Marriott International, Inc. (MAR - Free Report) plans to open a dual-branded hotelin downtown Denver, bringing together two famous European-inspired brands — Le Méridien and AC Hotelsby Marriott.
The development, featuring a 272-room Le Méridien Hotel and a 223-room AC Hotel by Marriott, is to be owned and managed by White Lodging Services Corporation. Located at the centre of the city’s business district and in close proximity to its art and cultural district with a few nearby sports venues, the development is a reflection of Marriott’s strong brand expansion initiative.
Notably, the AC Hotel by Marriott Denver Downtown will be the brand’s first property in Denver. The hotel features amenities catering to the artistic and aesthetic preferences of the guests. Le Méridien Denver Downtown, along with its aesthetic interior, also offers exquisite restaurant and bar facilities.
In addition to domestic markets, Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. Going forward, the company plans to significantly grow its global portfolio of luxury and lifestyle brands and targets net room additions of 6% in 2017.
In fact, with the acquisition of Starwood Hotels & Resorts on Sep 23, 2016, Marriott has become the world’s largest hotel company. Currently, it has more than 6,200 properties across 125 countries and territories. Post-acquisition, shares of the company have surged 54.2% while the S&P 500 index has gained 14.9% to date, depicting the positive effects of the buyout.
Moreover, with growing demand for business and leisure travel, we believe Marriott is poised to grow in the near as well as long term. Investments in technology for hotel bookings are likely to improve guest experience too, thus boosting occupancy.
However, lingering political concerns in key international markets along with currency headwinds remain concerns for Marriott as well as the other hotel chains like Hyatt Hotels Corporation (H - Free Report) , Hilton Worldwide Holdings (HLT - Free Report) and Wyndham Worldwide Corporation (WYN - Free Report) .
Nevertheless, this Zacks Rank #3 (Hold) company’s continual expansion efforts and an unmatched portfolio of lodging brands raise investors’ optimism in the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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