China Deal

<H1> China Deal</H1><I>Beijing </I>- ITT Sheraton is spearheading a major thrust into mainland China with freshly inked agreements to manage seven new properties plus a major stake in a Beijing hotel.

While major multinational hotel chains already have set foot in the world's largest emerging market, China for the most part has remained on the periphery of a hotel development frenzy that has engulfed its smaller neighbors to the southeast.

The hotels, which Sheraton spokeswoman Lisa Dickason described as primarily geared toward corporate travelers, will be located at commercial centers in Suzhou, Dongguan, Wuxi, Shenyang, Haikou and Guangzhou, a rapidly developing economic center. In addition, the chain will purchase a 31 percent stake-valued at $54 million-in the Beijing International Club from Hong Kong-based Sun Hung Kai Properties, Ltd. Sheraton currently has 33 properties in Asia, five of which are in China.