Starwood Hotels & Resorts Worldwide, Inc. (HOT) said Tuesday that it plans to open 50 new hotels in Europe over the next five years, including nine new hotels across the continent in 2013. The company noted that the plan will boost its European hotel portfolio by 30 percent.
In addition, Stamford, Connecticut-based Starwood will enhance its existing portfolio of iconic European luxury hotels. Along with its owner partners, the company will invest more than $200 million to renovate and restore its Luxury Collection hotels and add the celebrated King George hotel in Athens to its Luxury Collection portfolio later this year.
At the International Hotel Investment Forum or IHF in Berlin, Simon Turner, President of Global Development for Starwood said, "Europe continues to be home to many of the world's most sought-after destinations and to attract travelers from markets around the globe. There is strong demand for all of our brands on the continent and, after years of tight supply, we are seeing great deal signing momentum in Europe both in established and rapidly growing markets."
Since 2009, Starwood has added 25 new hotels to its European portfolio of now 163 hotels in 32 countries. The company will open nine new hotels this year in established as well as fast-growing markets such as Russia, the Commonwealth of Independent States or CIS, and Turkey.
This year, Starwood will add three new Starwood hotels in Turkey, including the debut of the Sheraton brand in Adana. The company will also open its third hotel in Moscow with the opening of the Sheraton Moscow Sheremetyevo Airport Hotel, part of the Skypoint Business Park located 800 meters from the country's busiest airport.
Starwood will mark its entry into Tajikistan with the opening of a new Sheraton hotel in the country's capital city of Dushanbe, followed by the launch of a Sheraton hotel in the emerging city of Aktobe in Kazakhstan, and the first internationally-branded hotel in Kecskemet, Hungary with the opening of the Four Points by Sheraton Kecskemet Hotel & Conference Center.
Starwood will also open W Hotels' first ever ski retreat with the opening of W Verbier and The Residences at W Verbier, marking the debut of the W brand in Switzerland when it opens in December.
Starwood said it saw strong momentum for its Four Points by Sheraton, Aloft and Element brands in markets around the globe. The company noted that its mid-market portfolio has grown over 60 percent worldwide since 2009.
In Europe, Starwood's mid-market brands make up about half of its pipeline. By 2015, the company expects to have nearly doubled its current mid-market portfolio in the region through a mix of franchise and management contracts.
In early February, Starwood reported a 15 percent decline in profit for the fourth quarter from last year, reflecting mainly a loss on early redemption of notes as well as impairment charges of certain hotels and investments.
Starwood said in January that it anticipates a strong year of openings and hotel deals to be signed in 2013, building on its growth momentum in 2012, when it signed the most hotel deals since the global economic crisis.
HOT closed Monday's trading at $60.13, down $0.38 on a volume of 1.31 million shares.
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