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 Hotels & Resorts Accelerates Footprint In Malaysia

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced it has signed an agreement with IOI Properties Group to manage two hotels – Four Points by Sheraton Puchong and Le Méridien Putrajaya, slated to open in the fall of 2014 and 2015, respectively. These two new hotels will add 599 rooms to Starwood’s robust portfolio in the country and reflect Starwood’s desire to expand into the fast growing districts of Malaysia. Puchong and Putrajaya are part of the Klang Valley area, which includes Kuala Lumpur and its suburbs and adjoining cities and towns in the state of Selangor.

“We are delighted to announce the signings of Four Points by Sheraton and Le Méridien in the Klang Valley, underscoring our expansion plans in Malaysia, one of the world’s most dynamic destinations,” said Chuck Abbott, Regional Vice President, Southeast Asia, Starwood Hotels & Resorts. “We look forward to further strengthening our footprint in the country as we welcome these two hotels into our portfolio.”

“IOI Properties is happy to partner Starwood Hotels and Resorts to expand the Four Points by Sheraton and Le Méridien brands in the Klang Valley,” said Lee Yeow Seng, Chief Executive Officer, IOI Properties Group Berhad. “The hotels will be considered landmark developments within the two townships and contribute positively towards their growth and our portfolio.”

“Malaysia’s strong economic growth and healthy tourism arrivals present us with a very exciting growth opportunity,” said Matthew Fry, Senior Vice President, Acquisition & Development, Asia Pacific, Starwood Hotels & Resorts. “Starwood’s development in the fast growing districts of Puchong and Putrajaya will enable us to cater to Malaysia’s growing middle class and the increased number of business and leisure travellers in the market.”

Starwood currently operates 12 hotels in the country’s key destinations, including Kuala Lumpur, Langkawi, Penang, Kota Kinabalu, Sandakan, and Kuching. In addition to Four Points by Sheraton Puchong and Le Méridien Putrajaya, Starwood’s Malaysian pipeline includes: The St. Regis Kuala Lumpur, W Kuala Lumpur, Sheraton Petaling Jaya Hotel, Sheraton Desaru Hotel, and Four Points by Sheraton Kota Kinabalu.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs