In a bid to expand its Indian portfolio, Starwood Hotels & Resorts Inc.’s HOT subsidiary, St. Regis Hotels & Resorts, is set to foray into Mumbai with the launch of St. Regis Mumbai. The hotel, currently owned by Pallazzio Hotels & Leisure Ltd., is located in Lower Parel, less than half an hour drive from Chhatrapati Shivaji International & Domestic Airport terminals.
The luxury hotel, slated to open in the third quarter fiscal 2015, will be easily accessible from the main business center and the luxury retail shopping centre, Palladium.
The new 38 storey hotel with 386 guest rooms, including 60 suites, will offer an all-day restaurant, four specialty restaurants, a club lounge and three bars. The hotel will also offer a swimming pool, fitness center and a 5,200-square meter of event space including a 4,200-square meter ballroom for meetings and events.
The strategic location justifies Starwood’s decision to introduce this luxury hotel in the city. In addition, its location and amenities would attract business as well as leisure travelers. The company operates 43 hotels and has 37 in the pipeline. The company is set to debut more hotels across India over the next two years, including W Retreat & Spa Goa, The Westin Kolkata, Sheraton Hyderabad, Le Meridien Nagpur and Aloft New Delhi Aerocity.
Starwood is striving to capitalize on the improving economic prospects and supply shortages in the emerging markets and expand the St. Regis brand. The demand for luxury hotels has also escalated and St. Regis has tripled its global footprint over the last decade to 34 hotels and is set to open three more properties this year.
Starwood currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry are Civeo Corporation. CVEO, Marriott International Inc. MAR and Peak Resorts Inc. SKIS. All these stocks carry a Zacks Rank #2 (Buy).
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