Brand’s Global Pipeline Fueled by Demand in Emerging Markets
Sheraton Set to Open Starwood’s Largest Hotel in the World – Sheraton Macao
STAMFORD, Conn., Feb. 27, 2012 /PRNewswire-Asia/ -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that its global powerhouse Sheraton Hotels will be a key force in the company’s growth in 2012 with the opening of 20 new hotels. Sheraton will also widen Starwood’s lead as the largest global hotel operator in China, with 12 new Sheraton hotels slated to open across this fast-growing market by year’s end driven by strong demand in second and third tier cities. In North America and Europe, Sheraton expects to grow its portfolio by capturing more than its fair share of conversion opportunities.
“Sheraton’s impressive global pipeline is being fueled by phenomenal demand in China and India as well as by a surge in high-quality conversions in developed markets,” said Simon Turner, President of Global Development for Starwood. “In Europe, there is a large landscape of independent hotels ripe for flags, and we’re also keenly focused on an expected uptick in portfolio transaction activity in North America which should lead to even more conversion opportunities.”
Sheraton Picks up Momentum in China
Sheraton is slated to open 12 new hotels across China in 2012, reaching a total of nearly 80 hotels there by 2015. Nearly 40% of all future Starwood hotels opening in China will fly the Sheraton flag, building on the brand’s 30-year legacy in this fast-growing market. The Sheraton brand’s rapid growth is also moving Starwood closer to its goal of opening its 100th hotel in China later this year.
“Sheraton has successfully leveraged its first-mover advantage in China, where we have more hotels in development than any other Starwood brand. Meanwhile, Sheraton is widening Starwood’s lead as the largest operator of five star hotels in India,” said Hoyt Harper, Global Brand Leader for Sheraton Hotels & Resorts. “We are also reaping the rewards of our multi-billion dollar investment to enhance the Sheraton brand over the past several years, an effort that has resulted in record-high guest satisfaction scores and phenomenal global growth.”
Sheraton Set to Open the Brand’s Largest Hotel in the World – Sheraton Macao
The iconic brand will mark a milestone later this year with the opening of the nearly 4,000-room Sheraton Macao, which will be the largest Sheraton, as well as the largest Starwood hotel in the world. Offering three restaurants with poolside cafes, 140,000 square feet of meeting space and two outdoor swimming pools, Sheraton Macao is a highly anticipated addition to Cotai Strip, also known as the “Las Vegas of Asia.”
Eight New Sheraton Resorts Slated to Open in 2012
Sheraton will expand its global resorts portfolio in 2012 with the opening of eight new resorts in sought-after locations including Bali, Indonesia. The development boom in China has fueled a surge of new Sheraton resort openings throughout China in locations like Huzhou, Changbaishan and Xiangshan. Sheraton will also open a new flagship resort in Bali, Indonesia and its second resort in Huizhou.
Global Powerhouse Expands Footprint in Other Emerging Markets
Adding to its current portfolio of 18 hotels in the Middle East, Sheraton will open its fourth hotel in Saudi Arabia in 2012 – Sheraton Medina Hotel. That opening will be followed by a new Sheraton in Dubai in 2013 and two hotels in Pakistan in 2014.
Another hot growth market is Eastern Europe, where Sheraton will make its debut in the Ukraine in 2013 with the upcoming opening of Sheraton Kiev Olympiysky Hotel followed by the brand’s second hotel in Russia: Sheraton Rostov-On-Don Hotel.
Starwood has spent the last few years renovating and rebuilding one of the hotel industry’s most iconic brands and Sheraton now stands better than ever with the strongest portfolio in its history. The brand is gaining market share, RevPAR continues to rise, guest satisfaction scores are the highest in the brand’s history and likelihood to return, likelihood to recommend and meeting planner and associate engagement scores are also at all-time highs – signaling that guests are taking notice and rediscovering the new Sheraton, and increasing the brand’s appeal to owners and developers.
About Sheraton Hotels & Resorts
Sheraton helps guests make connections at more than 400 properties in 70 countries around the world and recently completed a $6 billion global revitalization and is now in the midst of a $5 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 1090 properties in 100 countries and territories with 154,000 employees at its owned and managed properties. Starwood Hotels 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 Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. 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.
