During last month's American Lodging Investment Summit in San Diego, Starwood Hotels & Resorts Worldwide announced that it plans to open approximately 70-80 newbuild and conversion hotels worldwide in 2011, following the 72 properties it opened in 2010 alone.
"Starwood is well positioned to meet the resurgence in demand for luxury lodging and now offers more luxury in more destinations than any hotel company," said Frits van Paasschen, president and CEO of Starwood. "At the same time, we are also leveraging our global advantage in key international markets where building hotels is critical to developing infrastructure. The worldís rising economic powers are expected to surpass established markets by 2050, and our footprint is growing accordingly."
Of the new properties scheduled to open in 2011 worldwide, some 60 percent will qualify as luxury and upscale accommodations, including a total of six St. Regis hotels and two Luxury Collection properties. Starwood also intends to open its 100th hotel under its St. Regis and Luxury Collection brands this year.
Nearly 70 percent of the new properties, a total of 40, will open in locations outside of North America, with the highest concentration of hotels emerging in the Asia-Pacific region. By year's end, Starwood will have a portfolio of more than 220 properties in the Asia-Pacific region.
In North America, where Starwood currently boasts a total of more than 530 properties, the hotel company is planning to add 20 more, including its 60th property in Canada and its 40th hotel in Florida. Because of the rather challenging hotel real estate market in the U.S., Starwood is relying more on conversion deals than newbuilds to increase its North American portfolio.
www.starwood.com
