Extensive Agreement Will Promote Starwood's Premier Product Offering To
Despegar's Rapidly Growing User Base
WHITE PLAINS, N.Y., Oct. 3 /PRNewswire/ -- Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) announced today that Despegar.com Inc., the
leading travel website for Spanish and Portuguese users, has entered an
integrated marketing agreement with Starwood hotels. This agreement includes
numerous joint initiatives to promote all of Starwood's six brands --
Sheraton, Westin, St. Regis, The Luxury Collection, Four Points by Sheraton
and W hotels -- across the Despegar websites in Latin America, Hispanic (US),
and Spain. As part of the integrated marketing efforts, Despegar's sites in
Latin America will feature special fares for Starwood properties combined with
a variety of communication and advertising efforts.
"Given our historically strong position in the region and the success we
have experienced with on-line partners in the United States, we decided to
aggressively address E-travel in Latin America," said Jeff Karlson, Starwood's
Vice President, Latin America Division. "Despegar is the ideal partner for us
given the popularity of its brand, the growth of its user base and its overall
leadership in the region."
Despegar's recent $10.3 million dollar financing has allowed it to
continue to thrive despite the current economic environment. Despegar.com has
kept close reigns on its growth strategy meeting and exceeding sales
projections. Based on the company's 25% growth rate per month, Despegar.com
expects sales volumes to reach $80 million by the end of the year, with 40% of
those sales coming from its corporate travel service, Despegar Corporate. The
company expects to turn a positive cash flow by mid-2002.
"Through the partnership, Starwood will be able to benefit from Despegar's
extensive user base and reach, and jump-start their on-line efforts in the
region," said Federico Fuchs, Vice President of Corporate Development and
co-founder of Despegar.com. "An agreement with a premier travel supplier
like Starwood, underscores the strength and potential of E-Travel in Latin
America and the leadership that Despegar has been able to secure in the
region."
About Despegar.com
Despegar, which means "take off" in Spanish, is the leading online travel
site dedicated to Spanish and Portuguese-speaking communities worldwide.
Miami-based Despegar.com currently operates in nine countries throughout Latin
America, Spain and the U.S., employing more than 100 professionals.
Despegar.com offers travel-related services, including access to over
500 airlines, 50 major car rental companies, 50,000 hotels and hundreds of
vacation packages around the world.
Despegar Corporate (http://www.despegarcorporate.com) has launched its
Managed Travel solutions in Argentina, Brazil, Chile, Colombia, Mexico, the
U.S. and Spain. After six extensive months of needs assessment, product
development and testing, Despegar Corporate's booking tool now serves more
than 250 customers, establishing the company as a managed travel technology
pioneer in the region.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with more than 725 properties in 80 countries
and 120,000 employees at its owned and managed properties. With
internationally renowned brands, Starwood is a fully integrated owner,
operator and franchiser of hotels and resorts including: St. Regis, The Luxury
Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as
Starwood Vacation Ownership, Inc., one of the premier developers and operators
of high quality vacation interval ownership resorts. For more information,
please visit http://www.starwood.com
** Please contact Starwood's new, toll-free media hotline at
(866) 4-STAR-PR (866-478-2777) for photography or additional information.**
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
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Related links:
http://www.starwood.com
Company News On-Call:
http://www.prnewswire.com/comp/443150.html
CONTACT:
Katie Meyer, Vice President, Public Relations
of Starwood Hotels & Resorts Worldwide, Inc., +1-914-640-8247,
katie.meyer@starwoodhotels.com
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