In a bid to expand its footprint in the Middle East,
Marriott International, Inc.
), recently unveiled a Courtyard by Marriott branded
(upper-moderate scale, select-service brand especially designed
for catering to the needs of modern travelers) hotel in Riyadh,
Saudi Arabia. This new property named Courtyard Riyadh Diplomatic
Quarter marks the opening of the first Courtyard by Marriott
brand in Saudi Arabia and the fourth in the Middle East
Ideally situated in the Al Hada District, the Courtyard Riyadh
Diplomatic Quarter lies in proximity to Olaya, the leading
business district of Riyadh. Moreover, the hotel's proximity to
Diplomatic Quarter, which boasts foreign embassies and offices of
various famous international organizations, makes it a perfect
fit for business, administrative and financial activities.
We expect the strategic position, wide range of amenities
offered at the 286-room hotel and its contemporary ambience to
create a strong guest base, going ahead.
Commencing its journey in 1980, Marriott now owns 39 hotels in
the Middle East with as many as eight properties exclusively in
Saudi Arabia. However, other hoteliers including
Hyatt Hotels Corporation
Intercontinental Hotels Group plc
Starwood Hotels & Resorts Worldwide Inc.
) have also made their presence felt in the region.
Owing to the saturation in the U.S. market, major hoteliers
are exploring growth opportunities abroad. Marriott has a
substantial development pipeline in the Middle East and is poised
to benefit from the increase in demand for hotels in that region,
In the first quarter of 2013, Marriott witnessed an 11.2% rise
in its RevPAR in the Middle East and Africa region gaining from a
4.1% increase in occupancy. This Zacks Rank #2 (Buy) company is
now expecting to double its Middle East and Africa portfolio over
the next five years with greater focus on its Courtyard,
Residence Inn and Marriott Executive Apartments brands.
HYATT HOTELS CP (H): Free Stock Analysis
STARWOOD HOTELS (HOT): Free Stock Analysis
INTERCONTL HTLS (IHG): Free Stock Analysis
MARRIOTT INTL-A (MAR): Free Stock Analysis
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