Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that its global powerhouse Sheraton Hotels & Resorts will open three more hotels in China before the end of January, including its third in Shanghai and first hotel in Wenzhou, one of the most developed economic centers of Zhejiang Province on China s southeastern coast.
Sheraton Jiangyin Hotel
The first to open is Sheraton Wenzhou Hotel on December 28, followed by Sheraton Jiangyin Hotel on December 31 and Sheraton Shanghai Hongkou Hotel on January 15. With the addition of these three new hotels, Sheraton will boast a portfolio of 35 hotels in Greater China, with another 29 in the pipeline.
China is now Starwood s second largest hotel market outside the United States and our iconic Sheraton brand is leading the charge, accounting for more than half of all Starwood hotels opening across this vast, dynamic country, said Simon Turner, President of Global Development for Starwood. Sheraton has rapidly built a footprint not only in well-known cities such as Beijing and Shanghai, but also in many emerging urban centers. And demand continues to outpace supply in China, where there are 171 cities with a population of more than a million people.
Starwood s largest brand, Sheraton boasts a current portfolio of 400 hotels in 75 countries and 92% awareness among business travelers, higher than all other global hotel brands. Following the recent completion of its $6 billion revitalization campaign, Sheraton is now investing another $5 billion to add approximately 35 new hotels to its portfolio by the end of 2013. Half of the new Sheraton hotels will open in China.
Sheraton was the first international branded hotel to open in China 25 years ago with the landmark debut of Great Wall Sheraton Hotel in Beijing, and we ve never looked back, said Hoyt Harper, global brand leader for Sheraton Hotels & Resorts. By leveraging its first mover advantage, Sheraton has become one of China s most popular global brands. As a result, Starwood has a significantly larger footprint in China than any of its competitors.
Sheraton is a formidable player with a long-standing history in China s hotel market, said Miguel Ko, Chairman and President of Starwood s Asia-Pacific Division. China is on track to become the world s largest tourism market by 2015 and is already our second largest market for Starwood Preferred Guest. As the Chinese pick up their pace of travel, they are going to stay with the brands they know and love, setting the stage for significant growth across all of our brands.
Sheraton Shanghai Hongkou Hotel
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