In these competitive times, most hotel companies across the globe are trying to augment guest satisfaction and gain a better foothold in the industry. Hence, brand conversion and remodeling have become a trend among hoteliers, especially in the past couple of years. Following the trend, Wyndham Worldwide Corporation (WYN) has announced the opening of Shelborne Wyndham Grand South Beach in Miami Beach, FL, post renovation.
The property was formerly known as Shelborne South Beach hotel. Owned by Flag Luxury and the Galbut family, this 200-room hotel underwent a multi-million dollar renovation. This ocean front hotel features four on-site restaurants and bars, meeting spaces, a spa, a fitness center and other amenities.
Miami is one of the most populous metropolises in Southeastern United States after Washington, D.C. and is also one of the world's most popular destinations. The main portion of the city lies on the shores of Biscayne Bay that has several natural and artificially created barrier islands. Moreover, Miami is a commercial and financial hub and boasts a strong international business community. This justifies the company’s decision to renovate this hotel.
With the economy beginning to improve gradually, the U.S. hotel industry has started to grow. Wyndham continues to generate room-rate gains in the domestic upscale and midscale segments, given an increase in occupancy. The current opening would further expand its brand popularity.
Wyndham is also trying to expand its presence worldwide. Wyndham Grand’s properties are situated in some of the world's most popular travel spots, including Hawaii, Illinois, Qatar, Germany and China.
International expansion and renovation or remodeling are some of the key growth drivers for hoteliers. Some other hotels that are working on these lines include Starwood Hotels & Resorts Worldwide Inc. (HOT), Marriott International, Inc. (MAR) and Hyatt Hotels Corporation (H).
Wyndham presently has a Zacks Rank #3 (Hold).
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