Ritz-Carlton, one of the world class luxury brands of Marriott International, Inc. (MAR - Analyst Report) , recently announced the opening of its debut hotel - The Ritz-Carlton Abu Dhabi, Grand Canal - in Abu Dhabi, UAE. The hotel opening marks a major achievement of Marriott, adding the prestigious hotel to its extensive luxury hotels portfolio.
Strategically positioned beside the Grand Canal, the new hotel lies in proximity to the popular tourist destination, Sheikh Zayed Grand Mosque. Marriott has chosen Abu Dhabi, given its economical, cultural and historical background. With its flourishing tourism industry, this city welcomes around 2 million visitors each year.
The Ritz-Carlton Abu Dhabi, Grand Canal, features 447-rooms along with 85 villas. The hotel also comprises ten restaurants, swimming pool, spa, and large meeting spaces.
Marriott’s Ritz-Carlton brand consists of luxurious properties and distinctive resort locations across 26 countries. As of now, The Ritz-Carlton owns and manages 81 properties worldwide with as many as nine hotels exclusively in the Middle East region.
Owing to the saturation in the U.S market, Marriott is now exploring new growth opportunities in the Middle East. Currently, Marriott is operating 39 hotels in the region.
Another hotel company Starwood Hotels & Resorts Worldwide Inc. (HOT - Analyst Report) also has a strong presence in the Middle East region. Commencing its journey in 1963, Starwood now owns 45 hotels in the region.
Marriott currently carries a Zacks Rank #3 (Hold). Some other hoteliers, which are going to perform well, moving ahead, include Home Inns & Hotels Management Inc. , and Intercontinental Hotels Group plc. (IHG - Snapshot Report) . Home Inns & Hotels Management carries a Zacks Rank #1 (Strong Buy) while Intercontinental Hotels has a Zacks Rank #2 (Buy).