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Marriott (MAR) Debuts Luxury Collection Brand in South Korea

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Marriott International, Inc.’s (MAR - Free Report) Luxury Collection announced the brand’s debut in South Korea with the opening of Josun Palace, Seoul Gangnam.

It is situated in the most attractive and lively district and is close to shopping and entertainment centres of the city, including the COEX Mall and Apgujeong, Bongeunsa, a peaceful Buddhist temple, and Samneung Park, a UNESCO world heritage site.

The new 254-room hotel will provide magnificent views of the neighborhood of Seoul and will be offer all modern amenities. The super deluxe Josun Palace offers a five-storied food and beverage space, with a Cantonese menu and open view of the Eatanic Garden. The food space is open round the clock for breakfast, lunch and dinner offering multiple international cuisines. Additionally, there is an indoor swimming pool with the panoramic view of the Gangnam skyline and sophisticated guest rooms with a state-of-the-art fitness centre.

Josun Palace offers another all-purpose function space which consists of a huge hall with more than 300 seats for guests. It also has a Royal Chamber with 140 guest seats and a Private Chamber for medium-sized occasions accommodating around 110 people. Furthermore, Josun Palace provides a proper health care centre for the wellbeing of its guests and internal staff with UV-C sterilization machines in all rooms.

With respect to this, Rajeev Menon, president, Asia Pacific, Marriott International, has said “We are delighted to mark the milestone expansion of our Luxury Collection brand into South Korea with the opening of Josun Palace, a Luxury Collection Hotel, Seoul Gangnam.”

Continuous Expansion Bodes Well

Marriott is consistently trying to expand presence worldwide and capitalize on the demand for hotels in international markets. Moving ahead, the company plans to significantly expand its global portfolio of luxury and lifestyle brands. In April 2019, the company opened its 7000th property — the 27 storey St. Regis Hong Kong.

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. Despite the coronavirus pandemic, the company added approximately 63,000 rooms globally. In 2021, the company anticipates net room growth in the range of 3% to 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 going forward.

Shares of Marriott have gained 75.5% compared with the Zacks Hotels and Motels industry’s 58.2% rise in the past year.

 

Zacks Rank

Marriott Hotels — which shares space with Choice Hotels International, Inc. (CHH - Free Report) , Hilton Worldwide Holdings Inc. (HLT - Free Report) and Hyatt Hotels Corporation (H - Free Report) in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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