Starwood going ahead with $4 billion Sheraton overhaul

Starwood Hotels & Resorts Worldwide said on Monday it was moving ahead with a $4 billion overhaul of its Sheraton brand despite an economic slump that has spurred a sharp drawdown in travel spending. Like other hotel operators, Starwood has suffered from lower revenue per available room from the broad decline in leisure and business travel amid rising unemployment and political pressure on businesses to curtail corporate spending.

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