are Welcomeâ„¢. For more information, visit www.WHotels/Scottsdale.com or call to schedule a reservation 877 W HOTELS.
About W Hotels WorldwideÂ®
W Hotels is an innovative contemporary lifestyle brand and the hotel category buster with 34 hotels and retreats in the most vibrant cities and exotic destinations around the world. Inspiring, iconic, innovative and influential, W Hotels provides the ultimate in insider access to a world of "Wow." Each hotel offers a unique mix of innovative design and passions around fashion, music, entertainment, design, architecture, pop culture, and everything in between. W Hotels are unique and individual expressions of modern living, reflected in the brand's sensibility to a holistic lifestyle experience with cutting-edge design, contemporary restaurant concepts, glamorous nightlife experiences, and signature spas. With 10 years of proven success, W Hotels is on track to double its footprint by 2011. In North America and Latin America, W Hotels have been announced in Austin, Boston, Hollywood, Huntington Beach, and Downtown New York. In Europe, W Hotels have been announced in Athens, London, Manchester, Milan, Paris and St. Petersburg. In Asia, W has announced properties in Bangkok, Guangzhou, Macao-Studio City, Shanghai and Yokohama. In Africa and the Middle East, W has announced properties in Marrakech, Amman, and Dubai. W has plans to open W Retreats in Bali, Koh Samui, Vieques Island and Verbier, the latter of which will serve as W Hotels' first ski retreat. For more information, visit www.whotels.com.