Starwood Hotels says Sheraton to open 30 hotels over next 12 months Half of the new Sheraton hotels will open in China. Sheraton is also picking up momentum in several other emerging markets including Latin America, the Middle East and Turkey.
Starwood sells Sheraton on the Park in Sydney, Australia for $399M Starwood Hotels announced it has sold Sheraton on the Park in Sydney, Australia to Sunshine Insurance Group Corporation for $399M. Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.
Starwood downgraded to Neutral from Buy at UBS UBS downgraded Starwood Hotels to Neutral on signs that RevPAR growth peaked in Q3. The firm adds that Starwood has the most exposure to the slowing high end of the market. It lowered its price target for shares to $79 from $86.