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Starwood to double regional hotel portfolio in 5 years

Starwood to double regional hotel portfolio in 5 years
Photo Credit: Arabianeye-Reuters

Dubai – Mubasher: Starwood Hotels & Resorts Worldwide Inc., listed on the New York Stock Exchange (NYSE), announced on Wednesday that it will double its portfolio in the Middle East by significantly expanding its luxury, upper-upscale and mid-market brands.

Reaffirming its growth commitment to the region, the hotelier said it plans to open 50 hotels by 2019. Moreover, it has signed five new projects under its Aloft and Element brands in Dubai, the UAE, Doha, Qatar, and Muscat, Oman, which are scheduled to open in the next five years.

 “Our growth in the region is a result of consistently delivering value to our owners through our distinct lifestyle brands, backed by our loyal guests and the strength of our global platform,” said Michael Wale, Starwood’s president for Europe, Africa and the Middle East.

He said that 2015 started on a strong note with seven signed deals in the region in less than five months, reflecting the high demand for mid-market brands in the region.

Starwood’s mid-market brands – Aloft, Four Points by Sheraton and Element – are enjoying “unprecedented growth momentum, representing nearly 50% of the company’s pipeline in the region,” the company said in its statement.

Led by Aloft, Starwood’s mid-market portfolio is set to more than quadruple by 2019, the company said.