Leading hotelier, Starwood Hotels & Resorts Worldwide, Inc. (HOT) recently announced that it is set to open a Aloft branded property in Sarasota, Fla. in Aug 2015, the first in the city and the seventh in the state.
Aloft Sarasota is jointly owned by real estate investment trusts, JWM One Palm Avenue, LLC and iStar Financial. Comprising 139 rooms, the hotel offers essential and exclusive amenities like a pool, a fitness center and a meeting space spread over an area of 610 square feet, which make it suitable for both leisure as well as business travelers. The hotel is very close to several popular sightseeing spots in the city.
With more than 75 hotels in 14 countries worldwide, the Aloft brand is in sync with the preference of modern travelers who seek a unique experience. Its affordable price point in the mid-market hotel category is another reason for its increasing popularity. Driven by rising demand, this brand is set to open its 100th hotel in 2014. Recently, Starwood announced that it will take the brand to Coral Gables in Jan 2016, which will be the eighth Aloft property in Florida.
With the rise in global travel demand, Starwood expects 2014 to be solid in terms of openings and new agreements. The company will continue to concentrate on fast-growing areas where demand is substantially high but supply remains limited.
On Jan 28, 2014, the company announced that it intends to open approximately 30 hotels in North America by the end of 2014, which mainly includes Four Points by Sheraton, Aloft and Le Méridien. In 2013, the company opened 33 new hotels and signed 52 new hotel deals in North America, with signings up 27.0% year over year.
The company presently has a short-term Zacks Rank #3 (Hold). Some better-ranked stocks in the hotel industry include Choice Hotels International Inc. (CHH), Hyatt Hotels Corporation (H) and Wyndham Worldwide Corporation (WYN). All these companies carry a Zacks Rank #2 (Buy).
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