Friday, 7 March 2008：Starwood Hotels & Resorts expects its portfolio to grow by 70% in the Asia-Pacific region this year.
Fuelling Starwood’s growth in the region is its impressive pace in China, driven by a surge in development of Starwood’s select service brands and the increased exposure of the company’s upper upscale and luxury brands in the region.
Frits van Paasschen, Starwood CEO said: “Starwood continues to grow at a breathtaking rate in Asia, signing 48 deals and opening 18 hotels in 2007, and adding an additional seven deals to the pipeline in the first two months of 2008 alone.”
In addition to the existing 36 hotels operated by Starwood in China, more than 40 new properties are expected to open soon.
Elsewhere, the Luxury Collection brand has just completed a renovation of Hotel Imperial Kuala Lumpur worth $US 12 million this year and 11 new hotels will debut in Thailand in the next three years.
Mr. van Paasschen recently travelled to Asia to review development in the region and meet with key stakeholders including owners and hotel team members.
He was accompanied by members of the company’s senior leadership team from Starwood’s headquarters in White Plains, New York. They toured through properties, meeting with hotel teams, owners and other strategic partners.
“The scale of development in this region is unprecedented and it’s vital to see the landscape firsthand,” Mr. van Paasschen adds.
“I’m also glad to have the opportunity to meet our owners, associates and other key stakeholders who are responsible for so much of our current and future success.”