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TheStreet Open House

Starwood Continues To Fuel Growth In India And South Asia

Stocks in this article: HOT

Starwood Hotels & Resorts (NYSE: HOT), the largest global hospitality operator in the luxury/upper upscale segment with a strong and fast growing footprint and robust pipeline, today announced a continued focus on growth in India and South Asia. Starwood’s legacy in the region dates back to 1973, and the company currently operates 34 hotels with 24 hotels in the pipeline. It aims to have 100 hotels under operation, development and management contracts signed by 2015 with eight out of nine Starwood brands flying their flag in India.

In the past year Starwood signed 10 new deals in India, Bangladesh and Sri Lanka. The company will open The Westin Chennai Velachery, Aloft Ahmedabad SG Road and Aloft Bengaluru Cessna Business Park, Le Méridien Mahabaleshwar Resort & Spa and Sheraton Chandigarh Hotel in 2013.

“Already our fourth largest market, India is comfortably poised to be second only to China in terms of our future global growth. India today is still an ‘under-hoteled’ market, and the demand for high-caliber lodging is expected to far exceed current supply for at least the next three to four years. As domestic travel increases and Indian travelers continue to demand more sophistication in terms of both quality and experience, we have significant opportunity to grow our brands across the spectrum in gateway cities, tertiary markets as well as in resort destinations,” said Stephen Ho, President Starwood Asia Pacific Hotels and Resorts.

Continued momentum expanding Upper Upscale brands in gateway cities

Rising wealth is helping drive demand for Starwood's Upper Upscale and Luxury brands. Starwood is growing its upper upscale brands like Sheraton, Westin and Le Meridien further into Delhi National Capital Region (NCR) and gateway markets with the signing of Sheraton Greater Noida Hotel, Sheraton Bengaluru Whitefield Hotel & Convention Center, Le Méridien Delhi NCR, Noida and The Westin Delhi NCR Noida. Le Méridien brand will see a reenergized portfolio with the renovations of Le Méridien Bangalore, Le Méridien Jaipur and Le Méridien Kochi.

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