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With multinational hotel companies gearing up for the 2014 Winter Olympic Games and 2018 FIFA World Cup, as well as trying to cash in on rising domestic business and leisure travel, they face the Olympian task of beating both the clock and the competition to deliver new properties.

In a sign of that pressure, executives from Starwood Hotels and Resorts just announced that they will open a hotel in Sochi ahead of the Olympics in February 2014.