Starwood Hotels & Resorts Worldwide, Inc. announced today that the company signed management and franchise agreements for 112 hotels in 1999, exceeding its goal of 100 by 12 percent.
Starwood won a number of hotly contested bids to manage new hotels currently under development including a 1,120 room Sheraton Hotel at the Boston Convention Center; a new W Hotel in New York City`s famed Guardian Life Building on Union Square and the first international W Hotel in Sydney, Australia. In addition, some of the world`s most famous hotels have joined Starwood`s portfolio including the Essex House now a Westin Hotel in New York City; and Hotel President Wilson, A Luxury Collection Hotel in Geneva Switzerland.
In addition to Starwood`s 112 new deals, the company also renewed 30 existing management contracts that were either expired or transferred to new owners, enabling the company to retain showcase hotels including the Westin Century Plaza in Los Angeles; the Sheraton Park Tower in London and the Sheraton Frankfurt in Germany.
Barry S. Sternlicht, Starwood`s Chairman and Chief Executive Officer said: “The fact that we exceeded our target of 100 new upscale hotel contracts in 1999 is extremely gratifying. The owner investment community has demonstrated their faith in Starwood`s management abilities and the growing strength of our portfolio of global brands.”
Starwood`s 1999 hotel development deals span the globe with 53 new contracts in North America; 28 in Africa, India and The Middle East; 13 in Europe; 12 in Asia Pacific and 6 in Latin America. All of Starwood`s brands (Sheraton; Westin; St. Regis; Luxury Collection; W Hotels and Four Points) benefited from these deals.
Of Starwood`s 112 new deals, 45 hotels have already opened or converted to a Starwood flag, and 45 are expected to open or convert in 2000. “Starwood is expanding the presence of our brands in key business and leisure travel destinations of both today and tomorrow including New York City; Tel Aviv; Sydney; Shanghai and Mexico City,” continued Sternlicht. “Our goal is to build upon Starwood`s current market share leadership in upscale lodging in Europe, Latin America, Africa/India/Middle East and Asia Pacific.”
Starwood Hotels & Resorts Worldwide, Inc. through its St. Regis, Luxury Collection, Westin, Sheraton, Four Points and W brands, is one of the leading hotel and leisure companies in the world with more than 700 hotels in 80 countries and 120,000 employees in its owned and managed properties.