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Sheraton eyes Latin America
Sheraton this week revealed plans to grow its presence in Latin America by 50% over the next five years, opening an average of seven hotels a year in the area.
Starwood CEO Frits van Paasschen and other senior executives visited the region last week, traveling to "key growth markets, including Brazil and Colombia."
The company called Brazil "a key focus" and is planning its first W hotel in Colombia, the W Bogota.
van Paasschen noted that Latin America’s middle class grew by 50% in the last decade and has developed "an increasing appetite for global, luxury brands."
Since opening the Sheraton Maria Isabel in Mexico City in 1963, Starwood now has grown to 72 hotels in 13 Latin American countries, including 13 in the past two years, and a total of 15,600 rooms.
The company has a pipeline of 19 hotels, with a total of 3,200 new rooms, in development worldwide, and this year expects to open six hotels with a total of 1,100 rooms.
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