Marriott International today announced its transformation vision for Sheraton Hotels and Resorts, committing an estimated $500 billion dollars in renovations of hotels across the US.

Globally, 25 per cent of Sheraton hotels have committed to renovations with some already underway.

Marriott said hotel owners are already responding to the new vision with "optimism and energy".
 
“From the moment we closed the Starwood merger in late 2016, the revitalisation of Sheraton has been a top priority for our company,” said Arne Sorenson, president and CEO of Marriott International.  “We knew that the way to restore this incredible brand was focus and collaboration with our hotel owners. We wanted to build on Sheraton’s rich legacy of sitting at the heart of communities across the globe, but also to create a differentiated positioning and compelling proposition for our owners. With our Sheraton transformation plan, we’ve put together all of the pieces of the equation to work cooperatively with our owners to set this iconic brand on a new, disciplined and successful path. We are ready, our vision is clear and the energy is robust for Sheraton.”
 
Since joining Marriott International as part of the acquisition of Starwood Hotels and Resorts in September 2016, Sheraton has exited 6,000 rooms with another 2,000 expected to depart by the end of the year. During the same period, 5,000 rooms have been signed to the portfolio. Intent to recommend for the brand has already increased 2 points year-over-year and market share has grown for the first time in years. 

"Marriott International is well positioned to deliver a comprehensive strategy for Sheraton’s brand transformation and we already have great momentum. This is the first time in years that the brand has been above competitive benchmark in both rate and occupancy,” said Tina Edmundson, global brand officer, Marriott International. “We have improved brand standards, increased group bookings, and have ramped up our business engine over the last year as a first step in a multi-phase, multi-year plan, leveraging our experience in revitalising lodging brands.”
 
System wide, Sheraton generates $9.2 billion in property revenue globally. Sheraton’s portfolio currently consists of nearly 450 open hotels with 80 additional projects in the pipeline in 72 countries and territories. By 2020, the brand’s footprint is expected to expand to 90 countries. - TradeArabia News Service