JW Marriott Hotels & Resorts brand, one of the world class
luxury brands of
Marriott International, Inc. (
, recently announced the opening of its debut hotel - Marriott
Essex House New York - in New York City. The hotel opening marks
Marriott's major achievement of re-adding the prestigious hotel in
its extensive luxury hotels portfolio.
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The hotel opening is at par with the company's recently signed
50-year management agreement with
Strategic Hotels & Resorts, Inc. (
to rebrand The Jumeirah Essex House under the JW Marriott brand.
Strategic Hotels has invested around $18.3 million towards
renovation and redevelopment, and for branding purposes of the
hotel. As a matter of fact, the hotel was previously owned by
Marriott from 1969 to 1985, before changing hands to a subsidiary
of Strategic Hotels.
Located on Central Park South in the midst of Midtown West,
509-rooms hotel is a 40-storey luxurious hotel property. The hotel
features world-class amenities for business and leisure travelers.
Since its inception in 1931, The JW Marriott Essex House New York
has been one of the most recognized and iconic hotel of New York.
JW Marriott brand consists of luxurious properties and distinctive
resort locations across the world. The brand, which mainly has
hotels in international locations, also has properties in major
U.S. states like California, Texas and Arizona. As of now, there
are 56 JW Marriott hotels in around more than 20 countries and
Marriott expects to expand the brand to 78 properties in 28
countries by 2015.
New York City, which is new to company's JW Marriott brand, already
boasts more than 100 Marriott branded hotels. With its flourishing
tourism industry, New York City welcomes around 50 million foreign
and American visitors each year. However, the company should be
wary of its competitors -- such as
Starwood Hotels & Resorts Worldwide Inc. (
-- which already have a strong presence of luxury brands in the
To beef up its portfolio with the addition of iconic hotels,
Marriott also recently inked a deal with
The Marcus Corporation (
to re-brand one of the oldest and most prominent hotels of Lincoln,
Nebraska -- The Cornhusker Hotel -- as 'The Cornhusker Marriott
The company is likely to release its third quarter 2012 earnings on
October 2, 2012. The Zacks Consensus Estimate for the third quarter
is pegged at 40 cents per share. We presently have a long-term
Neutral recommendation on Marriott. Also, it carries a Zacks #3
Rank (a short-term Hold rating).