Ritz-Carlton outlines $2 billion expansion plan to be No. 1
The Ritz-Carlton Hotel Company, L.L.C. has announced a major expansion and development program to bring its portfolio to 100 properties around the world within the next five years.
“Ranging from Morocco to Mexico, Cairo to Chicago, this strategic plan will expand the brand to urban capitals and emerging tourist destinations, and represents an investment of more than US$2 billion by owners,” the company says in a press release.
“While the global economy seems to show a recovery and the climate for interest in hotel and residential development looks encouraging, we are pleased that The Ritz-Carlton development pipeline is filled with potential international growth for the company,” said Herve Humler, president and chief operations officer.
He added:
“Throughout the world, especially in Asia and the Middle East, we expect to be the leading top tier luxury hospitality and lifestyle brand by 2016.”
In only the first quarter of 2011, The Ritz-Carlton has already opened three properties, including The Ritz-Carlton, Hong Kong – the world’s highest hotel; The Ritz-Carlton, Toronto (Canada), and The Ritz-Carlton, Dubai International Financial Centre.
By the end of the year, hotels including The Ritz-Carlton, Riyadh (Saudi Arabia), The Ritz-Carlton Abu Dhabi, Grand Canal (United Arab Emirates), and The Ritz-Carlton Residences in Toronto and Singapore are scheduled to debut.
“This will be followed in 2012 by a record number of anticipated new openings including Chengdu (China); Herziliya (Israel); Rancho Mirage (California); and an expansion of The Ritz-Carlton, Dubai (United Arab Emirates). Two more Ritz-Carlton residential projects are scheduled be added in Chicago and Montreal,” the company says.
By David Wilkening
David
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