As part of its continued brand revitalization initiative, Marriott International Inc. (MAR - Analyst Report) recently completed the $40 million makeover of Chicago Marriott O'Hare.
Ideally situated at West Higgins Road in Chicago, Chicago Marriott O’Hare enjoys excellent positioning. The hotel which is in proximity to the O'Hare International Airport, Donald E. Stephens Convention Center and downtown, has witnessed high footfall for the last 50 years.
Chicago Marriott O'Hare’s all 470 rooms including suites, 6,400 square feet of meeting space, lounge, pool, lobby as well as the fitness center underwent a complete renovation. Since Chicago is one of the prime destinations for leisure travelers and business meetings, we believe the overhaul of this property is a strategic decision.
In order to offer improved travel experience and enhance its traffic, the hotelier is diligently working on its assets. At present, several Marriott-branded properties are going through extensive renovation, which will likely boost revenue per available room once they are fully refurbished. Marriott is primarily focusing on reviving its older properties operating in dynamic markets in order to maintain consistency with the newer ones.
In Aug 2013, the Zacks Rank #3 (Hold) company decided to go forward with an extensive $30 million makeover plan for Detroit Marriott at the Renaissance Center in Detroit, Mich. The project will begin in Feb 2014 and is expected to be completed by 2015.
Starwood Hotels & Resorts Inc. (HOT - Analyst Report), one of the leading players in the hotel industry, is also committed to refurbish most of its properties under its several brands including W, The Luxury Collection, Sheraton and Westin. These renovations aim at improving guest satisfaction and enhancing the hotel’s position in a cut-throat environment.
Some other hoteliers which are going to perform well, going ahead, include, Hyatt Hotels Corporation (H - Snapshot Report) and China Lodging Group, Limited (HTHT - Snapshot Report). Both the stocks carry a Zacks Rank #2 (Buy).