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A $30M Renovation for Detroit Marriott - Analyst Blog
Leading hotelier, Marriott International Inc. ( MAR ), has recently decided to go forward with an extensive $30 million makeover plan for Detroit Marriott at the Renaissance Center in Detroit, Mich. The venture will begin in Feb 2014 and is expected to be completed by 2015.
Ideally located on the banks of International Riverfront in downtown Detroit, the hotel enjoys prime positioning. Detroit Marriott is situated within the central tower of Renaissance Center, the tallest tower in Western Hemisphere. Since its opening, the hotel has witnessed high footfall.
Detroit has a flourishing business zone which in turn propels the hospitality sector. The property ensures easy access to Detroit Metro Airport and Windsor, Ontario. We believe these prospects have compelled Marriott to revamp the 70-story hotel.
To facilitate a smooth makeover, Marriott plans to accomplish the project in phases and keep the hotel operational throughout the renovation period. The program includes the remodeling of all 1,329 guest rooms as well as the inclusion of a 100,000 square feet meeting space geared toward attracting more business from meetings and conventions.
This restoration is in line with the company's continued brand-revitalization initiative. Marriott is comprehensively working on its assets to offer an advanced and customized travel experience to its guests. At present, several Marriott-branded properties are going through extensive renovation, which will likely boost revenue per available room once they are fully refurbished.
In a 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 has become a trend among the hoteliers, especially in the past couple of years. Many other major hoteliers such as Starwood Hotels & Resorts Worldwide Inc. ( HOT ), Hyatt Hotels Corporation ( H ) and InterContinental Hotels Group ( IHG ) have taken the same path.
HYATT HOTELS CP (H): Free Stock Analysis Report
STARWOOD HOTELS (HOT): Free Stock Analysis Report
INTERCONTL HTLS (IHG): Free Stock Analysis Report
MARRIOTT INTL-A (MAR): Free Stock Analysis Report
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