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Starwood Says Hotel Conversion Opportunities in North America Expected to Rise in 2012 with Uptick in Portfolio Transactions
LOS ANGELES (January 24, 2012) – From the American Lodging Investment
Summit (ALIS) in Los Angeles, Starwood Hotels & Resorts Worldwide, Inc.
(NYSE: HOT) announced today that it opened 27 hotels in North America in 2011,
more than it had predicted this time last year with the addition of several
high quality conversions that were signed and opened during the course of the
year. In addition, in 2011 Starwood signed more new deals than in the
previous two years. In fact, Starwood’s North American division – the
company’s largest with 550+ hotels – led all of its global divisions in new
deal signings last year. Looking ahead to 2012, Starwood is slated
to open 20 new properties in North America, not including late breaking
in-the-year conversions which are expected to result in additional new hotels
this year.
“We ended 2011with a renewed sense of momentum in the North American deal
environment and, as we enter 2012, we’ve got a close eye on several
transactions which may lead to an increase in conversion opportunities,” said
Allison Reid, Senior Vice President of Managed Development for North America
for Starwood.
Conversions continue be the primary driver of new hotel growth in developed
markets. In 2011, 75% of Starwood’s openings and 63% of its new deal
signings in North America were conversions.
“Our nine unique and differentiated lifestyle brands are all conversion
friendly and Starwood has an unsurpassed ability to match the right brand with
the right development opportunity in the right market to drive results for our
owners and shareholders,” said Simon Turner, President of Global Development
for Starwood. “We continue to be pragmatic in our approach to
conversions, ensuring we maintain our brands’ standards while at the same time
balancing the needs of our owners.”
According to Denise Coll, Starwood’s President of North America, owners are
attracted to Starwood’s best-in-class brands, its powerful distribution systems
and experienced management teams. Starwood’s loyalty program,
Starwood Preferred Guest (SPG), also continues to be a key advantage, and today
drives nearly 50% share of occupancy to Starwood’s hotels in North
America.
“Creating value for our owners is the lynchpin of Starwood’s strategy,” said
Coll. “Whether its investing in systems to make hotels more profitable,
continuing to make our nine brands ever more distinct and compelling or
relentlessly driving the world’s most high value customers and guests to our
hotels, our interests and those of our owners are aligned, and its all about
mutual success.”
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide,
Inc. is one of the leading hotel and leisure companies in the world with 1,071
properties in 100 countries and territories with 145,000 employees at its owned
and managed properties. Starwood Hotels is a fully integrated owner, operator
and franchisor of hotels, resorts and residences with the following
internationally renowned brands: St. Regis®, The Luxury Collection®, W®,
Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently
launched Aloft®, and Element SM. The company boasts one of the industry’s
leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to
earn and redeem points for room stays, room upgrades and flights, with no
blackout dates. Starwood Hotels also owns Starwood Vacation Ownership, Inc.,
one of the premier developers and operators of high quality vacation interval
ownership resorts. For more information, please visit www.starwoodhotels.com.
(Note: This press release contains
forward-looking statements within the meaning of federal securities
regulations. Forward-looking statements are not guarantees of future
performance or events and involve risks and uncertainties and other factors
that may cause actual results or events to differ materially from those
anticipated at the time the forward-looking statements are made. These risks
and uncertainties are presented in detail in our filings with the Securities
and Exchange Commission. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can give
no assurance that our expectations will be attained or that results and events
will not materially differ. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.)
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