Starwood Hotels on Track to Grow Portfolio in India 60% by 2013
15 New Properties Further Starwood's Position as the Country's Largest US-Based Upper-Upscale and Luxury Hotel Operator
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced it is on track with plans to grow its existing portfolio of 26 hotels in India 60% by 2013. The news comes as Starwood's President and CEO, Frits van Paasschen, and the company's leadership team, embark on a two week tour of the country to meet with hotel owners, developers and team members.
"India is a key focus of our expansion efforts, in large part, because it is a market that today is relatively under-hoteled," said van Paasschen. "As a point of perspective, consider that India with a population of one billion people has just 100,000 hotel rooms, while New York City alone has roughly 80,000 hotel rooms."
Starwood's legacy in India began in 1973, when its Sheraton brand debuted in Mumbai. The company has since grown the portfolio to 26 hotels under its Westin, Sheraton, Four Points by Sheraton, The Luxury Collection and Le M
