Starwood Hotels & Resorts Inc. is set to expand its presence in Thailand with the opening of Samui Resort in Thailand's second largest island - Koh Samui, under its Sheraton brand. It has entered into an agreement with TCC Hotels Group – one of the leading developers in Thailand – to renovate and convert Imperial Samui Beach Resort to the Sheraton Samui Resort. This conversion is expected to take place by Dec 2014.
This will be Starwood’s 7th property in collaboration with TCC Hotels Group after Le Meridien Angkor, Le Meridien Bangkok, Le Meridien Chiang Mai, Vana Belle, a Luxury Collection Resort, Koh Samui and The Westin Kuala Lumpur, a Royal Meridien Hotel.
Post renovation, this sea beach facing resort will feature 141 guest rooms, a swimming pool, a spa, a fitness center and a restaurant. The resort is close to the Koh Samui International Airport and easily accessible from places like Hong Kong and Singapore.
Sheraton Samui Resort will be Starwood's fourth property on Koh Samui island after the success of Vana Belle, A Luxury Collection Resort; Koh Samui, W Retreat Koh Samui, and Le Meridien Koh Samui Resort & Spa. Thailand is a well-known beach destination. It attracts travelers with its idyllic beaches, vibrant nightlife as well as world class shopping destinations. This justifies the company’s decision to further expand in the region.
Renovation or remodeling is one of the key growth drivers of companies in this space. Starwood is comprehensively working on its assets to offer an advanced and customized travel experience to its guests.
In fact, in these competitive times, most hotel companies across the globe are trying to augment guest satisfaction and gain a better foothold in the industry. Hence, brand conversion and remodeling have become a trend among hoteliers, especially in the past couple of years. Other hoteliers like Wyndham Worldwide Corporation and Marriott International, Inc. (MAR - Free Report) are also following the same trend.
Starwood presently has a Zacks Rank #3 (Hold). The Marcus Corporation (MCS - Free Report) is a better-ranked stock in the same sector with a Zacks Rank #1 (Strong Buy).