Wednesday, June 9, 1999 | 11:55 a.m.
Starwood Hotels & Resorts Worldwide Inc., the world's largest owner of hotels, plans to enter the time-share business through either an acquisition or a joint venture.
The company, which owns the Westin and Sheraton hotel chains, has decided it would take too long to build its own time-share business, said Juergen Bartels, chief executive of Starwood's hotel group. Time-shares are vacation condominiums that customers buy the right to use for a set period of time.
The White Plains, N.Y.-based company has said it will enter the time-share business, capitalizing on vacation resort land it owns and the names of its well-known hotel chains. Time-share sales are expected to grow as aging baby boomers spend more on travel and leisure.
Bartels said he would prefer to acquire a time-share operator, over a joint venture. He was speaking at the PaineWebber Growth & Technology Conference in New York.
Starwood has already agreed to establish a joint venture for one time-share project. It and Sun International Hotels Ltd. said last month they plan to build 350 time-share units at the Desert Inn casino resort in Las Vegas. Starwood is selling the Desert Inn to Sun International for $275 million.
Starwood, owner of Caesars Palace and other gaming properties, is selling its gaming unit to Park Place Entertainment of Las Vegas.
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