Starwood Hotels, the third-largest US lodging company, plans to move its headquarters to Stamford, Connecticut.

The company will move from White Plains, New York, into an existing structure in downtown Stamford in January 2012, Governor M Jodi Rell said today.

The move will cut the company’s rent outlay by one-fifth and provide tax benefits, Starwood Chief Executive Officer Frits van Paasschen said in the statement. Hilton Worldwide, the hotel company Blackstone Group LP bought in 2007, earlier this year moved its Beverly Hills, California, headquarters to suburban Washington, D.C., to reduce expenses.