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Starwood Increases its Indian Portfolio by 60%
Starwood Hotels & Resorts Worldwide Inc. has announced its plans to extend its current Indian portfolio by 60% over the next three years. Today, the company holds more than 20 hotels in India under Westin, Sheraton and Saint Regis brands.
Due to recession, many hotel operators have chosen to go abroad and wait until the U. S. economy improves. Another reason why India seems so attractive is the fact that its domestic hotel business is poorly developed, and hence there is ample ground for outside investment groups. In his statement, Chief Executive Frits van Paasschen compared 100,000 guestrooms per one billion people with 80,000 New York's hotel rooms per only about 8 million residents.
Starwood opened first hotel in Bombay back in 1973. The company plans to open 3 more hotels in the country this year (also in Bangalore). Recently, Starwood announced its intention to open several hundred new hotels over the next few years, both in the United States and overseas. In particular, the company plans to increase its hotels in China portfolio up to 100 properties by 2012.
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