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Marriott (MAR) to Expand Ritz-Carlton Reserve in Saudi Arabia
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Marriott International, Inc. (MAR - Free Report) recently announced an agreement with The Red Sea Development Company to open its first Ritz-Carlton Reserve branded hotel — Nujuma — in the Middle East region. The company anticipates opening the property in 2023.
Located on the west coast of Saudi Arabia (on Red Sea's Blue Hole cluster of islands), the resort will likely comprise 63 one-to-four-bedroom water and beach villas. It will come with amenities like spas, swimming pools, culinary venues, a retail area and a conservation center.
The company stated that the destination is expected to include 18 Ritz-Carlton Reserve branded residences. The regenerative tourism project will include development features such as an archipelago of more than 90 untouched natural islands, dormant volcanoes, sweeping desert dunes, mountains and wadis, and more than 1,600 cultural heritage sites.
Jerome Briet, Chief Development Officer, Europe, Middle East & Africa, Marriott International, stated, "We are thrilled to bring our most luxurious brand, Ritz-Carlton Reserve, and its exemplary experience to the Middle East. Perfectly situated on one of the most anticipated regenerative tourism projects in the world, the resort will blend seclusion and sophistication to provide a highly personalized luxury escape."
Increased Focus on Expansion Bodes Well
Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. Moving ahead, the company plans to expand its global portfolio of luxury and lifestyle brands. At the end of first-quarter 2022, Marriott's development pipeline totaled nearly 2,878 hotels, with approximately 489,000 rooms. Nearly 201,400 rooms were under construction. During the quarter, the company added 75 new properties (11,799 rooms) to its worldwide lodging portfolio.
In 2022, Marriott anticipates net rooms growth in the range of 3.5-4%. The hotel company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, the Middle East and Africa. The company’s European pipeline has grown consistently in the recent past and is expected to continue going forward.
Price Performance
Image Source: Zacks Investment Research
Coming to price performance, shares of Marriott have gained 5.7% in the past year against the industry’s fall of 9.9%. The company is benefiting from its focus on expansion initiatives, digital innovation and the loyalty program. Also, it is gaining from the reopening of the international borders and leniency in travel restrictions. Also, recovery in business transient and group demand bodes well. With global trends improving, the company expects the recovery momentum to continue in the upcoming periods as well. Earnings estimates for 2022 have increased in the past 30 days, depicting analysts’ optimism regarding the stock growth potential.
Civeo sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have increased 71.6% in the past year.
The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.
Funko carries a Zacks Rank #2 (Buy). FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have declined 29.9% in the past year.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 26.8% and 31%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has increased 20.6% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels.
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Marriott (MAR) to Expand Ritz-Carlton Reserve in Saudi Arabia
Marriott International, Inc. (MAR - Free Report) recently announced an agreement with The Red Sea Development Company to open its first Ritz-Carlton Reserve branded hotel — Nujuma — in the Middle East region. The company anticipates opening the property in 2023.
Located on the west coast of Saudi Arabia (on Red Sea's Blue Hole cluster of islands), the resort will likely comprise 63 one-to-four-bedroom water and beach villas. It will come with amenities like spas, swimming pools, culinary venues, a retail area and a conservation center.
The company stated that the destination is expected to include 18 Ritz-Carlton Reserve branded residences. The regenerative tourism project will include development features such as an archipelago of more than 90 untouched natural islands, dormant volcanoes, sweeping desert dunes, mountains and wadis, and more than 1,600 cultural heritage sites.
Jerome Briet, Chief Development Officer, Europe, Middle East & Africa, Marriott International, stated, "We are thrilled to bring our most luxurious brand, Ritz-Carlton Reserve, and its exemplary experience to the Middle East. Perfectly situated on one of the most anticipated regenerative tourism projects in the world, the resort will blend seclusion and sophistication to provide a highly personalized luxury escape."
Increased Focus on Expansion Bodes Well
Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. Moving ahead, the company plans to expand its global portfolio of luxury and lifestyle brands. At the end of first-quarter 2022, Marriott's development pipeline totaled nearly 2,878 hotels, with approximately 489,000 rooms. Nearly 201,400 rooms were under construction. During the quarter, the company added 75 new properties (11,799 rooms) to its worldwide lodging portfolio.
In 2022, Marriott anticipates net rooms growth in the range of 3.5-4%. The hotel company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, the Middle East and Africa. The company’s European pipeline has grown consistently in the recent past and is expected to continue going forward.
Price Performance
Image Source: Zacks Investment Research
Coming to price performance, shares of Marriott have gained 5.7% in the past year against the industry’s fall of 9.9%. The company is benefiting from its focus on expansion initiatives, digital innovation and the loyalty program. Also, it is gaining from the reopening of the international borders and leniency in travel restrictions. Also, recovery in business transient and group demand bodes well. With global trends improving, the company expects the recovery momentum to continue in the upcoming periods as well. Earnings estimates for 2022 have increased in the past 30 days, depicting analysts’ optimism regarding the stock growth potential.
Zacks Rank and Other Stocks to Consider
Marriott currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Civeo Corporation (CVEO - Free Report) , Funko, Inc. (FNKO - Free Report) and Bluegreen Vacations Holding Corporation .
Civeo sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have increased 71.6% in the past year.
The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.
Funko carries a Zacks Rank #2 (Buy). FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have declined 29.9% in the past year.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 26.8% and 31%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has increased 20.6% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels.