Sheraton hotel investment project about 70 percent complete
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- April
- 13
Starwood Hotels and Resorts Worldwide Inc. said that a multi-billion dollar investment in its Sheraton brand is about 70 percent complete, despite a recession that has depressed profits and occupancy for the White Plains-based hotel operator.
The plan, originally announced in 2007, called for an investment of more than $2 billion in new Sheraton hotels, $1.3 billion in renovations to existing hotels and $400 million in brand improvements.
So far, 63 of 98 Sheraton hotels in North America have been renovated. Another 30 remodelings are expected to be finished this year.
In addition, Sheraton expects to open 20 new hotels in 2009, including properties in San Juan, Puerto Rico; Brooklyn; Guangzhou, China; Yilan, Taiwan; Nha Trang, Vietnam; and Istanbul, Turkey. That followed the debut of 26 new hotels in 2008.
“The investments Starwood and our owners have made to upgrade our hotels in the last few years are coming to fruition today, and our guests are taking note,” Hoyt H. Harper II, senior vice president for Sheraton Hotels & Resorts, said in a written statement.
Other phases of the program have included removing 24 hotels from the Sheraton network after they failed to meet brand standards, redesigning more than 300 hotel lobbies worldwide and installing new bedding in 211 hotels and 83,000 guest rooms.
Starwood said that the investment has paid off in record customer satisfaction results, most notably at North America hotels, which had previously suffered from an “inconsistent” record.While the recession has hurt Starwood and other hotel operators, the financing for the Sheraton revitalization was commited before the economic crisis began, allowing the investments to continue. The majority of investments were made before the fall of 2008.
“We’ve essentially spent the last few years rebuilding the house, and when the economy begins to recover and business picks up, more travelers will discover a new level of product and services at Sheraton hotels around the world,” Harper said.
This entry was posted
on Monday, April 13th, 2009 at 2:37 pm by Jay Loomis.
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