The Ritz-Carlton Hotel Company LLC, a wholly owned subsidiary of Marriott International Inc. (MAR - Analyst Report), recently completed a $2 million renovation of its iconic spa resort, The Ritz-Carlton Key Biscayne, Miami in Key Biscayne, Florida.
Under the remodeling project, the resort’s spa fitness centre and salon were upgraded. After the renovation, the hotel boasts a combination of modern elegancy with upscale spa facility, fine dining, cultural venues and a wide tennis court.
Ideally located on the banks of South Florida beach at Grand Bay Drive, The Ritz-Carlton Key Biscayne enjoys prime positioning. Founded in 2001, the property is in proximity to Miami’s Cosmopolitan Centre. Since its opening, the hotel has witnessed high footfall.
The island town of Key Biscayne being one of the prime destinations among leisure travelers, we believe the overhaul of this property is a strategic decision.
Over the past few years, most hoteliers across the globe are trying to boost guest satisfaction to remain competitive and strengthen their presence in the industry. Hence, brand conversion and remodeling have become a trend.
Marriott is comprehensively working on its assets to offer an enhanced and customized travel experience to its guests. Presently, several Marriott-branded properties are undergoing extensive renovation which will likely boost revenue per available room. Marriott is primarily focusing on reviving its older properties operating in dynamic markets in order to maintain consistency with the newer ones. This new restoration is in line with the company’s continued brand-revitalization initiative.
In late November, the Zacks Rank #2 (Buy) company decided to move ahead with an extensive renovation plan for Des Moines Marriott Downtown in Des Moines, Iowa. The makeover, worth approximately $2 million, is slated to be finished by 2014. Des Moines Marriott Downtown’s meeting space, restaurant and fitness center will undergo a complete renovation.
Other Socks to Consider
Other players in the hotel industry, which look attractive at current levels, include Home Inns & Hotels Management Inc. , Orient-Express Hotels Ltd. and Wyndham Worldwide Corporation (WYN - Analyst Report). While Home Inns & Hotels sports a Zacks Rank #1 (Strong Buy), Orient-Express and Wyndhamhold a Zacks Rank #2.