Hotel Chain Starwood Names Ukraine Key Emerging Market

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Hotel Chain Starwood Names Ukraine Key Emerging Market

PR Newswire KYIV, Ukraine, August 29, 2012

KYIV, Ukraine,August 29, 2012/PRNewswire/ --

Ukraineis one of the key emerging markets for hotel business development, as stated in the recent press release by the international hotel chain Starwood Hotels & Resorts Worldwide Inc. Due to the upcoming economic boost, the company plans to expand its operations in CIS countries and open the Sheraton Kyiv Olympiysky hotel inUkraine'scapital in 2013.

Starwood namedUkrainea key emerging market together withRussiaand Tajikistan. The company stated that in the next couple of years more than 70 percent of economic growth in the world will be associated with the fast- growing emerging markets. Starwood would be focusing on expanding its operations in such countries. In November, 2013 the company plans to open its first hotel inKyiv- Sheraton Kyiv Olympiysky. The new 196 rooms venue will be located on Troyitska Square in front of the central sports arena ofUkraine- Olympiysky stadium, which recently hosted theEURO 2012football championship. Notably, the first high- end hotel opened by Starwood inUkrainewas the Four Points by Sheraton Zaporizhzhia. It's been reported earlier that in preparation for theEURO 2012,Ukraine opened and renewed more than 290 hotels in four host-cities: Donetsk, Kharkiv, Kyivand Lviv. One ofEurope'smost important sporting events has attracted more than 1 million foreign visitors toUkraine. Reportedly, fans have spent nearly$1 billionon hotels, transportation, food, entertainment and clothing. The country's hotel industry saw an increase in business of nearly 30 percent with total revenues estimated at$4.5 million, reportedChina Daily. Furthermore, the experts of the Knight Frank consulting company as well as global (43 countries) commercial and residential property provider predicted that by the end of 2012 theKyivhotel market would include such widely recognized international brands as Hilton, Renaissance Marriott & Radisson Blue Hotel. The overall amount of guest rooms and suites in the new hotels is expected to reach almost 600. Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees. Starwood owns, operates and franchises hotels, resorts and residences under the brands St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and ElementSM.