It’s only 15 miles away, but Starwood Hotels & Resorts’ move from White Plains, NY to Stamford, CT will save 20 percent a year in rent, according to CEO Frits van Paasschen.

Starwood will move to Stamford’s waterfront Harbor Point development in January 2012 and the new global headquarters will be in an existing structure renovated by the hotel company and certified under LEED standards. Connecticut Governor M. Jodi Rell said the move would bring millions of dollars in investments and 800 jobs to the state. Starwood will occupy 250,000 square feet of space and all employees will be housed in the same office, unlike the current setup with two buildings.

“After an extensive search for new office space for our worldwide headquarters, it became clear that this particular space in Stamford was an ideal choice,” said van Paasschen. “Not only did the State of Connecticut provide meaningful incentives that translate to a savings of 20 percent per year in rent, but we will also have the opportunity to design office space that reflects Starwood’s leadership in global hospitality, design and brand-building, as well as our commitment to the environment and our communities.”

The Department of Economic and Community Development will assist the project with a $9.5 million loan and up to $75 million in Urban and Industrial Site Reinvestment Tax Credits, according to a press release from Starwood, and the hotel company expects to receive up to $5 million in sales tax exemptions on building materials through the Connecticut Development Authority. The Hartford (CT) Courant reported Starwood agreed to a lease of about 15 years.

The news comes on the heels of two recent asset sales for Starwood. Earlier this month the company sold its retail space in the St. Regis Hotel in New York City for $117 million, just days before it announced the sale of its Bliss spa for $100 million. The need for cash was evident after third-quarter profits fell 65 percent.