Starwood Hotels and Resorts Worldwide will have by 2015 signed contracts for putting its brands on more than a 100 hotels in India, exceeding its target, a top official for the company's India operations said.
International hotel companies like Starwood and Marriott International are keen to tap into the opportunity that an emerging middle class in fast-growing countries like India and China present.
Starwood, which has a market value of USD 11.21 billion, had planned to have 100 hotels either under development, in operation or contracted in India by 2015.
"I would say we need to get another 40 deals to reach 100, but in four years that's 10 hotels a year," Dilip Puri, managing director, India, told Reuters at the launch of the company's first Sheraton in Bangalore. "That's a very conservative target."
When asked if the company can exceed the target, Puri said: "I believe it. I believe we will."
Starwood franchises its Sheraton, Aloft, Four Points by Sheraton, Westin, Le Meridien and the Luxury Collection in India. Last month, the company said it will open its first hotel under the boutique W brand in Mumbai in 2015.
Starwood is expanding into the relatively under-hoteled tier 2 and tier 3 cities through its Aloft and Four Points by Sheraton brands.
Shares of the company -- whose Sheraton and other brands compete against rivals such as Marriott's Courtyard and Hilton Hotels' Doubletree -- were trading flat at USD 59.22 on Friday on the New York Stock Exchange.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
