Bethesda, Md.-based leading hotelier Marriott International Inc. (MAR) recently completed the extensive makeover of its iconic hotel, Norfolk Waterside Marriott in Norfolk, Va. The renovation, worth approximately $4.5 million, started in Dec 2012.
To facilitate a smooth makeover, the hotelier carried out the restoration process in three phases. Firstly, it revitalized all 397 rooms of the hotel followed by the renovation of the Piano Lounge and lobby.
Ideally on the banks of Elizabeth River in Norfolk, the hotel enjoys prime positioning. Located centrally in the historic district, the property boasts an easy access to the Waterside Convention Center, the Children's Museum of Virginia, Naval Station Norfolk and Virginia Zoo.
Norfolk, the second largest city in Virginia, has a flourishing business zone which in turn propels the hospitality sector. The city being one of the prime destinations among both the leisure and business travelers, we believe the overhaul of this property is a strategic decision.
This renovation is consistent with the company’s continued brand-revitalization initiative. In order to boost its sales and improve guest experience, the hotelier is diligently working on its assets. Therefore, brand conversion and renovation have become a trend.
The Zacks Rank #3 (Hold) company is primarily focusing on renovating its older properties operating in dynamic markets in order to maintain consistency with the newer ones. In September, Chicago Marriott O'Hare hotel underwent a $40 million renovation. The hotel which is in proximity to the O'Hare International Airport, Donald E. Stephens Convention Center and downtown, has witnessed high footfall for the last 50 years.
Other Stocks to Consider
Some other hoteliers which are going to perform well, going ahead, include, China Lodging Group, Limited (HTHT), Hyatt Hotels Corporation (H) and Marriott Vacations Worldwide Corp. (VAC). While China Lodging carries a Zacks Rank #1 (Strong Buy), Hyatt Hotels and Marriott Vacations hold a Zacks Rank #2 (Buy).