Starwood Hotels & Resorts Worldwide has launched the Tribute Portfolio, its 10th brand and second independent hotel collection.
“We believe Tribute Portfolio will be an exciting solution for hotel owners of distinct properties who wish to maintain their independent spirit, yet benefit from Starwood’s powerful distribution, loyalty, and sales platforms,” says Starwood’s interim CEO Adam Aron.
The new portfolio will consist of soft brand 4-Star hotels, the first of which, the Royal Palm South Beach owned by REIT Chesapeake Lodging Trust, will serve as the model on which future Tribute hotels are based. Properties in the pipeline include the Vandre Nouveau Hotel, located in Asheville, North Carolina, to open in 2017; the Noel Place Hotel in Nashville, to open in 2016; and two currently unnamed properties in Savannah, Georgia and Charleston, South Carolina.
“Nearly 50 percent of upper-upscale hotels in the U.S. are independent, and likewise, 60 percent of 4-Star hotels globally are not affiliated with a brand flag,” says Dave Marr, Starwood’s senior vice president of brand management for North America and global brand leader for Tribute Portfolio. “This provides Starwood with a vast landscape to grow Tribute Portfolio. In speaking with many owners, it is clear that they welcome the opportunity to partner with Starwood to enhance the performance of their independent hotels.”
Over the next five years, Starwood estimates adding upwards of 100 properties throughout North America and Europe to the portfolio.
