Starwood Hotels and Resorts is lining up properties at leading temple towns such as Haridwar, Varanasi and Tirupati, and is on the verge of finalizing some deals by the end of the year
"It is a highly under-supplied market for people willing to spend and upgrade. Hence, we see a huge growth opportunity for some of Starwood brands like Sheraton and Four Points. We are talking with some local developers and hope to finalize a deal – either a management contract or franchise – in the next few months," Simon Turner, Starwood's president of global development, told TOI during his recent visit to the city
Starwood is setting up a 180-room property, under the Sheraton brand, in Amritsar. The global chain currently has more than 7,500 rooms in India. Turner said the recent global economic recession may have impacted the Indian hospitality industry but that stress has not affected their developments. He said the company's development mantra is right properties, right places and right partners.
"Our strategy of associating with quality owners like the The Brigade Group, Oberoi Realty plays a crucial role in riding the market volatility cycles," said Turner. "In fact, I believe 2013 will be a year of conversions. We are in the process of evaluating business propositions from eight smaller or lesser known brands which are unable to sustain the buoyancy of the past four years and want us to take over.
He said that since 2005, the group has signed 45-50 deals and had to terminate only one agreement because it didn't happen. "Due to revised development control regulations in 2012, we have had to just reduce 20-30 keys in the upcoming W hotel at Mahalaxmi Race Course. The other parameters remain the same," the president added. Starwood is also in talks with Oberoi Realty to bring in its St Regis super-luxury hotel brand to a property the latter is developing at Worli.
Source: The Times of India
