{{HTR : Are you satisfied with the evolution of your portfolio in 2006 ?M. F. :}} Starwood is currently reviewing more than 400 opportunities in the active pipeline, amongst which half are in international locations. What I can say at present is that we are always on the look-out for right opportunities as we look for deals that make strategic and financial sense for us. We have a leading position in the upper upscale and luxury segments, and our global development group and brand teams are working together to extend this lead. We have a growing interest from partners for all Starwood brands. According to a recent research, those emerge as Number 1 overall in the upper-upscale and luxury development market, with 38% of the hotels and rooms in the pipeline today. Globally, we expect 2007 to be another great year with great perspectives for our company with the continuing efforts of our development and brand teams, the launch of two new brands - aloft and ELEMENT - and our emphasis on building relationships with the best international development partners. With our global presence, our industry-leading pipeline and our significant brand initiatives over last year, we are definitely turning Starwood from a cyclical real estate business into a leading global lifestyle brand company.Marco Ferrari :}} Our growth pipeline has been quite significant in 2006, with 156 new hotel management or franchise contracts globally. We are very proud of what Starwood accomplished in 2006 in the EAME Division, as we fully integrated Le Méridien hotels, acquired end of 2005, and we opened 15 new hotels last year, among which the famous Marquès de Risqual property designed by Franck O’Ghery. The overall allows us to offer now our guests a wider choice of destinations and true experiences with a total of 264 hotels in Europe, Africa and Middle East. From a development perspective, we signed 28 new deals in 2006, with fantastic additions to our entire brand portfolio for the next few years, which is very exciting. We have signed four W properties in Europe and Middle East (Istanbul, Athens, Dubaï and Doha). We also have great development plans for Le Méridien, Four Points by Sheraton, Sheraton, Westin and Luxury Collection brands in new destination such as St Petersburg, Aqaba – a great tourist destination in Jordan - and other great locations in Ireland, Turkey, Russia or Egypt.{{HTR : What is your strategy of development for future ?M. F. :}} Starwood is currently reviewing more than 400 opportunities in the active pipeline, amongst which half are in international locations. What I can say at present is that we are always on the look-out for right opportunities as we look for deals that make strategic and financial sense for us. We have a leading position in the upper upscale and luxury segments, and our global development group and brand teams are working together to extend this lead. We have a growing interest from partners for all Starwood brands. According to a recent research, those emerge as Number 1 overall in the upper-upscale and luxury development market, with 38% of the hotels and rooms in the pipeline today. Globally, we expect 2007 to be another great year with great perspectives for our company with the continuing efforts of our development and brand teams, the launch of two new brands - aloft and ELEMENT - and our emphasis on building relationships with the best international development partners. With our global presence, our industry-leading pipeline and our significant brand initiatives over last year, we are definitely turning Starwood from a cyclical real estate business into a leading global lifestyle brand company.
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