India to get its first St Regis in Mumbai as Starwood eyes emerging markets
Starwood Hotels & Resorts Worldwide is on track to add more than 10 luxury hotels to its worldwide portfolio in 2015, including India's first St Regis in Mumbai and the W brand's debut property in Goa. New openings are also in the pipeline in India under Starwood's Le Meridien banner.
In an international media release, the hotel chain announced that it had opened 74 new hotels in 2014, representing approximately 15,000 rooms in 26 countries. The company also signed 175 new hotel management and franchise agreements in 2014, a 15 per cent increase over the previous year, marking the fifth consecutive year of increased signings and the most new deals in one year since 2007.
Starwood anticipates another year of solid growth in both mature and emerging markets in 2015, fuelled by hotel openings and high-quality deal signings. "Our nine lifestyle brands continue to attract owners as does our loyalty programme, Starwood Preferred Guest, which brings high-value guests to our hotels from around the world, driving more than half of our occupancy on any given night," said Frits van Paasschen, President and CEO of Starwood Hotels & Resorts Worldwide, Inc.
For 2015, Starwood has set for itself the target of opening its 300th hotel in the Asia Pacific and China market, and its 150th hotel in China (with all nine brands represented). "Looking ahead, emerging markets remain a focus for us, but recovering economic conditions and increased availability of financing have also led to strong growth in North America and Europe," said Simon Turner, President of Global Development, Starwood Hotels & Resorts Worldwide, Inc.
With one of the fastest growing luxury portfolios under its St. Regis, The Luxury Collection and W brands, Starwood expects to open more than 25 luxury hotels over the next two years, adding to the 12 new luxury hotels which debuted in 2014. As many as 150 hotels are under active development across Starwood's Sheraton, Le M’?ridien and Westin brands.
Sheraton is on track to open its 500th hotel in 2016 and Le M’?ridien is seeing more new hotels than in any other year since Starwood acquired the brand in 2005. The brand continues to expand in established markets primarily through conversions, while also extending its reach in emerging markets, with openings planned for India, Bangladesh and Bhutan this year.
Starwood's mid-market segment continues to gain considerable momentum, with 35 openings and 100 new deals signed in 2014 across the Four Points by Sheraton, Aloft and Element brands. The segment accounts for approximately 40 per cent of Starwood's global growth pipeline and will comprise nearly half of the company's new hotel openings in 2015, amid rising demand for strong global brands at an affordable price point in both major metro and secondary markets around the world.
Sourish Bhattacharyya is the Consulting Editor of BW Hotelier.
Advertisement
Around The World
Advertisement