Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has signed an agreement with Century Park and Hotel Residences Ltd. to open a new Sheraton hotel in Kigali, the capital city of Rwanda. Scheduled to open in 2018, Sheraton Kigali will mark Starwood’s entry into Rwanda and will be the company’s 50 th hotel in Africa. With this signing, Starwood is on track to increase its African portfolio by over 30% with more than 15 new hotels to open over the next five years.
“We look forward to partnering with Century Park and Hotel Residences on this milestone entry into Rwanda as we continue to expand our presence in Africa,” said Michael Wale, President, Starwood Hotels & Resorts, Europe, Africa and Middle East. “Our innovative approach to managing lifestyle brands continues to set us apart from the competition and, with the signing of this agreement, we are proud to debut Starwood and the Sheraton brand in Rwanda’s economic, cultural, and transport hub."
“The hospitality sector is one of the main industries driving infrastructure development in Rwanda and is also a key foreign exchange earner for the country. We seek to tap into Rwanda’s rapidly growing real estate and hospitality markets, which growth has been spurred on by a rising demand for hotel accommodation resulting mainly from a conducive business environment,” Billy Cheung Yiu Tung, Chairman, Century Park Hotel & Residences Ltd. commented. “With this objective in mind, we are delighted to secure a strategic partnership with Starwood Hotel & Resorts to operate our first hospitality project in Kigali.”
Situated in the prestigious Gasabo district, Sheraton Kigali will be located seven kilometers from Kigali International Airport and offer easy access to the city center, key government offices as well as the lush surroundings of Lake Nyarutarama and Nyabarongo River wetlands.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV