Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Starwood Hotels To Open 40 New Hotels In MENA In Next Five Years - Quick Facts

RELATED NEWS
Trade HOT now with 
5/7/2012 1:23 AM ET

Starwood Hotels & Resorts Worldwide, Inc. (HOT: Quote) 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."

Click here to receive FREE breaking news email alerts for Starwood Hotels & Resorts Worldwide Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.