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 countries.
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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 hotel
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