Starwood Hotels & Resorts has announced that its unit The Luxury Collection is investing $300m towards the development of its North American portfolio in co-ordination with its owner partners.
The investment will be dedicated towards renovations and marquee hotel conversions across several destinations in the US, including Lake Tahoe, San Antonio, San Francisco and Key West.
According to Starwood Hotels & Resorts global brand leader Hoyt H Harper II, domestic demand for luxury travel has increased in the US, which has made it an ideal time for the company to invest in The Luxury Collection hotels within the country.
Hoyt H Harper II also said that independent luxury hotels are showing interest in partnering with the leisure group to take advantage of its distribution, loyalty and sales platforms.
Starwood Hotels & Resorts interim CEO Adam Aron said: "As we look to accelerate Starwood’s growth, we are shining an ever brighter spotlight on our world-class hotel brands to further incite innovation and create compelling guest experiences.
"We fully recognise the enormous untapped potential of The Luxury Collection, and with these new hotel openings and impressive renovations, Starwood is setting out for The Luxury Collection to become the world’s largest luxury hotel brand by year’s end."
The Luxury Collection has set a target to surpass 100 hotels in more than 30 countries by the end of 2015. It said that it is on track with the plan.
Image: Exterior of The St Anthony. Photo: courtesy of Business Wire.