Sheraton, the largest luxury brand of
Starwood Hotels & Resorts Worldwide Inc.
) recently stepped into Memphis, Tenn. with the Sheraton Memphis
Downtown Hotel. The hotel, a former downtown property, will
undergo multi-million dollar renovation prior to its opening.
Sheraton Memphis Downtown Hotel will be owned by
Host Hotels & Resorts, Inc.
) and managed by Davidson Hotels & Resorts. As a matter of
fact, the property was previously under the
Marriott International, Inc.
Strategically positioned at the 250 North Main Street, this
600-rooms hotel is a luxurious property which features 14,000
square feet of meeting space along with world-class Sheraton
branded amenities for business and leisure travelers. The hotel
provides easy accessibility to Beale Street, an important
entertainment destination, and is in close proximity to Memphis
International Airport (MEM).
Memphis is a key commercial hub and boasts offices of several
renowned companies. Hence, we believe this Sheraton property will
be highly beneficial for Starwood.
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 is investing $8 billion for its
worldwide expansion. With this opening the company has moved a
step toward fulfilling its dream to operate 500 Sheraton
properties by the end of 2015.
Starwood currently carries a Zacks Rank #3 (Hold). Some other
players in the leisure and recreational industry, which look
attractive at current levels, include
Hyatt Hotels Corporation
) which carries a Zacks Rank #2 (Buy).
HYATT HOTELS CP (H): Free Stock Analysis
STARWOOD HOTELS (HOT): Free Stock Analysis
HOST HOTEL&RSRT (HST): Free Stock Analysis
MARRIOTT INTL-A (MAR): Free Stock Analysis
To read this article on Zacks.com click here.