Starwood Hotels & Resorts Worldwide, Inc.
) , the leading global hospitality company, has recently
transferred its headquarters from Stamford, CT to Dubai, UAE
for one month. This was done with the clear intent of focusing
more on Starwood's growing international portfolio and
exploring new development opportunities in the Middle East
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Starwood's 200 top executives from U.S., Europe, Asia and Latin
America are now relocated in Dubai to manage the company's key
operations. The company has chosen Dubai as temporary
headquarters, given its promising growth opportunity and
inspiring economic performance. It is a perfect fit for leisure
as well as business travelers.
Commencing its journey in 1963, Starwood now owns 45 hotels in
the Middles East with as many as 14 properties exclusively in
Dubai. The company is expecting a 70% increase in business of
its Middle East portfolio in the coming five years.
Previously in June 2011, Starwood had also shifted its
headquarters in China for one month. These relocations reflect
the company's strategy to concentrate more on the fast growing
emerging markets in order to ramp up its business in those key
Starwood has recently reported fourth-quarter 2012 adjusted
earnings per share from continuing operations of 70 cents,
breezing past the Zacks Consensus Estimate by a nickel, but
slightly below the year-ago level of 71 cents. Quarterly
revenues increased 0.1% year over year to $1,533 million in the
quarter, with a modest rise in revenue per available room
(RevPAR) in all regions. Improving trends in the North American
business, significant international exposure and portfolio
restructuring should also augur well for Starwood.
Starwood currently retains a Zacks Rank #3 (Hold). Another
Wyndham Worldwide Corporation
) recently declared its fourth quarter 2012 adjusted earnings
of 63 cents per share, ahead of the Zacks Consensus Estimate of
60 cents per share and up 34% year over year. Wyndham currently
carries a Zacks Rank #2 (Buy).
There are various other hoteliers who are also trying to expand
their businesses further, including
Intercontinental Hotels Group plc
Choice Hotels International Inc.
) which carry a Zacks Rank #1 (Strong Buy) and a Zacks Rank #2