NEW YORK– Steve Heyer, chief executive officer for Starwood Hotels & Resorts Worldwide, elaborated on the companys plans for its new select-service, lifestyle brand here at the New York University Investment Conference. During the CEOs “Check-In” session to kick off the conference, Heyer noted that the as-of-yet unnamed brand– commonly referred to as X,Y,Z in reference to being the companys W brand alternative– will be 100% new build and has been discussed with no less than a dozen developers. He also said he expects the brand to “exceed 100 hotels in a couple of seasons.” Estimating a development cost of $85,000 to $90,000 per key, he maintained the company is “moving from letters of intent to commitments.” Heyer explained the concept behind the brand. “Were looking to capture new category space that goes somewhere our research tells us that consumers are looking to go,” he said. He added that the typical guests will be “discerning, fun younger people from urban and suburban areas.”
