Marriott International, Inc. ( MAR Quick Quote MAR - Free Report) recently announced the addition of Blue Diamond Resorts' Mystique Holbox by Royalton in Mexico to its Tribute portfolio. Following the announcement, shares of the company moved up 2.5% during trading hours on Mar 30. The company had entered into a collaboration with Sunwing Travel Group’s resort division, Blue Diamond Resorts for the expansion of hotels. Nonetheless, Mystique Holbox will join 19 other Blue Diamond Resorts properties in alignment with Marriott. Located in the Yum Balam Nature Reserve, the contemporary beach resort comprises 38 suites featuring amenities and two on-site restaurants. Also, it features nature-inspired design, secluded location and personalized service offers. Notably, the addition is a testament to Marriott’s unique, captivating design and vibrant social experiences offering. Meanwhile, Laurent de Kousemaeker, chief development officer of Marriott International, Caribbean and Latin America, stated, “We are thrilled to add Mystique Holbox by Royalton, the twentieth Blue Diamond Resorts property, to the Marriott portfolio. This exquisite boutique beachfront resort, which is located on the exotic Island of Holbox, is a perfect fit for our Tribute Portfolio brand.” Increased Focus on Expansion Bodes Well
Marriott is consistently trying to expand presence worldwide and capitalize on the demand for hotels in international markets. In 2021, the company anticipates net room growth in the range of 3-3.5%. The hotel company is also trying to strengthen presence outside the United States, especially in Asia, Latin America, Middle East and Africa. Meanwhile, the company’s European pipeline has grown consistently in the recent past and is expected to continue the same, going forward. Within Asia-Pacific, China promises immense growth potential despite the economic slowdown.
At the end of fourth-quarter 2020, Marriott's development pipeline had nearly 2,900 hotels, with more than 498,000 rooms. Further, nearly 229,000 rooms were under construction. In the past six months, shares of Marriott have gained 57.1% compared with the industry’s 44.1% growth.
Marriott — which shares space with
Hilton Worldwide Holdings Inc. ( HLT Quick Quote HLT - Free Report) , Extended Stay America, Inc. ( STAY Quick Quote STAY - Free Report) and Hyatt Hotels Corporation ( H Quick Quote H - Free Report) in the Zacks Hotels and Motels industry — has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 5G Revolution: 3 Stocks to Make Your Move
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