Starwood Hotels and Resorts Worldwide reported during its quarterly conference call with analysts and media that it signed 26 full service hotel management and franchise contracts, representing approximately 6,200 rooms, and opened nine new hotels and resorts.
In addition, the company said it expects to open approximately 50 new full-service hotels and resorts, representing 10,000 rooms around the world this year.
As of June 30, Starwood had approximately 190 full-service hotels and approximately 48,000 guest rooms, with half of those in international locations, in its construction pipeline. Starwood also spent approximately $68 million in renovations of hotel assets during the quarter.
Starwood CEO Steven Heyer said the company's Project XYZ, the-yet-to-be-named select service brand that the company unveiled in early June, has been well received by the development community. "It's been gaining traction," Heyer said, noting that he hopes the first XYZ will break ground in the first part of 2006.
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Source - Commercial Property News
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