Starwood Hotels & Resorts Worldwide Inc. (HOT) has signed an agreement with Silk Way Airlines LLC to open a Sheraton hotel in Azerbaijan. This marks Starwood’s debut in that country. Starwood plans to open more than 60 Sheraton hotels around the world over the next three years. The hotel will be located in Baku, the capital of Azerbaijan. Sheraton, Baku will feature 207 guest rooms including 14 suites along with other amenities and is expected to open its doors this fall. We believe Azerbaijan is a strategic fit for new hotels, as it is an important tourist destination and boasts of an abundance of natural resources. The hotelier is all set to tap the market, particularly because Baku is an oil-rich city. Its petroleum exports make it a large contributor
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