Starwood Hotels & Resorts Worldwide is on track to open more than 40 new hotels and resorts across Europe in the next five years, it announced this week at the International Hotel Investment Forum (IHIF) in Berlin. The growth expands the company's European portfolio by 30 percent.
"2014 was a record year of deal signings for Starwood in Europe with consistent, sustainable high-quality portfolio growth in key European markets and sought-after destinations," President of Global Development Simon Turner said in a stateement. "Our growth momentum continues this year with 14 hotels on track to open across Europe and strong owner interest in our nine lifestyle brands, backed by our loyalty program, the collective strength of our global platform, and our highly-experienced, local teams."
Starwood's European growth is strongest this year in Turkey, where the company will open five new hotels in 2015. Additionally, the company plans to open two hotels in Russia this year, two in Germany, two in Amsterdam, and one each in Romania, Italy, and Croatia.
Growth extends across Starwood's portfolio of nine brands, but is especially strong for its mid-market brands -- Aloft, Four Points by Sheraton, and Element -- which constitute over 50 percent of Starwood's development pipeline in Europe.
Concluded Michael Wale, president of Starwood Hotels & Resorts, Europe, Africa & Middle East, "The record growth experienced in the last five years in the mid-market segment has set the stage for 2015, where we will see a vigorous expansion in mature and emerging markets."