Starwood Hotels accelerate expansion in Russia and Turkey
Starwood Hotels (Le Meridien, St Regis, Sheraton, W, Westin) will accelerate expansion in Russia and Turkey, key fast growing markets. In fact, Turkey’s economic growth rate of 7% in 2010 rivaled that of many Asian countries, and both Turkey and Russia are expected to grow more than 4% in 2011, according to industry sources.
Starwood will double its portfolio in Russia by 2013 and will see a 60% growth rate in Turkey, opening hotels under three of its brands in these markets. In Turkey, this year’s opening ofLe Méridien Istanbul Etiler will be followed by Sheraton Bursa and Aloft Bursa in 2013. And in Russia, Starwood is set to debut the new W St. Petersburg this spring, followed by the opening of Sheraton hotels in Perm and Rostov-on-Don in 2013.