Starwood signs most new hotel deals since pre-crisis

Starwood Hotels & Resorts Worldwide, Inc. reports that despite ongoing macroeconomic and geo-political uncertainty, 2012 was a year of the most deal signings since before the global economic crisis. Before year-end, the company expects to have signed in excess of 125 new hotel management and franchise agreements, surpassing last year’s deal signings by approximately 13%. By year end 2012, Starwood expects to have opened 71 new hotels, representing approximately 18,500 rooms in 20 countries. Since 2007, Starwood has added over 100,000 gross new hotel rooms to its system. “Starwood’s nine highly sought-after brands… position us well for sustained balanced footprint growth in both mature and developing markets,”said Simon Turner, president of Global Development. “2012 was a year of strong deal momentum for us throughout the world and we are encouraged by a continued high level of developer interest in working with Starwood.”Starwood’s pipeline in developing markets is at the highest levels ever, including signed hotel deals in the vast majority of the most significant fast-growing economies. For example, notwithstanding recent concerns about the pace of macroeconomic growth in China, Starwood’s footprint expansion continues unabated and the company expects to celebrate the opening of its 125th hotel in China in 2013. Starwood also continues to see growth in mature markets, including sustained, strong levels of hotel conversions. Approximately 20% of the deals signed in 2012 were conversions of existing properties, of which 12 opened during the year. (http://www.starwoodhotels.com)