After investing $2.0 million on its renovation,
Starwood Hotels & Resorts Worldwide, Inc.
) recently opened a hotel in Jacksonville, Fla. under its popular
brand name Four Points by Sheraton. This is the second Four
Points hotel in Jacksonville. Earlier, the hotel was owned by
Oceanfront Lodging II Inc.
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Four Points by Sheraton Jacksonville features 72 suites with a
clear view of the Jacksonville Beach and the Atlantic Ocean; an
outdoor pool, a fitness center, a full-service dining, and a
meeting space spread over 1,800 square feet.
Currently, the company operates more than 175 Four Points hotels
in more than 30 countries. The brand has rapid growth potential
and is expected to grow approximately 40% in the next five years.
In fact, it has the second largest pipeline among all Starwood
brands. Moreover, the company plans to open its 200th property
under the Four Points brand in 2014.
Starwood is comprehensively working on its assets to offer an
advanced and customized travel experience to its guests. At
present, a few other Starwood-branded properties are also going
through extensive renovation. Recently, the company unveiled a
hotel in Portland, Maine under its brand Westin after investing
$50.0 million for renovation. The hotel is a strategic renovation
of a landmark property in the heart of the city. This hotel marks
the entry of the Westin brand in the state.
In these competitive times, most hotel companies across the globe
are trying to augment guest satisfaction and gain a better
foothold in the industry. Hence, brand conversion and remodeling
have become a trend, especially in the past couple of years.
Starwood has invested $1.0 billion in renovations and
Other hoteliers are also in the fray and are focusing on
renovation and refurbishment to attract customers. Recently, The
Ritz-Carlton Hotel Company LLC, a wholly-owned subsidiary of
Marriott International Inc.
), completed a $2 million renovation of its iconic spa resort,
The Ritz-Carlton Key Biscayne, Miami in Key Biscayne, Fla. Under
the remodeling project, the resort's spa fitness center and salon
The company presently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the hotel sector include
Home Inns & Hotels Management Inc.
Orient-Express Hotels Ltd.
), both with a Zacks Rank #2 (Buy).