Jan 12, 2012
Starwood to open about 20 additional hotels in India by 2015
Jan 12, 2012
MUMBAI - Starwood Hotels & Resorts (HOT.N), said it will open about 20 additional hotels in India by 2015, as it scales up presence in Asia's third-largest economy.
International hotel companies like Starwood and Marriott International Inc (MAR.N) are keen to tap into the opportunity that an emerging middle class in fast-growing countries like India and China present.
Best Western International, said last week, it plans to open 66 additional hotels in India over the next five years, which will take its total number of hotels in the country to 100.
Starwood will focus on expanding its luxury and mid-market segment, in 2012, which includes its Luxury Collection, Westin and Aloft brands. The company will introduce its super luxury hotel brands W and St Regis in the country in 2015 and 2016 respectively.
"Starwood continues to widen our long-standing lead in India, which is second only to China in terms of our future global growth," said Vasant Prabhu, Starwood's vice chairman and chief financial officer.
Starwood, which has a market value of $10.15 billion, currently operates 33 hotels in India. The company plans to have 100 hotels either under development, in operation or contracted in India by 2015.
(Reporting by Aditi Shah; Editing by Subhadip Sircar)
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