In the current competitive environment, 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 among hoteliers, especially in
the past couple of years.
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Following the trend,
Starwood Hotels & Resorts Worldwide, Inc.
) recently unveiled a hotel in Dominican Republic, part of the
Greater Antilles archipelago in the Caribbean region, under its
flagship brand Sheraton. This Sheraton Santo Domingo Hotel is
owned and managed by Hoteles Nacionales, which spent $12.0
million on renovation to offer Sheraton brand's signature
services and amenities.
Formerly known as Melia Santo Domingo, this property marks the
re-entry of the Sheraton brand in Dominican Republic. It will be
the third Starwood hotel in Dominican Republic after Four Points
by Sheraton Punta Cana Village (opened in 2012) and The Westin
Punta Cana Resort & Club (opened in Jan 2014).
This renovated property with scenic views features 255 guest
rooms and suites, a meeting space spread oven an area of 22,500
square feet, a casino, a pool, a spa, a fitness centre, and all
signature amenities of the brand. Moreover, it is located close
to the Colonial Center, the Las Americas International Airport as
well as other attractions of the region. The upscale location and
close proximity to major attractions will drive guest count.
Starwood Hotels is consistently trying to expand its global
presence. Recently, the company declared that it signed 152 hotel
management and franchise deals in 2013, reflecting an increase of
16% year over year. This is the company's highest number of hotel
signings in the past six years.
More than half of Starwood's properties are situated outside the
U.S., which give the company wide international exposure unlike
any of its peers. With the rise in global travel demand, Starwood
expects 2014 to be solid in terms of openings and new agreements.
The company will continue to concentrate on fast-growing areas
where demand is substantially high but supply remains limited.
Other hoteliers like
Marriott International Inc.
Hyatt Hotels Corp.
) are also focusing on domestic and international expansion in
order to withstand competition in the market.
Starwood currently carries a Zacks Rank #3 (Hold).
The Marcus Corporation
) is a better-ranked stock in the hotel industry with a Zacks
Rank #1 (Strong Buy).