Starwood Hotels names Ukraine key emerging market

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KYIV, Ukraine – Ukraine is one of the key emerging markets for hotel business development, as stated in the recent press release by the international hotel chain Starwood Hotels & Resorts Worldwide Inc. Due to the upcoming economic boost, the company plans to expand its operations in CIS countries and open the Sheraton Kyiv Olympiysky hotel in Ukraine’s capital in 2013.

Starwood named Ukraine a key emerging market together with Russia and Tajikistan. The company stated that in the next couple of years more than 70 percent of economic growth in the world will be associated with the fast-growing emerging markets. Starwood would be focusing on expanding its operations in such countries.

In November, 2013 the company plans to open its first hotel in Kyiv – Sheraton Kyiv Olympiysky. The new 196 rooms venue will be located on Troyitska Square in front of the central sports arena of Ukraine – Olympiysky stadium, which recently hosted the EURO 2012 football championship. Notably, the first high-end hotel opened by Starwood in Ukraine was the Four Points by Sheraton Zaporizhzhia.

It’s been reported earlier that in preparation for the EURO 2012, Ukraine opened and renewed more than 290 hotels in four host-cities: Donetsk, Kharkiv, Kyiv and Lviv. One of Europe’s most important sporting events has attracted more than 1 million foreign visitors to Ukraine. Reportedly, fans have spent nearly $1 billion on hotels, transportation, food, entertainment and clothing. The country’s hotel industry saw an increase in business of nearly 30 percent with total revenues estimated at $4.5 million, reported China Daily.

Furthermore, the experts of the Knight Frank consulting company as well as global (43 countries) commercial and residential property provider predicted that by the end of 2012 the Kyiv hotel market would include such widely recognized international brands as Hilton, Renaissance Marriott & Radisson Blue Hotel. The overall amount of guest rooms and suites in the new hotels is expected to reach almost 600.