Sheraton To Open Another 54 Properties By 2009
Tuesday April 8th, 2008 - 9:49AM
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WHITE PLAINS, NY— As part of Sheraton Hotels & Resorts’ expansion and brand revitalization initiative, the brand is now poised to open 54 hotels with 20,000 rooms by 2009. Furthermore, such an expansion will involve $2 billion worth of new hotel openings in North America moving forward.
During 2008, Sheraton will open properties around the world every 12 days, including in such locations as Dallas, Denver, Minneapolis, Phoenix, metropolitan Washington, Ireland, Argentina, Egypt and China.
Three new Sheraton resorts are scheduled to open by the end of 2008, including in Carlsbad, CA.
In 2009, Sheraton will open two newly constructed properties in New York in Brooklyn and the Manhattan neighborhood of Tribeca.
By 2010, Sheraton expects to add nearly 70 hotels to its portfolio.
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.