Starwood South Asia Development Update
January, 20 2016
tarwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced it is aggressively expanding its footprint in South Asia, anchored by the Indian market. Since January 2015, the company has opened nine hotels and signed deals for 16 new hotels. The company recently surpassed its 50th hotel in the region, with 54 hotels operating and another 34 hotels under development.
Our growth continues to be fueled by strong domestic demand for quality and branded accommodations in Tier 1 & Tier 2 markets. India is already Starwood’s fourth largest market in terms of number of hotels and will soon be its third after the U.S. and China. The momentum of 2015 will continue in 2016 with another eight to 10 hotel openings in the region,‚Äù said Dilip Puri, Managing Director India & Regional Vice President South Asia for Starwood Hotels & Resorts.
Rapid Expansion in 2015
Since January 2015, nine hotels were added to Starwood’s South Asia portfolio. New openings in India included Four Points by Sheraton Agra, Le Meridien Gurgaon Delhi NCR, Le Meridien Mahabaleshwar Resort & Spa, Sheraton Hyderabad Hotel, Le Meridien Nagpur, Four Points by Sheraton Vadodara, and The St. Regis Mumbai. The latter, which debuted this past September, marked the very first St. Regis hotel in South Asia. In Bangladesh, Starwood unveiled the Le Meridien brand in the capital with Le Meridien Dhaka. In Bhutan, the company opened its second Le Meridien property in Paro Le Meridien Paro, Riverfront.
Starwood’s strong growth momentum in the region continues with the signing of 16 new hotels including: The St. Regis Vommuli Resort, Maldives, Sheraton Dhaka Banani Hotel and Le Meridien Resort & Spa, Bhaluka, both in Bangladesh. In India, Starwood signed five Sheraton hotels in Ahmedabad, Chennai, Ambala, Srinagar and Bodh Gaya (Bihar). Other signings include Le Meridien Nagpur, The Westin Pushkar Resort & Spa as well as Four Points by Sheraton hotels in Vijayawada, Thavanakadavu (on Vembanad Lake, Kerala), Ahmedabad, Bhopal, Srinagar and Sonmarg.
Growing Luxury Portfolio in South Asia
India’s luxury market continues to soar driven by rising disposable incomes and an appetite for luxury goods, including hospitality. Starwood Hotels & Resorts is well positioned to leverage this trend as one of the largest luxury hotel players in India with 11 hotels under The Luxury Collection flag through its partnership with ITC hotels and the recent introduction of the St. Regis in Mumbai. Starwood‚’s luxury growth continues with the upcoming openings of both The St. Regis Vommuli Resort, Maldives and the W Goa Retreat & Spa this year 2016.