Starwood Vacation Ownership recently announced plans for its first property in Latin America. The Westin Lagunamar Ocean Resort will also be the first vacation ownership project in Cancun, Mexico developed by a U.S. lodging company.

The project involves a renovation and reconstruction of the existing Sheraton Cancun. Guestrooms in the property's Tower Building will be renovated and will continue to operate as a hotel under the Sheraton brand. The property's Resort Building will be demolished, and 296 two-bedroom lock-off villas will be built in its place. The first phase of the project will be complete in 2007.

Starwood says it plans to develop additional properties in southeastern Mexico and throughout Latin America.

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