Starwood Hotels & Resorts Worldwide, Inc. (HOT) said Monday that it would open 40 new hotels in the Middle East and North Africa in the next five years.
The company will strengthen its position in the Middle East and North Africa, or MENA region with an existing portfolio of nearly 70 hotels and a pipeline of 40 new hotels, the hotel operator said.
The company will add more than 13,000 rooms by 2017. This growth will primarily be in the luxury and upper-upscale segments, representing an increase of nearly 60 percent over the next five years.
In the past 18 months, Starwood debuted six new hotels throughout MENA. The company has recently inked deals for 10 additional hotels. Starwood said MENA represents its second largest growth market after China.
Frits van Paasschen, President and CEO, Starwood Hotels & Resorts, said, "Despite economic and political uncertainty in parts of the region, Starwood continues to see demand for growth of all of our brands across the Middle East and North Africa."
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