Starwood Hotels & Resorts Doubling Footprint in China
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that it has reached a historic milestone with 103 hotels open and in operation and now another 100 signed hotel deals in the pipeline for Greater China, Starwood's second largest market outside of the United States. The announcement was made as part of celebrations at the Sheraton Shanghai Hongkou Hotel on the heels of Starwood's Asia Pacific Investor Day.
“Our celebration of our more than 100 hotels in operation and 100 hotels in the pipeline marks another significant milestone for Starwood's growth and development in China as we double our footprint in the region,” said Vasant Prabhu, Vice Chairman and Chief Financial Officer of Starwood Hotels & Resorts Worldwide, Inc. “Our success in China reflects our first mover advantage, the strength of our brands and the entrusted partnerships we have fostered with our developers, partners, and guests since our first landmark debut with The Great Wall Sheraton Hotel in Beijing in 1985.”
Starwood has already opened 11 hotels in China in 2012 and expects to open another 13 hotels by year's end.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.