Starwood Hotels & Resorts Worldwide is moving its entire management to India for a month to be closer to its growing markets.CEO Frits Van Paasschen and his senior team would make India their base for a month to get a first hand experience of the country, which is expected to become its third largest market by revenue after China and US. Currently, India is Starwood’s fourth largest market after Canada. “We decided a year ago that we should spend time in markets that are becoming important to the chain’s growth,” Vasant M Prabhu, vice-chairman and CFO of Starwood Hotels, was quoted saying in a Times of India report.”Why sit in the US and look at the world from US, when 80% of the growth comes from outside the home country.” The brief relocation would be an annual affair as the leadership team wants to develop closer connect with significant growth markets like China, India and Brazil. Starwood’s leadership team is currently based in China and their next destination is likely to be India as they want to learn more about the world’s fastest growing economy. The HQ intends to spend time with the local team and build relationships with Starwood’s partners, property developers and customers, Prabhu was quoted saying.The report said Prabhu is the only Indian-born executive on the Starwood management board. Coming close to the target markets would help Starwood understand potential as well as the opportunities they throw up, for instance, budget hotels. “We looking at that business. We haven’t worked out any strategy. It is still early days. Something like budget hotels can be done only in two-three countries like China, India and Brazil,” Prabhu was reported saying.Starwood, operating in the premium segment, has 35 hotels in India currently. Starwood plans to operate 50 hotels in India by the end of 2012.
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