NEW YORK (AP) -- In a story and in headlines on March 27 about investments in Le Meridien hotels, The Associated Press reported erroneously that Starwood Hotels & Resorts Worldwide Inc. alone is spending money on renovations at a hotel brand. Starwood as well as other owners, which it didn't identify, are together spending $200 million on renovations at certain Le Meridien hotels. The company is also spending, with other owners, $200 million on renovations at Luxury Collection hotels.
A corrected version of the story and headlines is below:
Starwood says Le Meridien hotels to be renovated
Starwood says $200 million being spent to renovate Le Meridien hotels in Middle East, Africa
NEW YORK (AP) -- Starwood Hotels & Resorts Worldwide Inc. said Wednesday that it and other owners are spending $200 million to renovate 13 Le Meridien hotels in the Middle East and Africa.
Starwood is expanding outside the U.S., with plans to add hotels in Europe and luxury hotels in emerging markets. The company said Wednesday that Africa and the Middle East are "continuing to evolve" as business and leisure travel destinations.
Starwood bought Le Meridien in 2005. The $200 million will be invested over the next three years.
The company, whose brands include Sheraton and Westin, has also said it and its owner partners plan to spend about $200 million to renovate its Luxury Collection hotels.
Starwood has about 1,130 properties worldwide.
Shares of Starwood added $1.61, or 2.6 percent, to $62.57 in afternoon trading. The stock has traded in a range of $47.41 to $63.53 over the last 12 months.
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