Bethesda, Md.-based leading hotelier
Marriott International Inc.
) recently completed the extensive makeover of its iconic hotel,
Norfolk Waterside Marriott in Norfolk, Va. The renovation, worth
approximately $4.5 million, started in Dec 2012.
To facilitate a smooth makeover, the hotelier carried out the
restoration process in three phases. Firstly, it revitalized all
397 rooms of the hotel followed by the renovation of the Piano
Lounge and lobby.
Ideally on the banks of Elizabeth River in Norfolk, the hotel
enjoys prime positioning. Located centrally in the historic
district, the property boasts an easy access to the Waterside
Convention Center, the Children's Museum of Virginia, Naval
Station Norfolk and Virginia Zoo.
Norfolk, the second largest city in Virginia, has a
flourishing business zone which in turn propels the hospitality
sector. The city being one of the prime destinations among both
the leisure and business travelers, we believe the overhaul of
this property is a strategic decision.
This renovation is consistent with the company's continued
brand-revitalization initiative. In order to boost its sales and
improve guest experience, the hotelier is diligently working on
its assets. Therefore, brand conversion and renovation have
become a trend.
The Zacks Rank #3 (Hold) company is primarily focusing on
renovating its older properties operating in dynamic markets in
order to maintain consistency with the newer ones. In September,
Chicago Marriott O'Hare hotel underwent a $40 million renovation.
The hotel which is in proximity to the O'Hare International
Airport, Donald E. Stephens Convention Center and downtown, has
witnessed high footfall for the last 50 years.
Other Stocks to Consider
Some other hoteliers which are going to perform well, going
China Lodging Group, Limited
Hyatt Hotels Corporation
Marriott Vacations Worldwide Corp.
). While China Lodging carries a Zacks Rank #1 (Strong Buy),
Hyatt Hotels and Marriott Vacations hold a Zacks Rank #2
HYATT HOTELS CP (H): Free Stock Analysis
CHINA LODGING (HTHT): Free Stock Analysis
MARRIOTT INTL-A (MAR): Free Stock Analysis
MARRIOT VAC WW (VAC): Free Stock Analysis
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