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Starwood Invests $350 Million in Sheraton RenovationsApril 23, 2012 By: Jena Tesse Fox
BusinessWeek is reporting that Starwood Hotels & Resorts is launching a $350 million plan to renovate Sheraton hotels, its largest brand, around the world.
The work includes the $160 million makeover of the Sheraton New York Hotel & Towers, which involved room expansions and a new air-conditioning system and is the costliest remodel of an individual property. The remodel is scheduled for completion at the end of this month. As much as $60 million is being spent on the Great Wall Sheraton Hotel Beijing, and $30 million to $40 million will be used to renovate the Sheraton Rio Hotel & Resort. The additional improvements will include updating fitness facilities and lobbies.
It is worth noting that Starwood has spent $6 billion in makeovers and expansion over three years starting in September 2008.