Starwood Hotels & Resorts, Inc. yesterday announced that the US $3 billion already invested in new and existing Le Meridien properties by both the company and its ownership groups since it was acquired in late 2005 will be given a further cash injection of US $1 billion from its owners “in an effort to solidify its worldwide portfolio of more than 100 hotels”.
Since acquiring the brand in 2005, Starwood Hotels & Resorts and its hotel ownership groups have repositioned Le Meridien in the upper-upscale category with a full brand transformation, which included removing more than 40 hotels and resorts from the original portfolio purchased by Starwood.
Another 25 hotels have undergone renovations to hone the portfolio of properties under the brand umbrella.
With a strong pipeline of new hotels planned over the next 12 months, the additional investment will strengthen the Le Meridien brand worldwide.
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Starwood’s global brand leader, Le Meridien and Westin, Brian Povinelli, said: "Over the past seven years, Starwood has made significant investments in developing Le Meridien as a contemporary lifestyle brand with a truly distinct point of view, and with the tremendous support of our ownership groups, we have also transformed the portfolio into its most competitive position to date.
“Le Meridien has soared under Starwood, and we are proud of the robust pipeline and healthy performance levels of our hotels around the world."
Simon Turner, president of global development, Starwood Hotels & Resorts, added: "The Le Meridien portfolio is the strongest it has ever been, and the brand is benefiting from growing recognition and deal signing momentum around the world.
"Le Meridien is poised for expansive growth in primary cities and resorts around the globe, and we're continuing to see increased interest among owners, especially around conversions."
Le Meridien has had more new hotel deals signed in the past year than in the previous four years combined.
Earlier this year, Le Meridien Hotels announced a growth pipeline of 10 new hotels and resorts expected to open by early 2014, including properties in Cairo, Chicago, Yixing (China), Zhengzhou (China), and Mahabaleshwar (India).
Additionally, as the Middle East and Africa region continues to evolve as an international business and leisure travel hub, Le Meridien brand this past March announced an investment totaling more than $200 million for the renovations of 12 hotels in the region.
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