Sheraton Hotels Will Drive Starwood’s Portfolio Growth in 2011 and Widen Lead in China
March 24, 2011Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that its Sheraton brand continues to lead the company’s global growth and strengthen Starwood’s position as one of the largest international hotel operators in China. Twenty-five new Sheraton hotels will open this year, including 16 in cities across China. Sheraton will also lead Starwood’s future global expansion and represents 30% of the company’s total development pipeline.
“Sheraton is the number one contributor to Starwood’s global growth and has given us a significant lead in many fast-developing markets,” said Simon Turner, President of Global Development for Starwood. “In China, which is now Starwood’s second largest market after North America, Sheraton is expanding its presence in the country’s biggest cities such as Beijing and Shanghai, as well as in rapidly developing urban centers including Guangzhou, Wanning and Hangzhou. The strength of Sheraton is also driving meaningful growth for sister brand Four Points by Sheraton, which is set to double its footprint in China over the next three years.”
