One third of Starwood hotels to open in China
Published on Oct 26, 2010
86 hotels across eight brands in the pipeline...
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is lengthening its long established lead in China as one of the largest four and five star hotel operators here with 62 existing hotels and a pipeline of 86 new hotels. Now through 2011, one in every three new Starwood hotels will open in China, including new brand flagships for eight of its nine brands.
China is now Starwood's second largest hotel market in the world, behind only the United States. "China is one of the world's fastest growing domestic and outbound travel markets," said Frits van Paasschen, President and CEO of Starwood. "Demand continues to outpace supply in China, and there is still a long runway for growth especially when you consider that China has 171 cities with populations of more than one million, most of which do not yet have a major international branded hotel. It is not hard to imagine that we will ultimately have as many hotels in China as we do in the United States, which is more than 450."