Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) has consolidated plans to come up with a high end expansion on the global frontier. The company had propelled through slow growth and dismal performances. The CEO of the company had resigned from his office in February 2015, amidst rising pressure and dwindling growth.
Adding 100 New Properties
The owner of the hotel chain – Sheraton and W, are hopeful of adding 100 new properties over the next half a decade. They are hankering after a Tribute Portfolio brand, which is debuting with the exquisite Royal Palm Miami South Beach. The Connecticut based company is focused on adding to its portfolio that would comprise upscale four star categories, though its main focus in on Europe and North America.
Ex-CEO Frits Van Paasschen resigned in early February. Over the next few months, the hotel business endeavour has bettered its rate of development and growth. However, it requires newfound leadership to accelerate the growth and improve performances of the company, thereby sharpening the focus on performance and operations.
Newfound Yet Robust Expansion Plans
Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) has shifted its focus under the leadership skills of Adam Aron. Its portfolio properties shall be located solely at the high demand regions or markets wherein company doesn’t have much presence, yet the varied members of the loyalty program of this hotel chain travel.
Aron has robust expansion plans; he expects the chain to spread out across Europe and come up with a lavish hotel somewhere in London at the earliest. Further, other properties are deemed to come up at Asheville, North Carolina, Tennessee, Nashville, Charleston, Georgia, South Carolina, Charleston and Savannah.
Competing With Market Leaders
In comparison to competitors, Starwood is lagging! The Q4 revenues dwindled to $0.9% on a yearly basis. On the contrary, Hilton and Marriott witnessed rises of 7% and 11%. In Japan, Starwood’s first mark into the hotel industry shall come up with Kyoto hotel called Suiran.