'Long way to go' for Starwood in Dubai, says CEO
1Starwood Hotels & Resorts still has plenty of room for growth in major cities around the world, including Dubai, according to CEO & president Frits van Paasschen.
He was speaking during an earnings call after the company released its first quarter results, which showed net income of US $137 million during the first three months of the year, or 72 cents a share.
Although considerably down on the same period in 2013, when earnings hit US $213 million, or US $1.09 per share, the figures were still well ahead of analysts? expectations.
Starwood CEO & president Frits van Paasschen said: ?Looking around the world at large cities, we still have a long way to go before we reach saturation. Take Dubai, where we now have 15 hotels and another five on the way or Shanghai, where we have 11 open and four on the way.?
In Africa and the Middle East, Revenue Per Available Room (RevPAR) was up 2.1% in constant dollar terms and up 1.1% in actual dollar terms to US $140.34. This compared to a worldwide systemwide RevPAR increase of 6.3% in constant dollars (5.0% in actual dollars) to US $116.43.
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Source: Rahul Odedra (2014). ‘Long way to go’ for Starwood in Dubai, says CEO, Hotelier Middle East 1