Starwood Hotels and Resorts Worldwide announced yesterday that it will more than double its portfolio in Russia and other former Soviet Republics.
In a statement, President and CEO Frits van Paasschen pointed to Russians’ rising fortunes and love of luxury. He said the expansion was "key to our global growth plan."
Moscow has more billionaires than any other city in the world and yet Russia is seriously under-hoteled, a company executive pointed out. Over the next three years, seven new hotels will open, including the Russian debut of the Aloft "style at a steal" brand in St. Petersburg.
Starwood will also deepen both its preferred guest program and Sheraton in Russia.
Beginning next year, Starwood plans to open five new Sheraton hotels and one Four Points by Sheraton in the former Soviet Republics. There was no mention however, of the company’s acknowledged five-star brands, St. Regis or The Luxury Collection.
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