The new building will be located on the site of the old Sol CabaƱas del Caribe hotel that was destroyed by Hurricane Wilma in 2005.
Next door to the Playa Azul hotel, it is about 4 miles (6km) north of downtown with good connections for the airport and ferry to the mainland, and close to the golf course.
Salas said the property will have 156 rooms, all with ocean views, and will create direct jobs for the local area.
Juan Gonzalez, local business partner for the Hotel Westin Cozumel, said they already have environmental permits from the Mexican federal government and provisional construction permits from the local government.
Work has started, most of the old derelict buildings have been removed and groundwork surveys are now being made.
Gonzalez said the estimated investment in the project will be $32 million and he hopes the hotel will open its doors to guests in November 2015.
Mexico is Starwood's 7th largest market worldwide, with 26 hotels in operation, including the recently opened Aloft Guadalajara and The Westin Lagunamar.