Starwood Launches New ‘Tribute’ Hotel Brand

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Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) is launching a new hotel brand called “Tribute”.

starwood-hotels-resorts-worldwide-inc-tribute-hotThe Tribute hotel brand being launched by Starwood will be made up of independent hotels. These hotels will sign deals to be part of the brand that will give them access to the company’s marketing and distribution network, reports The Wall Street Journal.

The Tribute brand costs Starwood $20 million to launch. All hotels that are part of this brand will give 10% of a room’s revenue to the company. Travelers will be able to earn loyalty points with the hotel chain by staying at these independent locations, WSJ notes.

“Nearly 50% of upper upscale hotels in the U.S. are independent, and likewise, 60% of four star hotels globally are not affiliated with a brand flag,” Dave Marr, Starwood’s Senior Vice President of Brand Management, said in a statement. “This provides Starwood with a vast landscape to grow Tribute Portfolio.”

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Article printed from InvestorPlace Media, https://investorplace.com/2015/04/starwood-hotels-resorts-worldwide-inc-tribute-hot/.

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