In order to beef up its Middle East portfolio,
Starwood Hotels & Resorts Worldwide Inc.
) is set to unveil three properties under its contemporary
lifestyle brands Sheraton, Westin and Four Points in Makkah,
Saudi Arabia. The properties are being developed in association
with Jabal Omar Development Company. Christened Sheraton Makkah
Hotel, Westin Makkah Hotel and Four Points by Sheraton Makkah
Hotel, these properties are slated to open for business in
Makkah, the capital of Makkah Province, is an important
tourist destination owing to its historical and religious
importance. It is considered the most sacred city to followers of
Islam and nearly 15 million travelers visit the city every year.
These factors justify the hotelier's decision to expand its
presence in the region. Starwood currently owns two properties in
The new hotels will be located near Al Haram, the world's
biggest mixed-use complex, in Makkah. We believe that these
properties, boasting a total of 1,496 guestrooms, will create a
strong guest base, going ahead.
Starwood has been focusing on the rapidly growing markets of
the Middle East for quite some time. The global hotel chain sees
more growth opportunities in the region with the growing
population and its emergence as a business and leisure hub. As
per the United Nations World Tourism Organization (UNWTO), the
number of tourists traveling to the Middle East is expected to
reach 136 million by 2020.
Commencing its journey in 1963, Starwood now owns
approximately 50 hotels in the Middle East with as many as 10
properties exclusively in Saudi Arabia. The company is expected
to make a twofold increase its Middle East portfolio with the
launch of eight properties in Saudi Arabia over the next three
Earlier in Mar 2013, this Zacks Rank #3 (Hold) company
transferred its headquarters from Stamford, Conn. to Dubai, UAE
for a month to better focus on its growing international,
especially the Middle East, portfolio. This was a strategic move
considering the fact that hoteliers, including
Wyndham Worldwide Corp.
Hyatt Hotels Corp.
Marriott International Inc.
), have already made their presence felt in the region.
HYATT HOTELS CP (H): Free Stock Analysis
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