Starwood Hotels To Move Headquarters To India For One Month

(RTTNews) - Starwood Hotels & Resorts Worldwide, Inc. (HOT) said Tuesday that it will temporarily relocate its global headquarters from the U.S. to India in March 2015 for one month. The move is the third by the company, following similar relocations to China in 2011 and Dubai in 2013.

Starwood noted that relocation to India underscores its unique approach to cultivating a global culture and fostering relationships in key growth markets.

Starwood President & CEO Frits van Paasschen and the company's top executives will split their time between the cities of Mumbai and New Delhi in India, conducting day-to-day business from the South Asian country that is seen as having immense potential for outbound travel.

Starwood noted that India has become one of the world's fastest growing outbound travel markets, with a projected size of 50 million travelers abroad by 2020. Further, Indian enrollment in Starwood Preferred Guest, Starwood's loyalty program, has doubled every two years since 2007.

van Paasschen said, "This is a particularly exciting time for us relocate to India. Its renewed focus on travel infrastructure is much needed, as travel demand is fueled by economic growth and a population expected to overtake China by 2030. We all know of India as a hotbed of technological innovation and global services."

Starwood noted that over the course of the relocation, its executives from around the globe will conduct business in India, nearly 8,000 miles and 10 time zones away from the company's Stamford, Connecticut headquarters.

During the month, the Starwood team will travel to cities throughout India to meet with associates, customers, owners and prospective developers. The Indian cities include Bangalore, Chennai, Pune, Hyderabad and Kochi.

The team will also travel throughout South Asia to Nepal, Bhutan, Sri Lanka, Bangladesh and Maldives, where Starwood sees many new growth opportunities unfold.

Starwood made its debut in India in 1973 with the opening of its Sheraton brand in Mumbai. The company currently operates 40 hotels in India, with another 36 hotels under development.

Starwood said that across South Asia, it remains on track to reach its goal of 100 hotels under operation or development in the region by 2016. According to the company, with new travel patterns and increasing interconnectivity, South Asia has emerged as the world's second-fastest growing market for inbound tourist arrivals.

To meet the growing demand, Starwood has signed seven deals this year in key cities across India such as Ahmedabad, Aurangabad, Pimpri Pune, and Delhi NCR, as well as in other parts of South Asia, including Kathmandu in Nepal and Paro in Bhutan.

HOT is trading at $83.28, down $0.07 or 0.08 percent on a volume of 129,231 shares.