Marriott International, Inc. ( MAR Quick Quote MAR - Free Report) continues to focus on expanding presence globally. The company recently announced the opening of its 70th property in the Japan — Aloft Osaka Dojima. Following this opening, the company has now 70 properties across 18 brands in 21 regions of the country, which includes cities like Tokyo, Osaka, Kyoto, Tochigi, Gifu and Wakayama. Moreover, Marriott announced it has 30 more hotels in the pipeline in Japan, out of which three hotels are likely to open later this year. Rajeev Menon, president, Marriott International Asia-Pacific (excluding Greater China) said, "We remain confident in the future of travel and look forward to welcoming both domestic and international guests with new and exciting travel choices when they are able to travel again.” The company also informed that ever since 2019, select-service brand category hotel openings have tripled. The brands in the category like Fairfield by Marriott, Courtyard, Aloft Hotels and Moxy Hotels, offers distinct value for travelers. Shares of Marriott have gained 6.3% so far this year compared with the industry’s growth of 4.4%. Image Source: Zacks Investment Research Robust Expansion Plan
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 global portfolio of luxury and lifestyle brands. At the end of first-quarter 2021, Marriott's development pipeline totaled nearly 2,825 hotels, with approximately 491,000 rooms. Further, nearly 222,000 rooms were under construction. In 2021, it anticipates net rooms 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 in the days ahead. Within Asia-Pacific, China promises immense growth potential. Meanwhile, as incomes rise, China's middle class is looking for higher quality products and elevated travel experiences. Notably, China is the largest source market for outbound travel now. Marriot, which shares space with Hilton Worldwide Holdings Inc. ( HLT Quick Quote HLT - Free Report) , Hyatt Hotels Corporation ( H Quick Quote H - Free Report) and Choice Hotels International, Inc. ( CHH Quick Quote CHH - Free Report) — carries a Zacks Rank #3 (Hold), at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
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