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Starwood Hotels & Resorts Worldwide Inc. said Tuesday the company plans to open 20 new hotels in China this year.Starwood has doubled its footprint in China over the last three years, with 120 hotels currently open and more than 100 more in the pipeline. Starwood Hotels & Resorts Worldwide Inc. said Tuesday the company plans to open 20 new hotels in China this year. Starwood has doubled its footprint in China over the last three years, with 120 hotels currently open and more than 100 in the pipeline, making China the company’s second largest hotel market behind the United States, and the fastest growing, the company said in a statement. According to Starwood President and CEO Frits van Paasschen, 70 percent of Starwood’s hotels under construction and in development in China are in second- and third-tier cities. “We continue to view China as a once-in-a-lifetime opportunity for our business,” van Paasschen said in a statement. “Whether it’s growing our hotel footprint as part of the country’s massive infrastructure development, or aggressively building our loyalty program in the world’s fastest growing domestic and outbound travel market, we are focused on taking every advantage of our important first-mover position in China.” Marriott International Inc. (NYSE: MAR) is also growing its presence in Asia. About a year ago, the company announced plans to invest $2 billion to open new hotels in an additional 30 countries, with 14 percent of those in China, doubling its presence there. |
