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 among hoteliers, especially in the past
couple of years. As part of its continued brand-revitalization
Starwood Hotels & Resorts Worldwide Inc.
) plans to bring one of its upscale brands, Le Méridien, to
Downtown Indianapolis, North America.
This property christened Le Méridien Indianapolis will mark
the brand's entry into Indianapolis, the capital of Indiana. The
hotel - a $9.5 million strategic renovation of the iconic hotel,
The Historic Canterbury Hotel in the heart of the city - is
scheduled for a Nov 2014 launch.
While Rockbridge will own Le Méridien Indianapolis, Azul
Hospitality will be engaged in managing the operations. The
renovated property will feature 100 guest rooms along with the
signature amenities of the brand. The hotel is just a few minutes
away from Indiana Convention Center and Indiana Statehouse.
Acquired in Nov 2005, the French brand - Le Méridien - rides
on a high growth trajectory and already has a global presence
with nearly 100 hotels spanning more than 40 countries. Well
known for its upscale hospitality, management sees the brand as a
lucrative addition to its luxury hotels. The brand has
considerable demand in the North American markets.
Currently, the Le Méridien portfolio is at its strongest and
continues to benefit from increasing popularity and deal
Over the past seven years, Le Méridien has undergone extensive
makeover and restructuring. The brand has eliminated more than 40
properties since Starwood acquired it, while another 25 hotels
underwent a facelift.
Currently, a few other Starwood-branded properties are
undergoing extensive renovation. In mid-Dec 2013, Starwood
unveiled a Westin-branded property in Portland, Maine following a
renovation of its landmark property - Eastland Hotel.
Several properties under
Marriott International Inc.
) are also undergoing extensive renovation, which will likely
boost revenue per available room once they are fully
carries a Zacks Rank #2 (Buy). Investors interested in the hotel
industry may consider stocks like include
Hyatt Hotels Corporation
Wyndham Worldwide Corporation
). All these companies carry a Zacks Rank #2 (Buy).
HYATT HOTELS CP (H): Free Stock Analysis
STARWOOD HOTELS (HOT): Free Stock Analysis
MARRIOTT INTL-A (MAR): Free Stock Analysis
WYNDHAM WORLDWD (WYN): Free Stock Analysis
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