Starwood targets 80 New Hotels in 2007

Starwood Hotels & Resorts is expecting to execute 200 new deals and open more than 80 new hotels in 2007, almost doubling the number of properties the company opened last year.

Underscoring the company’s aggressive portfolio expansion across all nine of its brands, Starwood currently boasts a global pipeline of approximately 420 hotels and more than 100,000 rooms.

“Starwood has garnered more than its fair share of new hotel deals as a direct result of the tremendous value we create for owners and developers through the distinct positionings of each of our brands in the global marketplace,” said Raymond “Rip” Gellein, President, Global Development Group. “We look forward to continuing our aggressive expansion in destinations and markets around the world in which we have traditionally not had a presence.”

By dramatically increasing the global reach of its brands, Starwood is well positioned to take advantage of the predicted swell in international tourism spending. Industry sources estimate world travel and tourism to generate in excess of US$7 trillion in 2007, rising to more than US$13 trillion in the coming decade.

Demand for Starwood’s brands outside of North America is at its highest levels to date, with almost half of the company’s new hotels located outside of the region. In Asia, Starwood is experiencing unprecedented growth in India and particularly in China, where the company currently operates 38 hotels and is targeting more than doubling its presence in the region in the next three years. In Latin America, the company has announced plans for twelve new hotel projects. In Europe, Africa and the Middle East, Starwood anticipates nearly doubling the number of new hotel projects this year, up from 23 deals in 2006, and targets opening approximately 50 hotels in the region in the next three years. In North America, Starwood’s pipeline is the most robust in the company’s history, with nearly 200 hotels projected to open over the next three years.

Another key focus for Starwood is new brand development, particularly in segments where the company has traditionally had limited penetration. Starwood will open its first Aloft and Element hotels in 2008. The group has more than 90 Aloft and Element projects, including developments in Beijing, Brussels and Sydney.

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