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Starwood to Debut Tribute in California with Resort Launch

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Starwood Hotels & Resorts Worldwide Inc. 's HOT newest brand, the Tribute Portfolio, will debut in the Western Coastal region with the Riviera Palm Springs in California. The property, to be opened in Nov 2015, will be converted into a Tribute Portfolio Resort.

Located in the business district of Palm Springs, the Riviera Palm Springs is a popular choice among tourists. The hotel will undergo a revamp, including the addition of a pool bar, wedding pavilion and improved lobby.

The 398-room hotel features both indoor and outdoor meeting and event space. The resort also offers a fitness center, business center, three outdoor pools, and a spa with 18 treatment rooms. The hotel also has a restaurant with two general and two poolside bars.

With the recent increase in occupancy rates due to the gradual economic recovery, hoteliers like Hilton Worldwide Holdings Inc. HLT and Marriott International, Inc. MAR are investing heavily to improve services and guest experience, thereby increasing the customer base. Additionally, hoteliers are engaging in extensive renovations to stay ahead of the ever-changing consumer demand. In fact, hotels are striving to develop a multi-channel approach with the help of technology to make their services more consumer-friendly.

Starwood's second collection of independent hotels - the Tribute Portfolio - comes under the upper upscale category. The demand for such hotels has increased in the U.S., of late, with the gradual economic growth.

In the current economic cycle, hotels under the luxury, upper upscale and upscale chains have recovered occupancy levels more quickly and are witnessing better Average Daily Rate. In particular, luxury hotels and upper upscale hotels are anticipated to benefit from a gradual recovery in group activity and record higher occupancy rates. Thus, Starwood aims to grow the brand to 100 hotels by 2020, with locations in important markets globally.

Starwood currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the same sector is Extended Stay America, Inc. STAY with a Zacks Rank #2 (Buy).

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STARWOOD HOTELS (HOT): Free Stock Analysis Report

MARRIOTT INTL-A (MAR): Free Stock Analysis Report

EXTENDED STAY (STAY): Free Stock Analysis Report

HILTON WW HLDG (HLT): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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