Companies are getting out and traveling in search of growth, Frits van Paasschen, Starwood Hotels & Resorts Worldwide president & CEO, told CNBC’s “Squawk Box” on Thursday.
"This is still a more travel-intensive global economy than we’ve seen before because of how connected people are and because of how businesses are spread to so many different markets around the world,” the StarwoodCEO said.
That has meant broad-based demand for hotel rooms from business travelers in industries ranging from professional services to technology, said van Paasschen, whose hotels include Sheraton and W.
“We’re seeing strength pretty much everywhere around the world with some softness in Western Europe and Argentina,” he said. (Related: Most Expensive Hotel Rooms).
“If you look at Africa and the Middle East, there’s much stronger growth than last year,” he added. “Latin America continues to grow, although not as strong as it was the year before.”