Marriott International, Inc.’s (MAR Quick QuoteMAR - Free Report) luxury brand Ritz-Carlton Reserve has revealed its new resort, Rissai Valley, in Jiuzhaigou, a valley on the edges of the Qinghai-Tibet plateau in China's Southwestern Sichuan province. The Jiuzhaigou Valley Scenic and Historic Interest Area is protected as a national nature reserve.

This 87-villa resort is nestled within the natural beauty the province has to offer, wherein the guests can enjoy the spectacular alpine mountains standing above a fairyland of forests, lakes, and waterfalls. The resort is close to Jiuzhai Huanglong Airport that has daily connecting flights from Chengdu, the capital of the Sichuan province.

The resort offers amenities like three dining restaurants that serve distinct cuisines, Lobby Lounge, Rissai Spa, Reserve Kids Club, and a picturesque garden along with an expansive infinity swimming pool.

Rissai Valley is the first Ritz-Carlton Reserve resort in China and is the sixth property of the luxury brand of Marriott. The company is optimistic about the debut of the resort and is eager to serve its guest among the exceptional natural beauty of the Sichuan province.

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Shares of Marriott have risen 18.6% year to date, outperforming the Zacks Hotels and Motels industry’s growth of 13%.

Marriott’s Expansion Initiatives

Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. The company plans to significantly expand its global portfolio of luxury and lifestyle brands.

At the end of first-quarter 2023, Marriott's development pipeline totaled 3,060 hotels, with approximately 502,000 rooms. Nearly 200,000 rooms were under construction. During the quarter, the company added 79 new properties (11,000 rooms) to its worldwide lodging portfolio. For 2023, the company anticipates net room growth in the range of 4-4.5% year over year. The hotel company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, the Middle East and Africa.

Also, Marriott is focusing on hotel conversion opportunities. During the first quarter of 2023, conversions represented nearly 30% of signings and 25% of hotel openings. The company stated that three of the seven hotels are conversions and are expected to open in 2023. MAR expects positive development trends to continue on the back of new development and multi-unit conversion opportunities.

Zacks Rank & Other Key Picks

Marriott currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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