Starwood Hotels & Resorts Worldwide Inc HOT announced on Tuesday it plans to "significantly" expand its portfolio of Specialty Select brands in New York State over the next three years – the bulk of which will take place in the New York City region.
Starwood Hotels noted that it plans on growing its portfolio in New York from 12 to 22 hotels by the end of 2018. The new properties will be built under the Aloft, Element and Four Points brands.
While Starwood Hotels appears to be bullish and optimistic on the New York City market, its stock was trading lower by more than 3 percent with two hours of trading remaining on Tuesday.
"As Starwood's global pipeline driver, Aloft, Element and Four Points have never been stronger, and are rapidly expanding across New York, due to the success of the brand's distinct lifestyle positioning and widespread appeal among today's international traveler," said Global Brand Leader, Specialty Select Brands for Starwood, Brian McGuinness.
"With our tech-forward mindset and innovative programming — a sweet spot in the category— our brands have re-energized the mid-market space and created an unprecedented level of buzz in the development community."
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