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Starwood Hotels & Resorts plans to open 300 hotels

The Associated Press

Starwood Hotels & Resorts Worldwide Inc. plans to open 300 hotels in the next three to four years, many overseas.

The hotel and leisure company said Wednesday that it plans to double its Chinese properties to 100 hotels by 2012.

Many lodging operators have set their sights overseas during the economic downturn as they wait for conditions to improve in the U.S.

Starwood anticipates rolling out 80 to 100 more hotels this year, with the majority in Asia Pacific and other international regions. It plans to open more than 20 Chinese hotels this year.

Starwood expects to boost its hotel presence in India by 60 percent by 2012's end. It currently has 26 hotels in the country.

Starwood, whose brands include St. Regis, Westin and Sheraton, has 1,000 properties in nearly 100 countries.

The company's stock dropped 70 cents to $46.68 in afternoon trading.