WESTIN-SHERATON WORLD'S LARGEST HOTEL MERGER
Manila, Jan. 19, 1998 - As the Westin prepares for tomorrow's grand re-launching of the Westin Philippine Plaza Hotel, its headquarters announced acquisition of the Sheraton chain, making it the world's largest hotel merger.
The development brings together some 650 hotels and casinos in 70 countries.
Starwood, the biggest hotel operator in the United States, paid ITT $13.3 billion for the acquisition of the company's hotel operations, including control of the Sheraton's 424 hotels worldwide; Caesars, the leading gaming brand and ITT World Directories.
With the merger, besides Sheraton and Caesars, Starwood would control four other international brands: CIGA, Four Points, The Luxury Collection and Westin.
The Westin's key officials from its regional base in Singapore will lead corporate brass in unveiling the P1-billion renovations undertaken to keep the Westin Philippine Plaza at the top of Asia's hotel industry.
President Ramos will head Philippine officials at the relaunch, which will also be attended by Leyte Representative Imelda Marcos. As then First Lady, Mrs. Marcos was responsible for reclaiming the land from Manila Bay and for building the Philippine Plaza Hotel and the adjoining Philippine International Convention Center.
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