The U.S. travel and tourism industry witnessed growth in all major categories so far in 2015, reflecting a continuous rebound and strengthening of the economy. Major hoteliers like Marriott International, Inc. MAR, Hyatt Hotels Corporation H and Intercontinental Hotels Group plc IHG are looking to expand their domestic footprints to cater to this demand.
In this regard, Starwood Hotels & Resorts Worldwide Inc.’s HOT Sheraton Hotels & Resorts recently announced the conversion of a resort in Panama City Beach, FL. The resort, known as the Sheraton Bay Point Resort, was recently acquired by Bay Point Fund 8, LLC, an entity of CAI Investments, LLC. The property will undergo a $30 million makeover, before the mid-2016 opening, and be managed by Crescent Hotels & Resorts.
The overhaul is part of the Sheraton 2020 goal to make it one of the leading global hotel brands, which includes the addition of 150 hotels under the brand around the world by 2020.
The resort is located close to the beaches on the Gulf of Mexico, Gulf World Marine Park, Captain Anderson’s Marina, and the popular shops, restaurants and bars of Panama City Beach. It is also easily accessible from the Beaches International Airport and Fort Walton Beach Airport.
The 319-room hotel, located within a wildlife preserve on St. Andrews Bay, will undergo significant enhancements to the guestrooms and public spaces, restaurants, lounges and meeting spaces.
Post refurbishment, Sheraton Bay Point Resort will offer a number of indoor and outdoor options for meetings, as well as a variety of recreational services such as a private beach, outdoor pools, a variety of watersports, golf courses, golf and tennis clubhouse, and a luxury spa. The location of the hotel will likely attract both business as well as leisure travelers.
With the recent increase in occupancy rates due to the gradual economic recovery, hoteliers like Starwood are investing heavily to improve services and offer a better experience to guests, thereby expanding the customer base.
Further, Starwood is striving to develop a multi-channel approach with the help of technology to enhance their services. Additionally, hotel companies are engaging in extensive renovations to stay ahead of the ever-changing requirements of consumers.
Starwood currently has a Zacks Rank #3 (Hold).
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