Starwood Will Open More Than 60 European Hotels by 2020

Starwood Hotels & Resorts Worldwide Inc. (HOT) plans to open more than 60 hotels in Europe by 2020, increasing its locations by almost 40 percent, as the U.S. company taps growth in countries including Turkey and Russia.

Nine of the hotels will open this year, two more than in 2013, Starwood said in a statement today. The company, based in Stamford, Connecticut, also said it agreed to open its seventh Sheraton hotel in Turkey as part of a plan to add four hotels.

Starwood, which also owns the St. Regis and W brands, is being hurt by slower economic growth in regions including Asia and Europe. A surge in infrastructure development in Turkey and Russia is creating favorable conditions for expanding its hotel brands, the company said today. Starwood said its growth plan also includes Aloft and Luxury Collection hotels in Ukraine.

Read more | bloomberg.com