Starwood Hotels & Resorts Worldwide, Inc.
From Cheap Travel Hotels
Starwood Hotels and Resorts was founded by the real estate investment firm Starwood Capital to take advantage of a tax break. At the time the company was known as Starwood Lodging. Initially, Starwood Lodging owned a number of hotels throughout North America, all under different brand names. The Westin Hotel Company was purchased in 1994 from Aoki Corporation of Japan. Starwood acquired the Sheraton, Four Points by Sheraton, and The Luxury Collection brands from ITT Sheraton in 1998.
In 1999, Starwood launched "W" Hotels, a brand that has been described as a "fun, hip and exciting hotel collection that happily marries boutique hotel flair with the quality and functionality of larger brand hotels."[citation needed] In September 2005, Starwood announced the launch of aLoft, a new hotel brand based on W. aLoft Hotels cater toward business travelers. Starwood intends to have 500 aLoft hotels worldwide by 2012. In 2005, Starwood purchased the Le Méridien brand, which greatly increased the company's operations in Europe.
In 2004, Starwood's founder and CEO Barry Sternlicht stepped down as CEO to focus his attention on his other firm, Starwood Capital. He remained on the Board of Directors until 2005. He was succeeded as CEO by Steven J. Heyer, and Starwood began selling a number of its company-owned hotels, instead focusing on becoming a management company and franchisor for its current and future hotel brands. In April 2007, Steven J. Heyer left the company on the request of the Board of Directors because of an issue with Heyer's management style and after allegations of personal misconduct. Chairman of the Board Bruce Duncan served as interim CEO until September 2007, when the company announced Heyer's predecessor, Frits van Paasschen.
The speech of Robert F. Cotter (President & Chief Operating Officer, Starwood Hotels & Resorts Worldwide, Inc.) who explains how Starwood Hotels gained power on customers and online agencies.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) is a hospitality ownership, management, and franchise organization based in White Plains, New York. One of the world's largest hotel companies, it owns, operates, franchises and manages hotels, resorts, spas, residences, and vacation ownership properties under its nine owned brands. As of May 1, 2007 the firm owned, managed, or franchised more than 860 hotels in over 95 countries with 145,000 employees and about 232,000 rooms worldwide. Starwood Preferred Guest is the company's frequent stay program.
