New York-based hotelier, Starwood Hotels & Resorts Worldwide Inc. (HOT) recently unveiled Four Points by Sheraton Miraflores in Peru in association with Top Rank Group LLC. This opening marks the entry of Starwood’s Four Points by Sheraton brand in Peru.
Strategically positioned at the Miraflores, the leading business hub of Lima, the Four Points by Sheraton-branded property is in close proximity to Jorge Chávez International Airport (:LIM) and various other historical places. Managed by Interamerican Promo Hotels, this new property, boasting 134 guestrooms and a wide range of amenities, will create a strong guest base, going ahead.
Starwood’s expansion plan in Peru is mainly driven by its strong economic growth and a large tourism industry. This chain of hotels has already made its presence felt in the country with six properties under the Luxury Collection, Westin and Sheraton brands.
This Zacks Rank #2 (Buy) company has been focusing on the emerging Latin American markets for quite some time. The affluent middle-class population in the region has increased two-fold over the last decade. Also, the region’s emergence as a tourist hub has caught Starwood’s attention. In order to increase the number of its properties in Latin America by 50% over the next five years, the company plans to open seven hotels per year in the region.
Starwood debuted in Latin America in 1963 and therefore has a long-standing business in the region. However, other hoteliers, like Hyatt Hotels Corporation (H) have also started exploring the market. The company currently operates 72 hotels across the region of which 13 properties belong to its mid-market hotel brand, Four Points.
Four Points’ concept is in sync with the preference of modern travelers who seek a unique experience. Its affordable price point in the mid-market hotel category is another reason for its increasing popularity. By 2014, this brand will become the second largest brand after Sheraton in the Latin American region.
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