Starwood Hotels & Resorts to Open its 1000th Hotel
San Diego,(BUSINESS WIRE) -- From the American Lodging Investment Summit (ALIS) in San Diego, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announces it will open its 1000th hotel in 2009. The milestone comes as part of the company's plan to open 100 hotels this year in diverse markets throughout the world.
Focused on opening the right properties in the right places with the right partners, Starwood remains on-track to expand its portfolio by more than 40 percent in the next five years. Starwood's pipeline consists of more than 400 hotels - 60 percent of which currently are outside of the United States.
"By working closely with our development partners, we are able to open high caliber, best-in-class hotels around the world, even during challenging economic times," said Simon Turner, President of Global Development, Starwood Hotels & Resorts Worldwide, Inc. "Starwood is building, opening, converting, renovating and innovating for the recovery and beyond, and these new hotels will further position Starwood and its development partners for long term growth and success."
2009 marks a year of significant milestones and meaningful growth for Starwood and its portfolio of nine distinctive and compelling brands. Celebrating 10 years of proven success, W Hotels will triple its portfolio in the next three years. The once New York-centric wonder is transforming into a global phenomenon, opening 13 properties this year in markets including Barcelona, Bali, Doha and Santiago, as well as Atlanta, South Beach, Hollywood and Washington D.C.
As part of its $4 billion revitalization program, Sheraton Hotels & Resorts expects to open 18 hotels in high-profile destinations like New York City; San Juan, Puerto Rico; Istanbul, Turkey; Prague, Czech Republic; and Qiandao, China. The iconic brand is also scheduled to complete its goal of renovating nearly 100 hotels at an investment of $1.3 billion. Westin Hotels & Resorts expects to open 11 hotels this year in dynamic international cities including Montreal, Mumbai, Shanghai, Mexico City and Houston.
After opening 17 hotels in the U.S., Canada and China in 2008, Aloft will double its portfolio in 2009 with openings in Houston; Phoenix; and Abu Dhabi, UAE, among others. And Starwood's green trailblazer, Element, expects to open five more hotels this year in U.S. markets such as Houston and Denver. Four Points by Sheraton continues to be a major growth vehicle for Starwood and is set to open nearly 30 hotels in 2009, including one in New York City's Times Square; Albuquerque, New Mexico; Winnipeg, Canada, and its first new prototype, which is slated to be in San Antonio.
2009 began with St. Regis opening a new resort in Punta Mita, Mexico. The luxury brand will ramp up its global expansion with plans to open an additional four hotels in 2009, including properties in Atlanta; Park City, Utah; Mexico City; and Lhasa, China. The Luxury Collection entered the year celebrating the recent opening of a hotel in Beverly Hills and continues to grow with more than 10 hotels in its pipeline. And Le Meridien has nearly 20 hotels in development and four openings planned this year in markets around the world. Notably, the brand is making further inroads in North America, with plans to open hotels in Dallas and Philadelphia.
About Starwood Hotels & Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 940 properties in approximately 97 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Meridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(SM), and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions, including the duration and severity of any global or regional economic downturns, the availability of financing alternatives at acceptable terms, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Further, there can be no assurance that agreements will be entered into for the hotels in the Company's pipeline and, if entered into, the timing of any agreement and the opening of the related hotel. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.