Starwood Hotels & Resorts Inc.(HOT) is set to expand its presence in India with the opening of a Le Meridien-branded property in Ahmedabad. The hotelier entered into an agreement with Seven Leisure Private Limited — one of the leading developers in India — to build its 3rd property in Ahmedabad.
The 200-room hotel, slated for a 2018 opening, will be located near the main business center and Sanand Industrial Estate, with an easy access to Gandhinagar Highway. The property will also be easily accessible to The Indian Institute of Management, Ahmedabad and the Gujarat University Convention and Exhibition Centre.
The new Le Meridien hotel will offer unbranded serviced apartments and Club07 as well as a fully-equipped recreational facility. Moreover, the hotel will feature the city’s largest convention center facility for meetings and events spreading across 74,000 square feet, restaurants and bar venues with all-day dining outlets, two specialty restaurants, a swimming pool and fitness center.
Ahmedabad, the textile hub of India is a burgeoning city with ample entrepreneurial spirit and industry friendly atmosphere. Moreover, the historical importance of the city and the Sabarmati Ashram attracts lots of tourists from all over the world. This justifies the hotelier’s return into the city for building third hotel in the city.
Starwood is striving to capitalize on better economic prospects and supply shortages in the emerging markets and expand its Le Meridien brand across India. It plans to unveil Le Méridien Delhi NCR, Noida in 2016 and three Le Méridien branded properties in Bangalore, Jaipur and Kochi are being refurbished. With increasing demand, the company aims to operate nearly 100 Starwood properties across India by 2015. The company’s mid-market brands — Four Points by Sheraton and Aloft — are also expanding their operations in India.
Starwood currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Civeo Corporation. (CVEO), Wyndham Worldwide Corp. (WYN) and Marriott Vacations Worldwide Corp. (VAC). While Civeo sports a Zacks Rank #1 (Strong Buy), Wyndham and Marriott have a Zacks Rank #2 (Buy).
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