Starwood Hotels & Resorts Worldwide, Inc. (HOT), in keeping with its strategy to develop the Element-branded hotels in key international markets recently declared its plan to launch the brand in the Netherlands in Nov 2015. The hotelier has inked a deal with Bari Gruppe GmbH & Co. KG — a Munich-based company specialized in development, leasing and operating mid and upscale hotels in Germany and other European countries — to build the hotel in Amsterdam.
The 160-room hotel will feature one-bedroom suites offer amenities like spa, fitness center, two meeting rooms with modular furniture as well as a signature all-day dining restaurant and bar. The hotel will be located at Gelderlandplein in the Zuid area of Amsterdam. The hotel will form part of the rebuilt Gelderlandplein shopping centre and the adjacent Zuid As.
Kroonenberg Groep will build the hotel, in collaboration with Multi Vastgoed, and renovate the existing De Veldert office building transforming it into the hotel premises.
The Element brand, known for its sustainability and style, mainly caters to the value-conscious guests and strikes a balance between corporate and leisure travelers. The brand is known for its eco-friendly and sustainable designs, natural light and open spaces. Element is the first major hotel brand to embrace the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) standards. Launched in 2008, the brand has gained strength and popularity owing to guest satisfaction.
As part of its continued push to popularize the Element brand, the company is set to more than double the number of hotels in the next two years and cross 30 by 2017-end. Apart from Element Amsterdam, the brand will soon debut in other major travel markets like London and China. Other leading hoteliers Hyatt Hotels Corporation (H) and Marriott International, Inc. (MAR) are also consistently trying to expand their international footprint.
Starwood currently has a Zacks Rank #3 (Hold). A better-ranked stock in the same industry is Marriott Vacations Worldwide Corp. (VAC) sporting a Zacks Rank #1 (Strong Buy).
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