Most hotel companies worldwide are trying to augment guest satisfaction and gain a better foothold in the industry amid stiff competition. Following the trend, Marriott International Inc. (MAR - Free Report) has entered into an agreement with Oberoi Realty, a consortium led by Oberoi Realty and Sahana Group to open a hotel in Mumbai, India under the Ritz-Carlton brand in early 2017.
This will be the first Ritz-Carlton in the city and the second in India. Recently, the company opened the first hotel under this brand in India in the city of Bangalore.
Located in Worli, this hotel will comprise 238 rooms and offer amenities like a bar, dining restaurants, spa and extensive meeting spaces for high profile events and weddings. Further, this luxury hotel with magnificent views of the Mumbai skyline will be in close proximity to major tourist and historic attractions and upscale shopping and dining locations. A building with 140 apartments will also come up adjacent to the hotel on the same premises.
Such a strategic location justifies the company’s decision to introduce this luxury brand hotel in the city. In addition, its location and amenities would attract business as well as leisure travellers.
Marriott International is consistently trying to expand its global presence. Recently, the company announced that it is set to expand its portfolio to 100 hotels under this brand by 2016 by adding 15 new hotels in both emerging as well as established destinations. Ritz-Carlton currently operates 85 hotels in the Americas, Europe, Asia, the Middle East, Africa and the Caribbean.
This Zacks Rank #3 (Hold) company is focused on expanding its footprint in international markets, especially in Asia, the Middle East, Europe, Australasia and the Indian subcontinent, which boast solid growth potential. The demand for hotels in the emerging markets is greater than in the U.S., and the pace of recovery is particularly fast in the underserved Asia-Pacific region.
Some better-ranked stocks in the hotel industry includeIntercontinental Hotels Group plc (IHG - Free Report) , Marriott Vacations Worldwide Corp. (VAC - Free Report) , Wyndham Worldwide Corp. (WYN - Free Report) .