In order to bolster its presence in U.S., Starwood Hotels & Resorts Worldwide Inc. (HOT - Analyst Report) has recently unveiled its first Aloft branded property, Aloft Cupertino in Cupertino, Calif. The opening also marked the third Aloft hotel in Calif.
Cupertino is home to leading information technology (IT) company, Apple Inc. (AAPL - Analyst Report) . Strategically positioned at North De Anza Boulevard in Cupertino, the new hotel is in proximity to City Center and Santa Clara University and various IT companies including Apple.
Management believes that Cupertino is a strategic fit for new properties as it is an important destination for the business travelers. With this new hotel, Aloft brand also debuts in the high-tech sector, Silicon Valley.
However, to tap the growing potential, many other hoteliers including Marriott International Inc. (MAR - Analyst Report) are also making its presence felt in Cupertino. As a result, this market is increasingly becoming competitive.
Coming to the brand, Aloft Cupertino will feature 123 guestrooms and a wide meeting space along with numerous other facilities. Shashi Corporation is the owner of Aloft Cupertino while Azul Hospitality Group is engaged in managing the operations of the hotel. Canyon Capital Realty Advisors (CCRA) acted as a loan provider of the property.
The lifestyle brand “Aloft” of Starwood has set a new trend in hotel designs. Currently, Starwood is operating 62 Aloft branded properties with 9,859 rooms worldwide. The company will introduce 24 new Aloft branded properties in U.S. by 2015. Earlier in March, the company opened a hotel named Aloft Miami Doral in Doral, Florida.
Starwood currently carries a Zacks Rank #3 (Hold). Another hotel stock worth a look is Choice Hotels International Inc. (CHH - Snapshot Report) , which carries a Zacks Rank #2 (Buy).