Similar to its global expansion strategies, Hyatt Hotels Corporation (H - Free Report) is looking to expand its footprint domestically. The hotelier recently announced the opening of Hyatt Place Flushing/LaGuardia Airport. This marks the debut of the Hyatt Place-branded hotel in Queens, NY.
Connecticut-based Meyer Jabara Hotels will manage the Hyatt Place Flushing/LaGuardia Airport, while New York-based real estate development firm, F&T Group was in charge of its development. In fact, the hotel is part of a development project named One Fulton Square, comprising retail, hotel, office, and luxury residential condominiums, owned and developed by F&T Group.
The 168-room hotel is in close proximity to the LaGuardia Airport, one of the busiest airports in New York. The hotel will offer amenities like modern, fully-equipped gyms, yoga studio and a rooftop swimming pool. Also, there will be a savvy high-tech meeting space including a spacious gallery for guests to relax and hold casual meetings. We believe such facilities along with the location will draw both leisure as well as business travelers to the hotel.
In fact, Flushing is one of the most crowded downtown areas in New York City. Additionally, the thriving economy of the region has resulted in a rise in demand for tourism. Hyatt, in our view, is looking to tap in on that demand for hotels, both from international and domestic travelers.
Hyatt currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector include Wyndham Worldwide Corporation (WYN - Free Report) , Intercontinental Hotels Group plc (IHG - Free Report) and Marriott Vacations Worldwide Corp. (VAC - Free Report) . All these stocks sport a Zacks Rank #2 (Buy).