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FINANCIAL NEWS
Starwood plans 20 more hotels in MidEast
03 May 2010
(MENAFN) Starwood Hotels & Resorts Worldwide plans to boost its presence in the Middle East and to add additional 20 hotels over the coming two to three years, Reuters reported.
President for Europe, Africa and Middle East, Roeland Vos, said that there are plenty of growth opportunities in the region. Vos added that the Middle East, despite being hit by the global downturn, has shown some resilience over the past year with revenue declining much less than other regions.
Starwood, which manages 50 hotels in the Middle East, plans to open its pipeline, hotels signed up or under construction, of 20 properties in the next two to three years.
Starwood, the No. 8 hotel operator in the world, plans to tap countries such as Lebanon, Syria, Saudi, and Oman, Vos added.
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