From the 35th Annual New York University Hospitality Investment Conference, Starwood Hotels & Resorts today announced a significant investment by both the company and its ownership groups of nearly $3 billion in existing and new properties since the company acquired the Paris-born hotel brand in late 2005. With a pipeline of new hotels planned over the next 12 months, Le Méridien also announced that its owners will invest another $1 billion.
“Over the past seven years, Starwood has made significant investments in developing Le Méridien as a contemporary lifestyle brand with a truly distinct point of view, and with the tremendous support of our ownership groups, we have also transformed the portfolio into its most competitive position to date,” said Brian Povinelli, Global Brand Leader, Le Méridien and Westin. “Le Méridien has soared under Starwood, and we are proud of the robust pipeline and healthy performance levels of our hotels around the world.”
Since being acquired in 2005 by Starwood Hotels & Resorts, both the company and its hotel ownership groups have repositioned Le Méridien brand as a leader in the upper-upscale category. During this same time Le Meridien has removed more than 40 hotels and resorts from the original portfolio purchased by Starwood, while another 25 hotels have undergone renovations.
“The Le Méridien portfolio is the strongest it has ever been, and the brand is benefiting from growing recognition and deal signing momentum around the world,” said Simon Turner, President of Global Development, Starwood Hotels & Resorts. “Le Méridien is poised for expansive growth in primary cities and resorts around the globe, and we’re continuing to see increased interest among owners, especially around conversions.”
Le Méridien has had more new hotel deals signed in the past year than in the previous four years combined. Earlier this year, Le Méridien Hotels announced a significant growth pipeline of 10 new hotels and resorts expected to open by early 2014, including properties in Cairo, Chicago, Yixing (China), Zhengzhou (China), and Mahabaleshwar (India). Additionally, as the Middle East and Africa region continues to evolve as an international business and leisure travel hub, Le Méridien brand this past March announced an investment totaling more than $200 million for the renovations of 12 hotels in the region.
Le Méridien Hotels & Resorts, www.lemeridien.com