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Sheraton starting largest expansion in its history
Sheraton’s announcement it was starting the largest expansion in its 71 year history — including $2 billion on new North American Hotels — comes at a time when analysts are concerned about the faltering economy and how it will impact the hospitality business.
But Sheraton officials do not seem concerned.
“Sheraton Senior Vice President Hoyt Harper said in an interview that the company is looking to appeal to all travelers with its efforts, whether they want to stay at a convention-style hotel or a resort. Sheraton, which manages and franchises the properties, determined that it would put new hotels in markets with high demand as well as areas where it was underrepresented,†said the AP.
Mr Harper also said, however, that Sheraton is keeping a close eye on the economic climate and acknowledges that some of its hotel deals are taking a little longer to finish due to the current environment. But he added Sheraton does not expect the company to scale back on its expansion plans at this time.
“We don’t see any red flags,†he said.
The company said it will open 29 hotels this year.
Sheraton, which will have 54 new hotels by the end of next year, currently has 406 hotels and resorts in 71 countries. It will spend $2 billion on 39 new North American hotel openings by the end of 2009.
The company’s plan also calls for 85 new hotels to open around the world in 2010.
In addition, Sheraton looks to spend more than $1 billion to renovate 50,000 North American guest rooms and redesign more than 100 lobbies by the end of 2009.
Hotel renovations include the Sheraton Dallas and Sheraton Denver, with Sheraton expecting to pump more than $170 million into the two properties to add on rooms as well as meeting space.
By :David Wilkening
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