Starwood Hotels & Resorts Worldwide Inc. (HOT) has entered into an agreement with KFK Group – a real estate development firm – to open a hotel in Dallas, TX under the brand Westin. Located at One Main Place, the hotel will be managed by Starwood Hotels and is scheduled to be opened by Dec 2015.
Construction of the Westin Dallas Downtown hotel begun after the KFK Group acquired the one million square foot building in Mar 2014. The hotel will open as a part of an adaptive re-use project that will transform the landmark One Main Place complex into the city’s newest lifestyle development. The hotel featuring 323 guest rooms will have Starwood Preferred Guest executive lounge, boardrooms, meeting rooms with huge spaces, an indoor pool, a fitness center, restaurants and other Starwood signature amenities.
Located at the center of Dallas on both Main Street and Elm Street, this vertical mixed-use property will have a hotel entrance parallel to Elm Street. Also, its central location will be suitable for both business as well as leisure travelers.
Dallas is one of the fastest-growing cities in the country and tourism is booming as well, thereby justifying the company’s decision to open an upscale hotel in the region. Westin opened its 200th hotel worldwide in 2014 and demand continues to rise for this upper upscale brand owing to the success of its distinctive wellness positioning. The company is set to open its 125th hotel in North America and 50th in Asia.
Besides focusing on the lucrative domestic market, this Zacks Rank #3 (Hold) 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. Westin will also debut in Qatar with the opening of The Westin Doha Hotel & Spa – the brand’s fourth hotel in the Middle East.
Other hoteliers that are busy capitalizing on the growing prospects in the international markets are Marriott International, Inc. (MAR), Hyatt Hotels Corporation (H) and Wyndham Worldwide Corporation (WYN).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment