Sheraton Hotels & Resorts, part of Marriott International, Inc.MAR , unveiled its first Sheraton Grand hotel in West Africa.
The 269-roomed hotel is suitably located in Conakry's modish Kipe district and encompasses a fitness centre, an infinity pool and a Shine Spa. Overlooking a vast ocean, it also features many eating outlets, a huge meeting space, a lavishly appointed Grand Ballroom with state-of-the-art facilities and a fully equipped business center. The hotel is thus an exclusive option for extensive business meetings, large-scale social events or even smaller gatherings.
Along with marking Marriott's entry into Guinea, West Africa, The Sheraton Grand Conakry also joins a portfolio of over 35 Sheraton Grand properties worldwide, spanning across Istanbul, Dubai, Bangalore, Beijing and more.
Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in the international markets. Particularly, the company targets to expand its presence in Africa to 27 countries with over 200 hotels and around 37,000 rooms by the year 2025.
Notably, after announcing the acquisition of Starwood Hotels & Resorts on Sep 23, Marriott has become the world's largest hotel company, spanning across 120 countries with over 6,000 properties. Shares of the company have gained 20.3% since then, while Marriott's peer group gained 10.2% 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 adds to the positives. Further, its investments in technology for hotel bookings would also improve its guests' experience, thereby boosting occupancy.
However, revenue growth at Marriot might get restricted because of the lingering political uncertainty in key international markets and significant currency headwinds, which are affecting most of the hoteliers including Hyatt Hotels Corporation H , Hilton Worldwide Holdings HLT , Wyndham Worldwide Corporation 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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