logo
Share SHARE
FONT-SIZE Plus   Neg

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

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."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Spanish fashion retailer Industria de Diseño Textil SA or Inditex reported Wednesday higher profit in its first half with strong like-for-like sales growth growth. EBITDA, a key earnings metric, improved 9 percent, while gross margin declined. Inditex shares were losing around 3 percent in the morning trading. Microsoft (MSFT) announced Wednesday that Xbox One X standard edition is now available to pre-order worldwide. The company said more than 130 games have now been enhanced for the system. Beginning today, the console, said to be the most powerful ever, can be booked from local retailers around the... German industrial conglomerate thyssenKrupp AG announced Wednesday that it has signed a memorandum of understanding or MoU with Tata Steel Ltd. about the combination of their European steel activities in a 50/50 joint venture. The companies expect up to 4000 job cuts in the joint venture.
comments powered by Disqus
Follow RTT