This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Starwood Accelerates Expansion Across Canada With Plans To Reach 70 Hotels And Resorts In Next 12 Months

From the Canadian Hotel Investment Conference in Toronto, Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it will expand its Canadian portfolio to 70 hotels within the next 12 months. The Aloft Calgary University, Starwood’s first Aloft hotel in Western Canada, opened last month, following the February opening of Four Points Waterloo-Kitchener Hotel & Suites. The momentum continues with the upcoming openings of Four Points Regina, Four Points Surrey, Four Points Moncton and the Element Vancouver Metrotown. This activity comes after a strong 2013, which included the openings of Four Points Edmonton International Airport, Four Points Kelowna Airport, Four Points Edmundston and Element Vaughan Southwest, maintaining Canada’s position as Starwood’s 2 nd largest market outside the U.S.

Simon Turner, President of Global Development for Starwood Hotels & Resorts, said: “We are continuing to see rising demand for development in both secondary and tertiary markets across Canada, fuelled by strong interest in our globally recognized and admired brands and the ability to tap into Starwood’s strong distribution network and loyalty program. Our solid portfolio of 66 hotels in the country across seven of our brands positions us well for continued growth, particularly in the mid-market segment where we are seeing a lot of traction.”

Specialty Select Brands Maintain Upward Momentum for Starwood

Starwood’s Specialty Select Brands (SSB) are continuing to drive positive momentum and fuelling growth across the country, underscoring the company’s long-term development strategy to grow its Aloft, Element and Four Points by Sheraton brands, increasingly in secondary and tertiary cities where there is strong demand for domestic business travel. Currently, Starwood has 30 hotels under these three brands across Canada, the largest SSB portfolio outside of the U.S., with plans to grow to 35 operating hotels by the end of first quarter 2015.

Four Points is Starwood’s most prolific brand in Canada with 27 hotels. Boasting the second largest global pipeline of all of Starwood’s brands, Four Points has proven to be a hit with travelers in markets worldwide and is a key player in a new generation of mid-market hotels delivering honest, uncomplicated comfort and exceptional guest service. The company has recently signed agreements for two new hotels, including Four Points Estevan, SK. and Four Points Lloydminster, SK.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs