Starwood Hotels & Resorts Worldwide Inc. plans to sell $2 billion to $3 billion worth of hotels in the next three years, according to Bloomberg News.
In an interview, CEO Frits van Paasschen told Bloomberg that Starwood is focusing more on fees than revenue from owning buildings and will be selling hotels in North America, Latin America and Europe.
The Stamford-based company owns the St. Regis, Sheraton and Westin hotel brands, among others.
Currently the company is on a mission to increase its hotel management revenue as a portion of total revenue to 80 percent from 25 percent five years ago. Management fees now make up about 60 percent of its revenue, according to Bloomberg.
The company has sold at least six properties in the United States in the past year, according to reports, including the recent sale of the Manhattan at Times Square Hotel.
