India’s new Prime Minister Narendra Modi pitched for big-ticket investments on his recent visit to the USA. As the world’s two largest democracies seek deeper economic collaboration, Starwood Hotels & Resorts is banking big on India. The hospitality group has announced that it will relocate its global headquarters from the US to India in March 2015 for a month-long immersion. Thanks to the buoyant stock market, it’s not just low value-added industries that are moving to India for pure labor arbitrage reason but India has emerged as the most attractive investment destination.
This is the company’s third leadership relocation after China (2011) and Dubai (2013). Starwood Hotels takes its customers very seriously. The company’s strategy to have makeshift headquarters helps it to cultivate a more global culture by understanding and leveraging a different societal perspective. This is why the giant hospitality group is not shying away from relocating its 200 top executives in Connecticut, nearly 8,000 miles and 10 times zones across to India.
In March, the company’s top executives will split their time between Mumbai and Delhi, conducting day-to-day business from this important global destination with immense potential for outbound travel. “With new travel patterns and increasing interconnectivity, South Asia has emerged as the world’s second fastest growing market for inbound tourist arrivals. India has also become one of the world’s fastest growing outbound travel markets, with a projected size of 50 million travelers abroad by 2020. The country will play an outsized role in global travel within the next decade and continues to be among the richest sources of new loyal travelers for Starwood,” the company said in a statement.
During the month, the team will travel to cities throughout India to meet with associates, customers, owners and perspective developers, including Bangalore, Chennai, Pune, Hyderabad, and Kochi, and also throughout South Asia to Nepal, Bhutan, Sri Lanka, Bangladesh and Maldives where Starwood is seeing many new growth opportunities unfold.
Starwood through the Sheraton brand entered India in 1973. It operates 40 hotels in India with another 36 hotels under development.
[Via – Market-Watch]