Skip to main content

Market Overview

Starwood Hotels Betting Big On New York City Market; Investors Aren't As Optimistic

Share:
Starwood Hotels Betting Big On New York City Market; Investors Aren't As Optimistic

Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT) announced on Tuesday it plans to "significantly" expand its portfolio of Specialty Select brands in New York State over the next three years – the bulk of which will take place in the New York City region.

Starwood Hotels noted that it plans to grow its portfolio in New York from 12 to 22 hotels by the end of 2018. The new properties will be built under the Aloft, Element and Four Points brands.

While Starwood Hotels appears to be bullish and optimistic on the New York City market, its stock was trading lower by more than 3 percent with two hours of trading remaining on Tuesday.

Related Link: Las Vegas Sands Has "Favorable Bias" Ahead Of Earnings

"As Starwood's global pipeline driver, Aloft, Element and Four Points have never been stronger, and are rapidly expanding across New York, due to the success of the brand's distinct lifestyle positioning and widespread appeal among today's international traveler," said Global Brand Leader, Specialty Select Brands for Starwood, Brian McGuinness.

"With our tech-forward mindset and innovative programming — a sweet spot in the category— our brands have re-energized the mid-market space and created an unprecedented level of buzz in the development community."

Image Credit: Public Domain

 

Related Articles (HOT)

View Comments and Join the Discussion!

Posted-In: Aloft Brian McGuinnessLong Ideas News Travel Trading Ideas General Real Estate

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com