Starwood predicting another record year of hotel openings
Starwood Hotels & Resorts Worldwide, which had a record 2006, is predicting 200 new deals and the opening of more than 80 new hotels in 2007 — almost doubling the number of properties the company opened last year in its nine different brands.
“Starwood has garnered more than its fair share of new hotel deals as a direct result of the tremendous value we create for owners and developers through the distinct positionings of each of our brands in the global marketplace,” said Raymond “Rip” Gellein, President, Global Development Group.
Starwood currently has a portfolio of 420 hotels with more than 100,000 rooms. The company says it has also taken the lead in the upper upscale and luxury segments, with 38% of the hotels and rooms in the industry pipeline, according to Smith Travel Report.
“In the midst of its most prolific growth spurt ever, Starwood’s historic expansion is a result of the company’s dynamic development efforts outside of North America and increased penetration in the previously untapped select service and extended stay markets,” the company says.
A substantial portion of nearly half of Starwood’s new hotels are outside North America.
By dramatically increasing the global reach of its brands, Starwood says it is well positioned to take advantage of the predicted swell in international tourism spending. Industry sources estimate world travel and tourism to generate in excess of $7 trillion in 2007, rising to more than $13 trillion in the coming decade.
Demand for Starwood’s brands outside of North America is at its highest levels to date, with almost half of the company’s new hotels located outside of the region.
But demand remains strong In North America as well. Starwood’s pipeline is the most robust in the company’s history, with nearly 200 hotels projected to open over the next three years.
Another key focus for Starwood is new brand development, particularly in segments where the company has traditionally had limited penetration. Starwood will revitalize the select-service and extended stay markets when it opens its first ALOFT and ELEMENT hotels in 2008.
Starwood Hotels & Resorts Worldwide, Inc.(R) is one of the leading hotel and leisure companies in the world with approximately 870 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with these brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM) and Element(SM) Hotels.
Report by David Wilkening
David
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