The Ritz-Carlton Hotel Company, L.L.C., a wholly owned
Marriott International, Inc.
) has signed an agreement with Verny Capital - a leading
Kazakhstan-based private investment group - for developing The
Ritz-Carlton, Astana. The property, Ritz-Carlton's second hotel in
Kazakhstan, is scheduled for a 2017 opening. The first luxury
property under the brand was opened in Almaty in 2013.
The Ritz-Carlton, Astana will be the first international luxury
hotel in Kazakhstan's capital city of Astana. The hotel will be
located in the Talan Towers project, which also houses retail
space, offices and luxury apartments. The hotel will occupy 20
floors of the 27 storied building. The 157-room hotel will also
have restaurants, bars, business and meeting facilities, a modern
spa and fitness centre in addition to an indoor swimming pool.
In 1997, Kazakhstan's capital city was moved from Almaty to Astana,
located at the center of the Republic. Astana is a fast developing
city and boasts several spectacular urban design projects such as
public buildings, sports and tourism projects in addition to a
state-of-the-art transportation system.
Furthermore, the city will host Expo 2017 and construction has
already begun at the site of the event which will attract
participants from over 100 countries. We believe this international
event will increase the demand for luxury hotels in the city and
The Ritz-Carlton, Astana plans to cash in on the opportunity.
The consistent economic growth in the emerging markets and the
growing affluent middle class are driving both business and leisure
travel. Additionally, such events raise the profile of these
emerging markets for international tourists. Moreover, these events
encourage rapid investments in new hotels to support the inflow of
guests, thus raising brand awareness locally as well as
Marriott currently carries a Zacks Rank #3 (Hold). Better-ranked
stocks in the same industry include
Wyndham Worldwide Corp.
Marriott Vacations Worldwide Corporation
Hilton Worldwide Holdings Inc.
). All these stocks have a Zacks Rank #2 (Buy).
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