Starwood Hotels & Resorts Worldwide Inc. (HOT) recently announced the inauguration of The Sheraton Miami Airport Hotel & Executive Meeting Center in Florida. Formerly, the hotel was under the Wyndham brand owned by Thayer Lodging Group and was upgraded extensively before being unveiled as a Sheraton brand. The hotel features 20,000 square feet of meeting space including 20 conference rooms, a 4,000-square foot ballroom and 405 guest rooms along with other amenities.

The project marks a milestone in the hotelier’s brand expansion policy in key markets across the U.S. not only through new-builds, but also through conversion opportunities. The project will add approximately 50 new hotels and more than 20,000 rooms to the Sheraton portfolio over the next three years.

Sheraton is spearheading Starwood’s market share growth. Recently, Sheraton completed a $6 billion brand-wide revitalization program, including $400 million in signature brand initiatives. Apart from the domestic market, the Sheraton brand is all set to binge on the Chinese market, which promises huge long-term growth in global tourism. Sheraton is now investing another $5 billion to add approximately 35 new hotels by the end of 2013, half of which will open in China.

The company is slated to open three more hotels in China before the end of January, including its third in Shanghai and debutant hotels in Wenzhou and Jiangyin.  With the addition of these three new hotels, Sheraton will operate 35 hotels in Greater China, with another 29 in the pipeline.

Sheraton’s emergence in China dates back to 1985 with the landmark debut of Great Wall Sheraton Hotel in Beijing. Leveraging its first-mover advantage, Sheraton has become one of China’s most sought after global brands. The company is now targeting various Chinese cities, which are under-penetrated but densely populated. One such city is Shantow. The company recently sealed a deal to build a Sheraton hotel there. 

Starwood’s closest competitor Marriott International Inc. (MAR)also has an eye on China and seeks to double its portfolio in that country.

 
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