CEOs of Big Hotel Chains Unfazed by China’s Slowing Growth | CNBC
China’s slowing economy isn’t deterring CEOs of the world’s biggest international hotel chains, who describe the Chinese market as the “most important in the world” and are keeping their aggressive expansion plans for the country intact.
Christopher Nassetta, CEO of Hilton worldwide, told CNBC that the company plans to more than quadruple the number of hotels in China over the next few years, after growing that number to 30 from just 5, four years ago.
“From an operating point of view, China continues to show great strength,” Nassetta said in an interview with CNBC Asia’s “Squawk Box” Wednesday. “So our expectation is: we will easily meet our goal of having another hundred hotels open and operating over the next few years.”
The CEO of rival Starwood Hotels and Resorts Worldwide [HOT 56.88 1.45 (+2.62%)], which run high-end brands including the Sheraton, W and St Regis, described China as “the world's first 5-trillion dollar economy” that is “sheepish about 8 percent growth.”
