Starwood Hotels & Resorts Worldwide Inc.
), is set to unveil a property under its largest luxury brand
Sheraton in Dohuk, Kurdistan Autonomous Region, Iraq in early
2014. In this regard, the hotelier partnered with Brilliant Role
Group's subsidiary Mase Co LLC.
This property - Sheraton Dohuk Hotel - will mark the entry of
Starwood-branded property in Iraq. We believe that this property,
boasting a total of 202 guestrooms and several other amenities,
will create a strong guest base, going ahead.
The country's emerging economy buoyed by its enormous oil
reserve and growing GDP caught the attention of the hotelier.
Apart from the Sheraton Dohuk Hotel, Starwood has three other
hotels in the pipeline in Iraq including Sheraton Erbil Hotel,
Aloft Erbil and Four Points by Sheraton Erbil, scheduled to be
opened in 2015.
Starwood has been focusing on the rapidly growing Middle East
markets for quite some time. Beginning in 1963, Starwood now owns
as many as 50 hotels in the region and is expected to add more
than 30 properties in the pipeline over the next few years.
As per the United Nations World Tourism Organization (UNWTO),
the number of tourists traveling to the Middle East is expected
to reach 136 million by 2020. The emergence of the region as a
business and leisure hub promises more growth opportunities for
the global hotel chain.
In its 70-years' journey, Sheraton, one of Starwood's
strongest brands, has gained strength and popularity owing to
guest satisfaction. The company is continuously trying to drive
the brand's potential and has invested $8 billion for its
worldwide expansion. This opening takes the company a step closer
to fulfilling its dream to operate 500 Sheraton properties by the
end of 2015.
Starwood currently retains a Zacks Rank #3 (Hold). Some
players in the hotel industry, which look attractive at current
Hyatt Hotels Corp
China Lodging Group, Limited
Marriott Vacations Worldwide Corp.
). All these stocks carry a Zacks Rank #2 (Buy).
HYATT HOTELS CP (H): Free Stock Analysis
STARWOOD HOTELS (HOT): Free Stock Analysis
CHINA LODGING (HTHT): Free Stock Analysis
MARRIOT VAC WW (VAC): Free Stock Analysis
To read this article on Zacks.com click here.