Starwood Hotels & Resorts Worldwide has unveiled plans to more than double its presence in Russia and the Commonwealth of Independent States over the next three years.
In Russia, the lodging company, whose brands include W Hotels, Westin and Sheraton, said it was entering a market with a growing number of wealthy people and a dearth of high-end hotels.
“As one of the world’s fastest-growing outbound travel markets, Russia represents a great opportunity for us,” said Frits van Paasschen, Starwood president and chief executive.
Starwood operates five hotels in Russia and the CIS, including three that opened last year.
The move, which includes opening seven new hotels in the region, is part of Starwood’s goal to expand in fast-growing markets such as Russia, as well as key emerging markets Ukraine and Tajikistan.
Starwood’s plans for Russia include the company’s first Aloft brand hotel in Russia, set to open in St Petersburg in 2015.
Starwood has seen improved revenue amid its expansion in Asia and other international markets, as well as broader business travel trends.
The company also has been investing more aggressively in emerging markets like China and India, where it also aims to take advantage of the huge growth opportunities from the growth of the middle class in those countries.
