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Sheraton, the largest luxury brand of Starwood Hotels & Resorts Worldwide Inc. (HOT - Analyst Report) recently stepped into Memphis, Tenn. with the Sheraton Memphis Downtown Hotel. The hotel, a former downtown property, will undergo multi-million dollar renovation prior to its opening.

Sheraton Memphis Downtown Hotel will be owned by Host Hotels & Resorts, Inc. (HST - Analyst Report) and managed by Davidson Hotels & Resorts. As a matter of fact, the property was previously under the Marriott International, Inc. (MAR - Analyst Report) brand.

Strategically positioned at the 250 North Main Street, this 600-rooms hotel is a luxurious property which features 14,000 square feet of meeting space along with world-class Sheraton branded amenities for business and leisure travelers. The hotel provides easy accessibility to Beale Street, an important entertainment destination, and is in close proximity to Memphis International Airport (MEM).

Memphis is a key commercial hub and boasts offices of several renowned companies. Hence, we believe this Sheraton property will be highly beneficial for Starwood.

In its 70-years' journey, Sheraton, one of Starwood’s strongest brands, has gained strength and popularity, owing to guest satisfaction. The company is continuously trying to drive the brand’s potential and is investing $8 billion for its worldwide expansion. With this opening the company has moved a step toward fulfilling its dream to operate 500 Sheraton properties by the end of 2015.

Starwood currently carries a Zacks Rank #3 (Hold). Some other players in the leisure and recreational industry, which look attractive at current levels, include Hyatt Hotels Corporation (H - Snapshot Report) which carries a Zacks Rank #2 (Buy).

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