Sheraton Hotels Outlines Long-Term Worldwide Growth
Starwood Hotels & Resorts Worldwide hasn't been shy about its lofty expectations for its Sheraton brand in 2015 and beyond.
On Thursday, the company announced that the brand plans to unveil 20 new properties around the globe by the end of the year.
In the wake of recent debuts in Samoa and Tajikistan, Sheraton will begin to make its presence felt in places like Sri Lanka and Romania in 2015, with the Sheraton Colombo Hotel scheduled to open in Sri Lanka next year.
If all goes to plan, Sheraton could potentially surpass the 500 hotel milestone as early as 2016.
"Boasting the largest and most global portfolio of all of Starwood's brands, Sheraton expects to open more than 50 hotels and enter another 14 countries by the end of 2018. This continued expansion follows our multi-billion dollar investment to enhance the brand over the past several years," said Hoyt Harper, Global Brand Leader for Sheraton Hotels & Resorts in a statement.
"Sheraton has enjoyed phenomenal success with global travelers due to its dynamic brand-led programming and innovative social spaces that engage and inspire guests to connect with what matters most—no matter where they are in the world."
Driving Sheraton's worldwide growth is increasing demand in the Asia Pacific market, evidenced by the fact Sheraton is set to open more than one-third of its new properties in Asia Pacific this year.
Specifically, the brand's focus is on China.
This year, Sheraton will open its third hotel in Beijing, its fifth property in Shanghai and debut in five new Chinese markets, including Bengbu, Chuzhou, Zhanjiang and Harbin. On top of that, 33 additional Sheraton hotels are on pace to open in China over the next four years.
"Sheraton holds firm in helping to widen Starwood's lead as the largest upper upscale and luxury hotel operator in Asia Pacific, including China, accounting for nearly 46 percent of the company's rooms in the region," said Starwood's president of Global Development Simon Turner. "Building on its 'first-mover' legacy, Sheraton has facilitated the development of meaningful, long-term relationships with owners and developers in mature and emerging markets not only in Asia Pacific, but in all corners of the world, paving the way for the further development of all of Starwood's high-caliber brands."
Additional openings in the Middle East, North America and Latin America in the coming years are expected to propel Sheraton's growth through the remainder of the decade.
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