Marriott International, Inc.MAR announced the opening of its new hotel under the Four Points brand in Cleveland, OH. The Four Points Cleveland Airport marks the brand's debut in Cleveland and fourth in the state of Ohio.
The property has been developed by NextGen Hotels and encompasses 147 guest rooms, flexible meeting space, a fitness center, a business center, an indoor heated pool and the brand's iconic Best Brews and BBQ restaurant. Moreover, the hotel is conveniently located in close proximity to the airport and downtown, and expects to meet mounting demand for premium lodging by both business and leisure travelers.
Four Points' popularity with travelers and flexible development options has now led to the brand having more than 200 hotels in over 30 countries. It is one of the 30 leading brands under Marriott's operation and is on track to expand its portfolio of rooms by nearly 60% in the next five years with new hotels strategically positioned in diverse locations across the world. In fact, there are over 20 hotels expected to open in North America itself by 2017 end.
Notably, after announcing the acquisition of Starwood Hotels & Resorts on Sep 23, Marriott has becomes the world's largest hotel company, spanning across 120 countries with over 6,000 properties. Shares of the company have gained over 22% since the date, while Marriott's peer group has gained less than 7% in the same time frame, depicting the positive effect of the acquisition.
Meanwhile, with the boost in the economy and an improvement in business and leisure travel, Marriott is well poised to grow in the near as well as long term. The company's significant international exposure and an aggressive buyback strategy add to the positives. Further, its investments in technology for hotel bookings would improve guest experience, thereby boosting occupancy.
However, revenue growth at Marriott might get restricted as lingering political uncertainty in key international markets and significant currency headwinds are affecting most of the hoteliers including Hyatt Hotels Corp. H , Hilton Worldwide Holdings HLT , Wyndham Worldwide Corp. WYN , etc.
Marriott currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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