Marriott International, Inc. MAR announced that its St. Regis Hotels & Resorts brand makes a debut in Jordan with the launch of St. Regis Amman. The hotel is situated in Amman's 5th Circle, in the district of Abdoun. Notably, this 16-storied, 260-roomed hotel embraces the sophistication and timeless heritage of the original St. Regis hotel in New York with Jordan's rich history, culture and tradition.
This St. Regis Hotels brand’s luxury hotel spiritualizes Bedouin-Jordanian culture including a vibrant mix of the sculpted rose stones of Petra and vast sandscapes of Wadi Rum's, providing exquisite experiences to its guests. The new property will also offer the unique Butler Service, which customizes each guest’s stay according to their tastes and preferences.
In the first six months (ended as of Jun 30, 2019) Marriott has opened 15 luxury hotels around the world and anticipates to open another 15 such properties before 2019-end.
Solid Expansion Strategy & Brand Position to Drive Revenues
In a bid to maintain its position as the fastest-growing global hospitality company, Marriott continues to expand its footprint. To this end, the company is consistently making investments in new locations for its various brands to meet the growing demand for its hotels both domestically and internationally.
Precisely, Marriott is a leading company in the luxury and lifestyle space, which includes brands that own more than 7,000 properties in 132 countries and territories.
At the second-quarter 2019 end, Marriott’s worldwide development pipeline totaled nearly 2,900 rooms and more than 487,000 rooms (of these nearly 213,000 rooms were already under construction). For2019, it anticipates 5-5.5% net room growth, which is likely to continue building economics, scale and consumer preference for its brands.
By 2020, the company aims to lead in the luxury and full-service segments in the region served, intends to have the largest portfolio in the upscale division and also win over millennials in the affordable lifestyle group.
Backed by solid expansion strategies and a strong brand presence, shares of Marriott have gained 20.2% so far this year compared with the industry’s 20.4% rally. Notably, the addition of St. Regis Amman is likely to help Marriott boost its overall revenues and witness increased revenue per available room (RevPAR) for its worldwide comparable system-wide properties.
In the second quarter, RevPAR for worldwide comparable system-wide properties increased 1.2% in constant dollars and 0.3% in actual dollars driven by a 1.1% improvement in average daily rate (ADR). Higher leisure transient demand in Europe, the Caribbean and South America, and the Asia Pacific regions helped Marriott to deliver impressive results.
Marriott, which shares space with Hyatt Hotels Corporation H, Huazhu Group Limited HTHT and Hilton Worldwide Holdings Inc. HLT in the Zacks Hotels and Motels industry, carries a Zacks Rank #3 (Hold). You can the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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