by Christopher Freeburn | November 13, 2013 11:16 am
Starwood Hotels & Resorts (HOT) has signed deals to bring Sheraton-branded hotels to three African countries.
Under the deals, Sheraton hotels will open in South Sudan, Guinea and Mauritania by 2017. Starwood plans to launch 15 new hotels with more than 5,000 rooms in Africa over the next five years.
The Sheraton Conakry Hotel in Guinea and the Sheraton Juba Hotel in South Sudan are expected to open in 2015, while the Sheraton Nouakchott Hotel will open in Mauritania in 2017.
Starwood’s CEO noted that many African economies are experiencing sharp growth and that tourism to the continent is expanding rapidly. “There could not be a better time to expand our footprint here,” he added.
The first Sheraton hotel in Africa opened in Cairo, Egypt, in 1971. There are three other Sheraton hotels currently under development in Algeria, Libya and Senegal.
Shares of Starwood fell modestly in Wednesday morning trading.
Source URL: http://investorplace.com/2013/11/3-new-sheraton-hotels-africa-just-start-big-expansion/
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