In order to further ramp up its presence in Turkey,
Starwood Hotels & Resorts Worldwide, Inc.
) in association with its development partner Nisantasi Konaklama
ve Otel Hizmetleri A.S. (Demsa Group) will introduce a St. Regis
hotel in Istanbul in the first half of 2014. This will mark the
brand's debut in the country.
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St. Regis Hotels & Resorts, an upscale brand of Starwood,
keeps on providing unique experiences to travelers since it first
opened in New York over a century ago. Positioned in the heart of
the city, the St. Regis hotel is sure to generate immense
business. The property will feature 118 guestrooms, along with
several other amenities.
Turkey is a strategic fit for new hotels. It boasts incredible
landscapes and is bordered by four seas. As per Euromonitor, a
long coastline, natural beauty of the county and affordable
pricing of package tours have made it a popular tourist
destination. Also, the country has doubled its GDP profile during
the last decade. To tap the growing opportunity, Starwood is
expanding its footprint to most emerging cities of the country.
Istanbul -- the largest city in the country -- serves as a trade
and transportation hub and is famous for its historical
attractions. Therefore, the city is frequented by business as
well as leisure travelers. There are several infrastructural
projects in the pipeline in Istanbul, which include the world's
largest airport with an annual capacity of 150 million and the
Istanbul International Financial Center. All these prompted
Starwood to expand further in the region.
Starwood currently operates 9 hotels in Turkey, out of which 5
are Sheraton. There are also 4 other brands namely Aloft, W, Le
Méridien and Luxury Collection operating in the country. Taking
into account The St. Regis Istanbul, Starwood has 3 new openings
in the pipeline, of which one -- Sheraton Adana Hotel -- is
scheduled to open later this year.
Other Stocks to Consider
Starwood currently retains a Zacks Rank #3 (Hold). Some players
in the hotel industry, which look attractive at current levels
Hyatt Hotels Corp
China Lodging Group, Limited
Marriott Vacations Worldwide Corp.
), all with a Zacks Rank #2 (Buy).