Four Points by Sheraton Pumps up the Pipeline
- Mar 15, 2010
March 15, 2010
By Allison Landa, News Editor
Four Points by Sheraton has announced a global pipeline that will increase its portfolio by 16 properties this year.
According to president of global development Simon Turner, the new pipeline will debut this year with hotels in Nigeria, Bangkok and Phuket. All will be newly built. Three Four Points properties will also open this year in the Chinese cities of Lianyungang, Taicang, and Tai’An.
New properties will also open in the Canadian cities of Niagara Falls, Saskatoon, and Calgary, as well as in the U.S. in markets including San Jose, Oklahoma City, and Memphis.
In total, eight new Four Points properties will open in established North American markets, while another are set for business and leisure travel destinations in Asia and Africa. Four Points currently operates 148 hotels in 24 countries and is on track to open its 150th property in the first half of this year.
Four Points is a brand of Starwood Hotels & Resorts Worldwide, which recently promoted chief financial officer Vasant Prabhu to company vice chairman. In a statement announcing the promotion, Starwood president and chief executive officer Frits van Paasschen said the company significantly cut costs in 2009, raised more than $1.6 billion in cash from a broad range of transactions, reduced its debt by more than $1 billion, and paid down debt maturities from 2010 through 2014.
The company owns or operates more than 960 hotels and resorts in 97 countries.