Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that its global powerhouse Sheraton plans to open 30 hotels over the next 12 months. Half of the new Sheraton hotels will open in China, lengthening Starwood’s lead as the largest upper-upscale global hotel operator in Asia Pacific. Sheraton is also picking up momentum in several other emerging markets including Latin America, the Middle East and Turkey.
Global Powerhouse Expands Footprint in Diverse Emerging MarketsIn addition to the flurry of new hotel openings in China, Sheraton is also growing its portfolio in other fast-growing markets within Asia Pacific. New openings this year will include Sheraton New Caledonia Bourail Resort and Spa in New Caledonia and Sheraton Chandigarh Hotel in India. “Sheraton is renowned as a global hospitality icon and the brand's early entry into markets around the world is continuing to pave the way for future growth not only for Sheraton, but also for Starwood's other eight sought-after brands," said Simon Turner, President of Global Development for Starwood. "The quality of the Sheraton hotel portfolio and pipeline is the strongest it has ever been and we look forward to ongoing expansion in both emerging and developed markets." The brand’s portfolio in Africa and the Middle East will expand over the next 12 months with the addition of four new hotels including the fourth Sheraton in Saudi Arabia– Sheraton Medina Hotel, Sheraton Dubai Mall of Emirates and the first in Tajikistan – Sheraton Dushanbe Hotel. Sheraton will also open two new hotels in Turkey, Europe’s fastest-growing market, in the cities of Adana and Bursa. Robust Growth in the Americas One of the most promising growth markets for Sheraton is Latin America, which boasts several of the world’s fastest growing economies. This year’s openings will include Sheraton Tucuman Hotel – the brand’s ninth hotel in Argentina. Sheraton is also increasing its footprint in Brazil as the country ramps up infrastructure development ahead of the 2014 FIFA World Cup and 2016 Summer Olympics. Following the opening of Sheraton Vitória in 2012, the brand will open Sheraton da Bahia Hotel in Salvador this year and Sheraton Reserva do Paiva Hotel & Convention Center, which is located 30 minutes from Recife, in early 2014.
Sheraton continues to capture conversion opportunities in cities across North America. Over the next 12 months, Sheraton will re-brand hotels in a number of key cities throughout the U.S.About Sheraton Hotels & Resorts Sheraton helps guests make connections at more than 400 hotels in nearly 70 countries around the world and recently completed a $6 billion global revitalization and is now in the midst of a $6 billion global expansion over the next three years. Sheraton is owned by and is the largest and most global brand of Starwood Hotels & Resorts Worldwide, Inc., one of the leading hotel and leisure companies in the world with 1,134 properties in nearly 100 countries and 154,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and Element SM. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com. Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions, including the duration and severity of any global or regional economic downturns, the availability of financing alternatives at acceptable terms, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.