PHOTO: Element Vancouver Metrotown (photo courtesy of Starwood Hotels & Resorts).
Starwood Hotels & Resorts Worldwide is set to merge with Marriott International this fall, but not before celebrating record-setting growth within its specialty select brands.
Starwood's Aloft, Four Points by Sheraton and Element brands are on pace to sign an all-time record number of deals this year, the Stamford, Connecticut-based company announced Wednesday.
So far, the three brands have accounted for a combined 132 new hotel deals in 2016, a figure that signals a whopping 89 percent jump from the same period in 2015.
Element, Starwood's extended-stay eco brand, has already more than doubled its total number of signed hotels in all of 2015. "Element’s pipeline is the largest in the history of the brand," Starwood's senior vice president of North America Development Allison Reid said in a statement accompanying Wednesday's announcement.
"Fueled by continued owner/developer interest in Starwood’s select service brands as well as enthusiasm for the benefits of the Marriott merger, Aloft, Element and Four Points continue to expand at a very encouraging rate, leading our global pipeline growth in 2016," Starwood's president of Global Development Simon Turner said in a statement. "In the third quarter this year, Aloft, Element and Four Points are expected to reach all-time high incremental annual global signing levels."
While the signings have been extremely impressive, the three brands have also seen a significant number of openings in 2016. Combined, Aloft, Element and Four Points have opened 30 new properties this year, with another 14 scheduled to open by Dec. 31.
The numbers undoubtedly bode well for the future of Starwood's specialty select brands, according to the company's senior vice president of those brands Brian McGuinness.
"Aloft, Four Points and Element are standouts in the market due to their widespread appeal among today’s global traveler, flexible development options and emphasis on style and affordability," McGuinness said in a statement.
In addition to North America, Starwood's mid-market brands are popping up in places like the Middle East and Cuba. Earlier this year the company revealed that Aloft, Element and Four Points represent more than 50 percent of its growth pipeline in the Middle East.