Friday, 28 November 2008: Starwood Hotels & Resorts Worldwide, Inc. has signed a long-term management agreement with the Alhokair Group to open three new hotels in Saudi Arabia.
The three new properties- Four Points by Sheraton Mall of Arabia in Jeddah, Four Points by Sheraton Dhahran and Aloft Riyadh- will increase Starwood’s portfolio to 13 hotels in Saudi Arabia.
Starwood Hotels and Resorts have accelerated growth in the Middle East, as the company continues to expand in this market at record rates.
Currently, Starwood operates 50 hotels and resorts in the Middle East under five of its nine distinct and compelling brands, including Sheraton, Le Méridien, Westin, Four Points by Sheraton and the Luxury Collection.
Starwood expects to double its portfolio in the broader Europe, Africa and the Middle East region to approximately 500 properties by 2013.
“The signing of these three new properties in the Middle East underscores Starwood’s commitment to expanding its footprint in this fast-growing market. We are proud of the trust bestowed upon Starwood’s brands by the Fawaz Alhokair Group and we are looking forward to exploring future possibilities to expand our partnership,” said Roeland Vos, President of the Starwood Europe, Africa and Middle East division.
“We invite global travelers to experience our premium lifestyle brands in three dynamic destinations within the Kingdom of Saudi Arabia, which is a major cultural point of reference and a vital international market.”
“Partnering with Starwood Hotels & Resorts provides us a great opportunity to further extend our business offering and move into the hotel segment with two truly world-class brands. We foresee a long-term benefit for both parties as existing facilities do not meet demand in the Kingdom Of Saudi Arabia,” said Mr. Fawaz A. Alhokair, chairman of the Fawaz Alhokair Group.
“Continued economic and business growth will drive even more travel into this region, and this will maintain demand and profitability for the hotel business. By partnering with us, Starwood Hotels & Resorts is in the best position to tap into this opportunity.”
