Starwood's luxury brands have doubled in scale over the last five years and will continue to be a major growth area for the company, Frits van Paasschen, CEO of Starwood Hotels & Resorts Worldwide, told CNBC's "Squawk on the Street" Tuesday.
Starwood said Monday it will add
After the company announced a continued expansion of its luxury hotel portfolio, investors in the options market made bullish short-term bets on the company as Starwood shares neared two-year highs. According to OptionMonster, bullish option volume on Starwood was seven times its daily average compared to the past month, with calls outnumbering puts 9 to 1. Starwood shares were down slightly in morning trading Tuesday.
(Read More: Bulls Look for Fast Money in Starwood)