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As a part of its continued brand revitalization initiative, Marriott International Inc. (MAR - Analyst Report) completed the extensive makeover of a Louisville property named Louisville Marriott Downtown under its Marriott Hotels & Resorts brand on Feb 8, 2013. The refurbishment, which costs approximately $6 million, was completed within a period of 53 days.
Marriott carried out the refurbishment project in association with White Lodging Services and RLJ Lodging Trust property. Zimmerman Weintraub Associates was involved in redecorating the interior of the 17-story hotel. Louisville Marriott Downtown’s all 616 rooms including 25 suites, lounge, pool, and spa as well as fitness center underwent a complete renovation.
Strategically positioned at the middle of the downtown on West Jefferson Ave, Louisville Marriott Downtown is in proximity to Louisville International Airport, Yum! Brands, Inc.’s (YUM - Analyst Report) KFC Yum! Center, and Churchill Downs. The hotel provides various amenities such as a meeting space, pool and restaurants including a café of Starbucks Corporation (SBUX - Analyst Report).
Although renovation work hurts near-term revenue but after the completion of the overhaul work, the existing properties are expected to bring back much more in terms of revenue. Marriott is comprehensively working on its assets to offer an upgraded travel experience to its guests. With this renovation, Marriott is expected to witness a rise in its traffic in its Louisville Marriott Downtown hotel.
Hotel companies across the globe have been diligently working over the last couple of years to augment guest satisfaction to uplift their positions in a cutthroat environment. Hence, brand conversion and remodeling have become the recent trend.
Marriott currently carries a Zacks Rank #3 (Hold). Another hotel stock worth a look is Home Inns & Hotels Management Inc. (HMIN - Snapshot Report) , which carries a Zacks Rank #1 (Strong Buy).