Expansion in China, the world’s fastest-growing economy, is causing an urban lodging glut that’s spurring luxury chains including Starwood Hotels & Resorts Worldwide Inc. ’s St. Regis to head to areas as remote as Tibet.
The St. Regis Lhasa Resort, the first international luxury hotel in Tibet, opened yesterday, Xinhua News Agency said, citing Phil McAveety , Starwood Hotels & Resorts Worldwide Inc.’s chief brand official.
When Larry Robbins was a boy in the Chicago suburbs, his father, Sheldon, worked two jobs and wasn’t around much. If the young Robbins wanted to see him on weekends, he had to travel to Arlington Park, a nearby horse-racing track that his dad ran. During those Saturday visits, his father taught him how to handicap horses. One lesson: Know the horse and the race. Was the track dry or muddy? Did the horse win because he was fast or because the competition was lousy?
Starwood Hotels & Resorts Worldwide Inc., owner of the luxury St. Regis and W brands, fell to a three-month low after predicting earnings below analysts’ estimates as demand for rooms slows around the world.