Starwood Outlines Global Expansion Plans
March 8, 2011 - Starwood Hotels & Resorts Worldwide has announced it will open more than 50 new hotels in Europe, Africa and the Middle East in the next three to four years.
With growth fuelled by demand for its design-led and luxury brands, the company will unveil 12 of these hotels in the region this year alone.
Globally, Starwood expects to open 70-80 hotels in 2011 as it continues to strengthen its lead as the world's largest operator of luxury and upper upscale hotels.
Speaking from the International Hotel Investment Forum (IHIF) in Berlin, Simon Turner, president of global development for Starwood, said: “Starwood's luxury and design-led brands are driving our growth in all geographic regions as we continue to offer travellers more luxury and more memorable experiences, in more destinations.
“We are targeting new-build and conversion opportunities across all nine of our world-class brands, with particular interest in Europe's fastest growing markets throughout East Central Europe.”
Key Openings
Key upcoming openings in the region include five new St. Regis hotels in primary destinations such as Italy, Mauritius, United Arab Emirates and Qatar; the debut of W Hotels in three major European cultural and financial centres: London, Paris and St. Petersburg; and the launch of Le Meridien in Turkey, a key fast growing market for Starwood.
Starwood Growth Strategy
Starwood's growth in the region is being accelerated by a focus on key fast growing markets, including Russia and Turkey.
In fact, Turkey's economic growth rate of seven per cent in 2010 rivalled that of many Asian countries, and both Turkey and Russia are expected to grow more than four per cent in 2011, according to industry sources. Starwood will double its portfolio in Russia by 2013 and will see a 60 per cent growth rate in Turkey, opening hotels under three of its brands in these markets.
In Turkey, the opening of Le Meridien Istanbul Etiler this year will be followed by Sheraton Bursa and Aloft Bursa in 2013.
And in Russia, Starwood is set to debut the new W St. Petersburg this spring, followed by the opening of Sheraton hotels in Perm and Rostov-on-Don in 2013.
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