Sheraton, the largest luxury brand of Starwood Hotels & Resorts Worldwide Inc. (HOT) recently stepped into Memphis, Tenn. with the Sheraton Memphis Downtown Hotel. The hotel, a former downtown property, will undergo multi-million dollar renovation prior to its opening.
Sheraton Memphis Downtown Hotel will be owned by Host Hotels & Resorts, Inc. (HST) and managed by Davidson Hotels & Resorts. As a matter of fact, the property was previously under the Marriott International, Inc. (MAR) brand.
Strategically positioned at the 250 North Main Street, this 600-rooms hotel is a luxurious property which features 14,000 square feet of meeting space along with world-class Sheraton branded amenities for business and leisure travelers. The hotel provides easy accessibility to Beale Street, an important entertainment destination, and is in close proximity to Memphis International Airport (:MEM).
Memphis is a key commercial hub and boasts offices of several renowned companies. Hence, we believe this Sheraton property will be highly beneficial for Starwood.
In its 70-years' journey, Sheraton, one of Starwood’s strongest brands, has gained strength and popularity, owing to guest satisfaction. The company is continuously trying to drive the brand’s potential and is investing $8 billion for its worldwide expansion. With this opening the company has moved a step toward fulfilling its dream to operate 500 Sheraton properties by the end of 2015.
Starwood currently carries a Zacks Rank #3 (Hold). Some other players in the leisure and recreational industry, which look attractive at current levels, include Hyatt Hotels Corporation (H) which carries a Zacks Rank #2 (Buy).
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