Starwood expand, forecast growth

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Starwood Hotels & Resorts Worldwide opened 74 new properties last year, expanding its reach, particularly in developing markets, while forecasting strong global growth for 2014.

Starwood signed 152 new hotel agreements in 2013 – the fourth consecutive year of increased signings and the highest number of new deals signed since 2007 – across all nine of its brands.

These new hotel management and franchise agreements represent a 16 percent increase in the number of signings, while contract renewals rose almost 34 percent, compared to the previous year.

“There is a global travel revolution underway, and the secular trends of rising wealth, rapid urbanisation and increasing digital interconnectivity make us as confident as ever about demand for high-end travel,” Starwood Hotels & Resorts Worldwide president and chief executive Frits van Paasschen said.

Almost 75 percent of Starwood’s development pipeline and 60 percent of all 2013 signings were in fast-growing markets, such as Bangladesh, Colombia, Indonesia, Malaysia and Saudi Arabia.

“Globalization continues to spur economic growth, infrastructure development and, for us, footprint expansion,” Mr van Paasschen said.

Source = ETB News: P.T.
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