CEO and Senior Leadership Team to Conduct Day-To-Day Business Out
of India, Reflecting the Strategic Relevance of South Asia as Starwood’s
3rd Largest Market
Following Insightful Relocations to China in 2011 and Dubai in
2013, the Move Will Bring the Company Closer to Owners, Associates,
Guests and Customers in a Key Growth Region
NEW DELHI -- (Business Wire)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced
that it will relocate its global headquarters from the United States to
India in March 2015 for a month-long immersion. Starwood President & CEO
Frits van Paasschen and the company’s top executives will split their
time between Mumbai and Delhi, conducting day-to-day business from this
important global destination with immense potential for outbound travel.
Following the company’s successful relocations to China in 2011 and
Dubai in 2013, this third leadership move underscores Starwood’s unique
approach to cultivating a global culture and fostering relationships in
key growth markets.
“Global trends are revolutionizing travel. Rapidly growing markets and a
more interconnected world are bringing high-end travelers to new markets
like never before,” said van Paasschen. “As a company with operations in
over 100 countries, we at Starwood know that there is no substitute for
witnessing firsthand this huge transformation.”
van Paasschen continued: “This is a particularly exciting time for us to
relocate to India. Its renewed focus on travel infrastructure is much
needed, as travel demand is fueled by economic growth and a population
expected to overtake China by 2030. We all know of India as a hotbed of
technological innovation and global services. Coupled with the rise in
entrepreneurship and investment, millions of people are joining its
middle class every year. And, of course, this means millions of new
travelers. At the same time, India is both unique and immensely diverse.
Our extended time there will allow us to immerse ourselves and
appreciate new approaches to the business of hospitality.”
Over the course of the relocation, Starwood executives from around the
globe will conduct business in India, nearly 8,000 miles and 10 time
zones away from the company’s Stamford, Connecticut headquarters. During
the month, the team will travel to cities throughout India to meet with
associates, customers, owners and prospective developers, including
Bangalore, Chennai, Pune, Hyderabad, and Kochi, and also throughout
South Asia to Nepal, Bhutan, Sri Lanka, Bangladesh and Maldives where
Starwood is seeing many new growth opportunities unfold.
van Paasschen added: “With South Asia as our home base, we’ll be within
a five-hour flight from nearly 40% of our global pipeline for new
hotels. This includes major cities as well as some of the world’s most
remote and untouched destinations. As we look at these growth markets,
we will explore how we create opportunities for the thousands of people
who will enter the global workforce through Starwood. We will also work
to find ways for humans to coexist with nature while preserving it.”
Starwood’s legacy in India dates back to 1973 with the debut of its
Sheraton brand in Mumbai. Benefitting from this early foothold and its
highly experienced local teams, Starwood has consolidated its lead as
the largest high-end global operator in India with a strong footprint
and a robust and fast growing pipeline. Starwood currently operates 40
hotels in India with another 36 hotels under development. Across South
Asia, Starwood remains on track to reach its goal of 100 hotels under
operation or development in the region by 2016.
“Overall demand for hotels in India is growing and evolving as the
domestic economy expands and international visitation increases,” said
Simon Turner, President of Global Development. “Our well-established,
distinctive brands and seasoned operating teams combined with our agile
and flexible way of structuring management and franchise agreements are
generating solid growth momentum. With our existing base of operations
as a very solid foundation, we have a significant opportunity to
continue to grow our footprint through both new-build and conversions
across the luxury, upper upscale and mid-market segments in gateway
cities, tier 2 markets as well as in resort destinations.”
With new travel patterns and increasing interconnectivity, South Asia
has emerged as the world’s second fastest growing market for inbound
tourist arrivals. To meet growing demand, Starwood has signed seven
deals this year in key cities across India such as Ahmedabad,
Aurangabad, Pimpri Pune, and Delhi NCR, as well as in other parts of
South Asia, including Kathmandu (Nepal) and Paro (Bhutan).
India has also become one of the world’s fastest growing outbound travel
markets, with a projected size of 50 million travelers abroad by 2020.
The country will play an outsized role in global travel within the next
decade and continues to be among the richest sources of new loyal
travelers for Starwood, with Indian enrollment in Starwood Preferred
Guest, Starwood’s loyalty program, doubling every two years since 2007.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel
and leisure companies in the world with nearly 1,200 properties in 100
countries, and 181,400 employees at its owned and managed properties.
Starwood is a fully integrated owner, operator and franchisor of hotels,
resorts and residences with the following internationally renowned
brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®,
Sheraton®, Four Points® by Sheraton, Aloft®, and Element®. The Company
boasts one of the industry’s leading loyalty programs, Starwood
Preferred Guest (SPG®), allowing members to earn and redeem points for
room stays, room upgrades and flights, with no blackout dates. Starwood
also owns Starwood Vacation Ownership, Inc., a premier provider of
world-class vacation experiences through villa-style resorts and
privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com.
Contacts:
Starwood Hotels & Resorts Worldwide, Inc.
Carrie Bloom,
203-964-5755
Carrie.Bloom@starwoodhotels.com
Source: Starwood Hotels & Resorts Worldwide, Inc.
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