RITZ CARLTON speed up expansion in 2012 and consider acquisitions

In an interview to the Wall Street Journal,Ritz Carlton Chairman, Mr Herve Humler admitted that the international recession has slowed down expansion plans and that he did not open as many hotels as he had been planning. Toronto, Dubai, and Hong Kong have been the only openings of the chain in 2011 and the company is said to be close to signing an agreement for St Petersburg in Russia. Ritz Carlton already manages a hotel in Moscow, which is being ranked among the top in the Russian capital city.  Humler also confirmed his company is actively looking at two new properties in Germany (including Munich) and in Switzerland (Geneva).