Sale of Starwood Hotels continues in $1 billion package
Starwood Hotels plans to sell up to 18 properties worth up to $1 billion as part of its strategy to rely more on hotel management and less on property ownership.
Starwood intends to sell the so-called non-strategic hotels over the next year to 18 months, company officials told the media.
The company has already sold more than $5 billion in properties over the last year and a half.
Starwoods also plans a new marketing campaign for each of its eight brands.
But at the same time, Starwoods is also acquiring other properties, most recently the Le Meridien chain. Officials said the group will see future brisk growth in North America, where 40 new hotels are expected.
“We will see an explosion of growth in the next few years,” said Michael Wale, senior vice president of Le Meridien operations.
Six new Le Meridiens are planned to open worldwide this year and eight more within the next two years. Another 84 are planned in the near future.
Mr. Wale said the chain expected to unveil some creative new options, including a 24-hour restaurant with “brasserie style” food.
Report by David Wilkening
David
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