by Christopher Freeburn | June 20, 2012 11:56 am
Starwood Hotels & Resorts (NYSE:HOT) will double the number of hotels it currently operates in China.
The company has 103 Chinese hotels now open and will launch 100 new hotels over the next several years, the Wall Street Journal notes.
That includes eleven new hotels opened just this year. The chain expects to bring another 13 into operation by the end of 2012.
The company launched its first Chinese hotel, the Great Wall Sheraton, located in Beijing, in 1985. China is now the hotel operator’s second largest market outside the U.S.
Starwood’s Sheraton chain is expected to have 90 hotels open in China by 2016. The chain will begin moving into smaller Chinese cities, including Changbaishan, Dalian, Huzhou, Hefei, Jiaozhou, and Fuzhou.
The Sheraton Macao Hotel, offering 3,863 rooms, will open in September, becoming Starwood’s largest hotel.
Other Starwood hotel brands operating in China include in Westin, Le Meridien and Aloft.
Shares of Starwood rose about 1% in Wednesday morning trading.
Source URL: http://investorplace.com/2012/06/starwood-doubles-down-on-china/
Short URL: http://investorplace.com/?p=185948
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.