Leading global hotel chain,
Hyatt Hotels Corporation
), is consistently trying to expand its presence worldwide. In a
concerted effort to strengthen its portfolio in Africa, the
hotelier is trying to develop new properties in the country under
Recently, Hyatt has declared the launch of two properties
under Park Hyatt and Hyatt Regency brands in Tanzania, Africa. In
this regard, Hyatt has inked a management deal with ASB Holdings
Limited - a Dubai-based holding company. The two properties -
Park Hyatt Zanzibar and Hyatt Regency Arusha - are slated to open
for business in Jan 2014 and 2016, respectively.
Tanzania, with its natural and historical attractions, is
becoming one of the world's leading tourist destinations. Nearly
1 million tourists visited the country in 2012. These factors
justify Starwood's decision to expand in Tanzania.
Located on the Zanzibar City or Stone Town - a UNESCO world
heritage site - Park Hyatt Zanzibar is close to the seashore. The
hotel features 70 guestrooms along with other amenities.
Hyatt Regency Arusha is positioned at central Arusha in
northern Tanzania. Comprising 144 guestrooms, the hotel's
closeness to Tarangire National Park and Mount Kilimanjaro will
enable it to attract business as well as leisure travelers.
Africa tourism industry is a major revenue driver for many
nations of the continent. According to United Nations World
Tourism Organization (UNWTO), the tourism industry in Africa grew
at an average rate of 4% during the first half of 2013.
Presently, the company boasts six properties in Africa, of
which one is in Tanzania. Apart from the two openings, three more
properties - Park Hyatt Marrakech and Hyatt Place Taghazout in
Morocco, and Hyatt Dakar in Senegal - are in the company's
development pipeline. Both Park Hyatt Marrakech and Hyatt Place
Taghazout are slated for a 2014 opening, while Hyatt Dakar is
scheduled to open for business in 2016.
Africa has been among the key markets for another hotelier,
Starwood Hotels & Resorts Worldwide Inc.
), as well. The company currently has around 40 hotels in 15
Hyatt holds a Zacks Rank #2 (Buy). Some other hoteliers that
are going to perform well include
Intercontinental Hotels Group plc
China Lodging Group, Limited
). While Intercontinental Hotels carries a Zacks Rank #1 (Strong
Buy), China Lodging holds a Zacks Rank #2.
HYATT HOTELS CP (H): Free Stock Analysis
STARWOOD HOTELS (HOT): Free Stock Analysis
CHINA LODGING (HTHT): Free Stock Analysis
INTERCONTL HTLS (IHG): Free Stock Analysis
To read this article on Zacks.com click here.