Most hoteliers across the globe are trying to augment guest satisfaction and gain a better foothold in the industry. Hence, brand conversion and remodelling have become a trend, especially in the past couple of years. Keeping with this trend, leading hotelier Starwood Hotels & Resorts Worldwide Inc. (HOT) recently announced that it is set to unveil a Aloft Inner Harbor Hotel in Syracuse, N.Y. The hotel is slated for a Jun 2016 opening.
The Inner Harbor Hotel will be owned by COR Development Company, which will redevelop the property for $350 million and transform it into a tourism destination. It will also involve development of educational facilities and several mixed-use complexes with office, retail and residential spaces. The new 30-acre waterfront hotel will be managed by Real Hospitality Group.
Accelerating demand for Aloft has fueled the brand's growth in global markets. This new Aloft Syracuse Inner Harbor has 132 rooms and also has signature bar, pool, fitness center, and a meeting space spread over an area of 690 square feet, which is suitable for both business meetings and social gatherings. Moreover, Aloft Syracuse Inner Harbor is located close to a major shopping and entertainment complex, Destiny USA, the NBT Bank Stadium and various other attractions of the region. The upscale location and close proximity to major attractions will drive guest count.
Starwood’s mid-scale and contemporary lifestyle brand, Aloft, has been riding on a high growth trajectory since its launch in 2008 and has already forayed into Europe, the Middle East, Latin America, India, Southeast Asia and China. Aloft is preferred by modern travelers who seek a unique experience at a reasonable price.
As part of its continued push to popularize its brand, the company is also set to introduce an Aloft-branded property in Secaucus, N.J in mid-2016. Another Aloft property will soon be unveiled in New Orleans in 2015.
Besides focusing on the lucrative domestic market, the company is consistently trying to expand its international footprint. More than half of Starwood’s properties are situated outside the U.S., which gives the company wide international exposure. Other leading hoteliers Hyatt Hotels Corporation (H) and Marriott International, Inc. (MAR) are also consistently trying to expand their international footprint.
The company presently has a Zacks Rank #3 (Hold). The Marcus Corporation (MCS) is a better-ranked stock in the same sector with a Zacks Rank #2 (Buy).
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