Starwood brings Luxury Collection to China
Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT) announced recently that its world-renowned The Luxury Collection brand has signed two new deals to open the brand’s first hotels in China. The Astor Hotel, a Luxury Collection Hotel, is scheduled to open as a Luxury Collection Hotel in May 2010 after a $22 million renovation, and The Malus Sanya, a Luxury Collection Resort, a new-build resort set to open in late 2012. These new developments are illustrative of The Luxury Collection brand’s overall global growth that includes seven new deals and five hotel openings in 2009.
As evidenced by its two new deals in China, the brand’s growth is fueled by strength in Asia Pacific and a notable increase in conversion properties. In fact, of the seven deals for new Luxury Collection hotels, the majority are in Asia Pacific markets like China, India and Malaysia. And nearly half of the recently signed hotels are conversions.
“By working with the right partners on the right properties in the right places, The Luxury Collection has enjoyed steady and strategic international growth in key markets like China even amidst challenging times,” said Simon Turner, President, Global Development, Starwood Hotels & Resorts. “In addition to new-build properties, Starwood is attracting a growing number of owners and developers who seek to rebrand existing properties as Luxury Collection hotels. By doing so, they maintain their independence while tapping into the power and breadth of the Starwood network, including our Starwood Preferred Guest