|Westin Increases Global Footprint in 2010, Opening 14 New Hotels|
Starwood's Wellness Brand Opens New-Build and Conversion Properties in Asia, Latin America and North America
WHITE PLAINS, N.Y., Feb 11, 2010 (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces plans to open 14 new Westin Hotels in 2010.
This year's openings span China, Greece, Japan, India, Mexico, the United States, and Canada - including newly opened The Westin Wall Centre in Richmond, Vancouver. Other 2010 openings include The Westin Mumbai Garden City in India; The Westin Nanjing in Shanghai, China; The Westin Resort, Costa Navarino in Messinia, Greece; The Westin Austin at the Domain in Austin, Texas; and The Westin Sendai in Sendai, Japan.
In 2010, Starwood will debut the Westin brand in Peru with The Westin Libertador, Lima and expand the brand's footprint in Latin and South America with its fifth hotel in Mexico and its first in Mexico City, The Westin Santa Fe. In the next three years, Westin will open two additional hotels in Mexico and its first in Panama.
"The Westin brand has significant new-build opportunities in numerous emerging and fast developing economies," said Simon Turner, President of Global Development for Starwood. "Within more mature markets like North America and Europe, however, we are seeing - and expect to continue to see - more, quality conversion opportunities realized as transaction activity increases. Westin is a high value-add conversion brand, and many owners and investors seek opportunities to enhance a property's performance by upgrading to the Westin brand. Starwood is taking a pragmatic approach to conversions, but will of course be vigilant in preserving the brand integrity that has been a key driver of its success."
As business and leisure travel to and from emerging markets increases, Westin is establishing a leading presence in Asia, Latin America, and the Middle East. Starwood's wellness-inspired brand, Westin will introduce its healthy-living initiatives to travelers in new cities, and when travelers from Asia and other developing destinations increase their travel internationally, they are likely to stay with familiar brands they know from home.
"The Westin brand is at a pivotal point in its life cycle, with an unprecedented opportunity for international growth," said Nancy London, Vice President of Westin Hotels. "Today, the Westin brand is primarily in North America, with 70 percent of our portfolio in Canada and the United States. But looking ahead in 2010, Westin is poised to share its positive lifestyle messaging with travelers across the globe with new properties in China, India and Latin America."
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 992 properties in nearly 100 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 Méridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and ElementSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.starwoodhotels.com&esheet=6175406&lan=en_US&anchor=www.starwoodhotels.com&index=1&md5=bed1e808c7a058f1e909353b03e4a85b.
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.
Starwood Hotels & Resorts Worldwide Inc.