Global hoteliers are gradually expanding their footprint in the emerging markets of Asia to tap into the increasing demand for hotels in the region. In this regard, Hyatt Hotels Corporation (H) announced the debut of its Andaz brand in Japan, with the opening of Andaz Tokyo Toranomon Hills.
This is the 12th Andaz branded hotel globally and joins Park Hyatt Tokyo, Grand Hyatt Tokyo and Hyatt Regency Tokyo, reflecting the hotelier’s increasing presence in the growing Tokyo market.
Andaz Tokyo Toranomon Hills will occupy 47–52 floors of the 52-story Toranomon Hills tower — a progressive multi-use high-rise for high-end businesses. Located between the Tokyo Tower and Imperial Palace, the hotel offers easy access to major tourist attractions such as the Ginza shopping district among other attractions. In our view, proximity to the city’s important destinations will be a major crowd-puller for the hotel.
The 164-room hotel features an array of restaurants and a bar including the main dining venue, Andaz Tavern, which is located on the 51st floor and offers local as well as international cuisines.
The hotel also has a Rooftop Bar and an open-air, roof-protected terrace overlooking the Tokyo Bay. Additionally, the hotel offers venues for events, a modern Spa, and a fully-equipped 24-hour gym.
The Toranomon region has joined the race along with Otemachi and Marunouchi to become one of the most popular business districts of Tokyo. The drive to lift the ban on casinos and preparations for the 2020 Olympic Games are improving the business and economic scenario of the city, in turn, boosting domestic and international tourism. Occupancy rates for city hotels across Japan rose for to 75% in 2013 — the second year of growth —, according to the Japan Tourism Agency. In our view, Hyatt seeks to cash in on the high demand for hotels with its recent opening.
Hyatt currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector include Wyndham Worldwide Corporation (WYN), Hilton Worldwide Holdings Inc. (HLT) and Marriott Vacations Worldwide Corp. (VAC). All these stocks carry a Zacks Rank #2 (Buy).
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