In a concerted endeavor to strengthen its Middle East as well as luxury brands portfolio, Starwood Hotels & Resorts Worldwide Inc. (HOT) is all set to introduce one of its high-end brands, W Hotels, in Israel. In this regard, Starwood will be launching W Tel Aviv – Jaffa in Jaffa, Israel in 2015.
RFR Holding will be the owner of W Tel Aviv – Jaffa while Ramy Gill Architects, Urban Designers and renowned British architect John Pawson will be engaged in designing the property.
Israel has been one of the world’s leading tourist destinations blessed with beaches and historical attractions. Nearly 3.5 million travelers visited Israel during 2012. Several other hoteliers including Wyndham Worldwide Corp. (WYN), Hyatt Hotels Corporation (H) and Marriott International Inc. (MAR) have considerable presence in this country. The tourism industry, which contributes about 6.4% of the GDP of Israel, is one of the country’s major sources of income. These factors justify Starwood’s decision of bringing its W Hotel brand to the country.
Strategically positioned near the port of Jaffa and the Mediterranean coast, the new hotel will be developed within a heritage building in Jaffa. W Tel Aviv – Jaffa is also in close proximity to Tel Aviv, a key economic and trading hub of Israel, which should boost business travel in the area.
Comprising 125 guest rooms and suites, W Tel Aviv – Jaffa provides a spectacular view of the Mediterranean Sea and signature brand amenities. The 4,000 years of Israeli history that Jaffa prides itself on, is another major attraction for the tourists.
Along with this, Starwood will also be developing an enclave with 38 six-storey apartments, The Residences at W Tel Aviv – Jaffa beside W Tel Aviv – Jaffa, and is also slated to open in 2015.
Commencing its journey in 1963, this Zacks Rank #3 (Hold) company now owns 45 hotels under various brands in the Middle East region. The company is expecting a 70% increase in its Middle East portfolio business in the coming five years. The emergence of the Middle East region as an international business hub as well as leisure travel destination encourages Starwood to focus on this region.
HYATT HOTELS CP (H): Free Stock Analysis Report
STARWOOD HOTELS (HOT): Free Stock Analysis Report
MARRIOTT INTL-A (MAR): Free Stock Analysis Report
WYNDHAM WORLDWD (WYN): Free Stock Analysis Report
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