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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts