Marriott International, Inc.
) remains steadfast on its goal to expand its international
presence. The company's wholly owned subsidiary - The
Ritz-Carlton Hotel Company, L.L.C. - has signed an agreement with
Fast Consortium, a leading Asian residential apartment developer,
to develop a project which includes a Ritz-Carlton branded hotel
and residential apartments in Elizabeth Quay, Perth.
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The development project will include a 204-room hotel - The
Ritz-Carlton Perth - along with one, two and three-bedroom
residential apartments in two towers flanking the hotel. The
project will also include a ground floor retail area and
waterfront dining spaces.
The property, which marks the brand's debut in Perth, is located
in front of the scenic waterfront region of the city, and is in
close proximity to the Swan River, Kings Park and the Botanical
Additionally, the hotel is strategically situated in the
commercial and business district of Perth, at a stone's throw
from the Perth Convention and Exhibition Centre of Elizabeth
Quay. In our view, the upscale location and close proximity to
the major attractions will act as major crowd pullers for the
Australia: A land of Opportunities
The global hotel chain sees huge development opportunities in
Australia - one of the world's wealthiest countries. With a
limited supply environment, the country is set to witness a surge
in demand for luxury accommodation driven by a considerable
increase in the number of domestic as well as international
Australia's consistent GDP growth over the last few years
qualifies Marriott's decision to expand in the country. In fact,
Perth - one of the largest cities of Australia - remains among
the country's most buoyant economy and accounts for almost 50% of
all exports. Additionally, it serves as a major trade and
transportation hub. As a result, the city attracts both business
and leisure travelers which Marriott is seeking to capitalize on.
Apart from Marriott International,
Starwood Hotels & Resorts Worldwide,
) is also seeking to tap the rising demand for hotels in
Australia. In fact, earlier this month, Starwood unveiled its
mid-scale and contemporary lifestyle brand, Four Points by
Sheraton, in Brisbane.
Stocks to Consider
Marriott currently carries a Zacks Rank #2 (Buy). A better-rank
stock in the hotel industry is
The Marcus Corporation
), which sports a Zacks Rank #1 (Strong Buy). In the broader
leisure services sector, investors may consider
Wynn Resorts Ltd.
), which has the same Zacks Rank as Marriott.