Starwood Hotels Says It Is On Track To Achieve 100 Hotels Target In Middle East By 2020

Starwood Hotels & Resorts Worldwide, Inc.

revealed that it was on track to reach 100 hotels in the Middle East by the year 2020. The company disclosed it during the Arabian Hotel Investment Conference in Dubai. According to the firm, the confidence came on the heels of the signing five fresh deals that would add more than 1,200 rooms in the United Arab Emirates, Saudi Arabia and Qatar. Starwood Hotels said that it would open five hotels in the current year in the Middle East region. The company's President for Europe, Africa and Middle East (EAME), Michael Wale, said that "The Middle East continues to be one of Starwood's fastest growing markets and we are immensely committed to the trust that owners have in our world-class brands. Our long-established presence in the region, and the value we deliver, has set us ahead to further expand our footprint and strengthen our guest loyalty." Similarly, its President for Global Development, Simon Turner, said that "We continue to strengthen Starwood's leadership position in the Middle East through an aggressive growth strategy that will increase our footprint by 75% in the next five years. Our flexible development approach, differentiated brands, loyal customer base and proven ability to drive asset value has made Starwood the ideal partner for developers in the region." Shares of the company traded 0.8% higher on Wednesday.