In collaboration with Granite Broadway Development LLC,
Marriott International, Inc.
) recently unveiled the tallest hotel in Manhattan, N.Y. in North
America. This 68 storey Marriot property is a combination of its
two brands, Courtyard and Residence Inn. Excluding offices or
residential space, this 230 meters long property cost the company
around $320.0 million.
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Located at 1717 Broadway, this dual branded property is managed
by Interstate Hotels & Resorts. The hotel is located close to
Central Park and Times Square, which makes it easily accessible
for both business and leisure travelers. It features a huge
meeting space covering 6000 square feet and a fitness centre.
The Courtyard branded hotel has 378 rooms that are located on
floors 6 to 33 and mainly target leisure and business travelers
with their modern designs. The Residence Inn has 261 suites that
are located on floors 37 to 65 and are meant mainly for guests
who stay for five nights and more. Residence Inn offers suites
with a kitchenette, a coffeemaker, a microwave oven and custom
This opening comes in the wake of rising demand for hotels in the
city, which hosted 54.3 million tourists last year. Per
Bloomberg, the city will likely have 55 million visitors in 2014.
Moreover, as per Smith Travel Research ("STR"), New York had the
highest occupancy amongst the 25 U.S. markets through Nov 2013.
This could well be one of the reasons for the company to choose
New York as the destination. Marriott has approximately 100
hotels across the U.S. and the company continues to explore
However, per STR, New York City hotels will witness a dip in
occupancies over the next couple of years owing to increasing
competition. Another hotelier keen on expanding in the New York
Hyatt Hotels Corporation
Marriott presently has a Zacks Rank #3 (Hold). Some better-ranked
stocks in the hotel industry include
Starwood Hotels & Resorts Worldwide Inc.
Wynn Resorts Ltd.
). Both these stocks hold a Zacks Rank #2 (Buy).