Starwood Hotels & Resorts Expands and is to Open Hotel Number 1000
Sharon MillerStarwood Hotels & Resorts is pushing an ambitious expansion for 2009, with plans to open 100 hotels and expand their portfolio 40% during the next 5 years. With this expansion, they have announced plans for the opening of their 1,000th hotel, which will go up in San Diego later in the year, adding to their current 940 property portfolio in about 97 countries around the world, employing 145,000 staff.
The expansion comes during a time when the company, along with others, are battling the global economic downturn. The occupancy levels for hotels has declined while leisure and business travelers are cutting back on breaks. Despite the climate of the economy, which has caused the company’s stock to drop 59%, Starwood Hotels & Resorts is not putting their investments on hold.
Simon Turner, the President of Global Development for Starwood Hotels & Resorts, said that by working close with with their development partners, they are given the opportunity to open best-in-class, high caliber hotels across the globe. The company is developing, opening, renovating, innovating, and converting hotels for the economy’s recovery and after, he continued. These new hotels are going to put them and their partners in position for growth and success in the long-term, Turner added.
Starwood Hotels & Resorts is the operator of the Westin, Sheraton, and W Hotels brands. This year they will greatly focus on revitalizing the Sheraton brand through a $14 billion program, while they expand their portfolio of W Hotels and Westin brands around the world.
Find out more about the hotel operator at: www.starwoodhotels.com
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