In order to capture the growing Chinese market opportunities, Marriott International Inc. (MAR - Analyst Report), is all set to unveil a Ritz-Carlton property in Tianjin, North East China in association with Tianjin Real Estate Development Management Group Co. Ltd. Christened as Ritz-Carlton, Tianjin, the new hotel is slated to open for business in mid-2013.
Strategically positioned beside the Haihe River, the new hotel lies in proximity to Beijing. Tianjin with the largest artificial deep-water port in China is well known for its economical, cultural and historical background. It was previously reputed to be one of the “'national central cities” by the Chinese Government.
Ritz-Carlton, Tianjin featuring 277 rooms and 53 suites, also has a meeting space covering an area of 1,625 square meters. The hotel also comprises four restaurants, swimming pool, spa and fitness center facilities. Tianjin Academy of Urban Planning and Design is engaged in designing the hotel.
China is keen to bring about a recovery in global tourism and eagerly looks forward to turning the country into the world’s largest travel destination by 2020. Marriot, in order to capitalize on that opportunity, seeks to double its presence in China in the next 3 years.
Washington-based Marriott International operates and franchises hotels and related lodging facilities worldwide under brand names such as Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites, Ramada International, and Bulgari.
The Ritz-Carlton now owns and manages 81 hotels in America, Europe, Asia, the Middle East, Africa and the Caribbean. Moreover, nearly 30 properties of Ritz-Carlton are currently under construction.
In December 2012, Marriott International’s subsidiary Ritz-Carlton declared that it would launch a new hotel, Ritz-Carlton, Chengdu, in Chengdu, South-West China. It is scheduled to be released in 2013.
One of the company’s peers Intercontinental Hotels Group plc. (IHG - Snapshot Report) already has a strong presence in the Tianjin region with its Crowne Plaza Tianjin Binhai hotel. Intercontinental Hotels carries a Zacks Rank #1 (Strong Buy).
Marriot International currently retains a Zacks Rank #4 (Sell). Hoteliers which are expected to perform well include The Marcus Corporation and Sands China Ltd. (SCHYY - Snapshot Report). All these stocks carry a Zacks Rank #1 (Strong Buy).