Hotel business completely depends upon business travelers, but tourist traffic on the rise in India. As per the report presented by Equity master, there is need for more hotels in India. As a part of Global Expansion Programme, Starwood Hotels and Resorts is planning to introduce its recently launched Tribute Portfolio in India. Tribute Portfolio is Starwood’s 10th brand. It is also their second collection of independent hotels. To introduce and establish Tribute Portfolio in India, their team is in talking terms with hotels owners and developers in the country. The company is planning to establish 100 hotels by the 2020. Starwood CEO, Adam Aron has said that the Tribute Portfolio can either be managed or franchised, as per the preference.
Tribute Portfolio is one of luxury collection hotels of Starwood Group. The first Tribute Portfolio was launched in US at Royal Palm South Beach Miami on Thursday April 16, 2015. Starwood has various brands under its hospitality chain: St Regis, The Luxury Collection, W, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element. Tribute Portfolio would completely be a four star version of luxury collection. At present, Starwood has 1000 branded hotels.