Starwood Hotels & Resorts Worldwide, Inc. has entered into an agreement with JL Parramatta Pty Ltd for developing Four Points by Sheraton Parramatta in Sydney. The resort, which is situated at 89 George Street, is expected to open in 2018.
We note that the property will come up at a prime location in the Central Business District (CBD) of Parramatta. It will be close to Parramatta Station, the Parramatta River, Westfield Parramatta, Parramatta’s famous “Eat Street,” Riverside Theatre, Parramatta Stadium and Rosehill Gardens.
The resort will comprise 271 well furnished rooms, a spacious bar and lobby lounge equipped with a snack kiosk. In addition, the resort will also include a restaurant, an indoor swimming pool, a fitness center, and convenient parking facilities.
The property joins Starwood’s vigorous portfolio in the Pacific with 17 hotels in operation, which includes Four Points by Sheraton properties in Sydney, Brisbane and Perth.
With its strong presence, Starwood has become one of the most sought after global brands. The company is also assessing its opportunities in various untapped but highly populated emerging markets. The thriving economy in these regions and the proliferation of small and medium-size businesses are boosting business travel, thus enhancing traffic growth in its resorts. Moreover, the growing affluence and sophistication of city dwellers is fueling an uptick in spending on travel and other leisure activities.
Starwood expects 2016 to be strong in terms of openings and new deals, supported by arise in global travel demand and increasing discretionary spending.
Zacks Rank & Other Stocks to Consider
Starwood currently has a Zacks Rank #2 (Buy). Other stocks worth considering in the same sector include Intrawest Resorts Holdings, Inc. , China Belmond Ltd. and Royal Caribbean Cruises Ltd. (RCL - Free Report) . While Intrawest Resorts and China Belmond sport a Zacks Rank #1 (Strong Buy), Royal Caribbean carries the same Zacks Rank as Starwood.
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