Mr. van Paasschen, added: “Our owners are uniquely positioned to benefit from Starwood’s global presence, scale, powerful systems and strong, growing base of loyal customers around the world. As part of our balanced approach to development, we are also seeing significant opportunities in established markets where conversion momentum continues, and record low supply and growing demand are driving growth.”Starwood continues to build on its established presence in mature markets and to see strong interest in conversions for growth in developed markets such as North America. The company expects to see increased conversion momentum in 2013 in Asia Pacific, Latin America and Europe. Starwood to Lengthen Luxury Lead in 2013 Starwood continues to lengthen its lead in the luxury space with over 150 properties in its luxury portfolio under the St. Regis, Luxury Collection and W Hotels brands, and remains uniquely positioned to capitalize on the increasing number of people around the world developing the means and appetite for luxury travel. Over the past five years, Starwood nearly doubled its global luxury footprint. Fifteen percent of Starwood’s pipeline of new hotels are in its luxury portfolio, including an impressive pipeline in Asia Pacific and many conversion opportunities that exist around the world as independent, boutique hotels look to benefit as part of the Starwood system. In 2013, Starwood will celebrate the opening of The St. Regis Abu Dhabi and the re-openings of two luxury icons and members of the Luxury Collection, the Gritti Palace and Prince de Galles, after significant, multi-million dollar restorations. New openings for the Luxury Collection include: The Castle Hotel, Dalian (China); Vana Belle, Koh Samui (Thailand); and Palacio del Inka (Peru). Starwood will open its first W Hotel in mainland China with W Guangzhou and the first W alpine ski resort with W Verbier (Switzerland).