23 August 2012

Starwood Hotels & Resorts to Double Portfolio in Russia and CIS with Seven New Hotels by 2015

Moscow – 23 August 2012 (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. today announces plans to expand its portfolio throughout Russia and the Commonwealth of Independent States (CIS). Over the next three years, Starwood will more than double its portfolio in the region with seven new hotels, including the debut of the Aloft brand in Russia with the new Aloft St. Petersburg, a deal that was announced today. Emphasizing the importance of the region as one of the world's fastest-growing hotel and travel markets, CEO Frits van Paasschen and members of Starwood's senior executive team visited Russia this week, travelling to key growth markets, including Moscow, St. Petersburg, Sochi and Rostov-on-Don. 

"As one of the world's fastest-growing outbound travel markets, Russia represents a great opportunity for us," said Frits van Paasschen, President and CEO, Starwood Hotels & Resorts. "With a rising middle class, growing disposable income, an affinity for luxury brands and huge pent-up demand for foreign travel, Russia is emblematic of the growth we are seeing in regions around the world and key to our global growth plans." 

Last year, Starwood opened three new hotels in Russia and CIS, marking a number of key milestones, including the highly successful debut of the W brand in Russia with the opening of W St. Petersburg and the entrance of Starwood into Ukraine and Azerbaijan. 

"Moscow has more billionaires than any other city in the world and yet Russia is seriously under-hoteled, with only 28 high-end hotels," said Simon Turner, President of Global Development & Acquisition,Starwood Hotels & Resorts. 

With more than 70% of the world's economic growth coming from fast-growing markets over the next few years, Starwood is focused on expansion in developing markets such as Russia as well as key emerging markets including Ukraine and Tajikistan. Key highlights include: 
  • The debut of Starwood in Kiev with the opening of Sheraton Kiev Olympiysky, Ukraine in 2013. 
  • The entry of Starwood into Tajikistan in 2013 with the opening of a new Sheraton hotel in the country's capital city of Dushanbe. 
  • Starwood's second Sheraton hotel in Moscow with the opening of Sheraton Moscow Sheremetyevo Airport in 2013. 
  • The debut of Starwood in three emerging Russian markets with the openings of a Four Points by Sheraton hotel in Kaluga and a Sheraton hotel in Rostov-on-Don in 2014, followed by the opening of Sheraton Perm in 2015. 
  • Russia's first Aloft hotel with the new Aloft St. Petersburg. Scheduled to open in 2015. 
Starwood currently operates five hotels in Russia and CIS, including: Hotel National, a Luxury Collection Hotel, Sheraton Palace Hotel, both in Moscow, and the recently opened W St. Petersburg in Russia,Sheraton Baku Airport in Azerbaijan and Four Points by Sheraton Zaporozhye, Ukraine. 

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees at its owned and managed properties. 

Source: Starwood Hotels & Resorts Worldwide