The Ritz-Carlton Hotel Company L.L.C, a wholly owned subsidiary of Marriott International Inc. (MAR), recently announced the reopening of its hotel The Ritz-Carlton, Montréal, following the completion of the $200 million renovation. The renovation at the Sherbrooke Street, Canada-based hotel involved addition of modern amenities to the exhaustive past glory of the hotel.
The Ritz-Carlton, Montréal, referred to as Canadian jewel of the storied Golden Square Mile, was founded in 1912. Located in the midst of downtown and financial district, the hotel is ideal for both business and leisure purpose. The newly renovated hotel embodies the combination of modern elegancy and historical legacy with the presence of upscale shopping, fine dining, cultural venues, and renowned nightlife under one roof.
The restoration involved the upgradation and preservation of the hotel building’s appearance, public spaces, the Lobby, the guestrooms, the Palm Court, the Oval Room, and others. Many decorative historical details have been retained like marble fireplaces in some of the suites portraying the splendid fusion of old and new. After the renovation, The Ritz-Carlton, Montréal comprises 129 renovated guestrooms and suites along with 46 new luxury residences. The Royal Suite of the hotel, spanning 4,700-square-foot, is the largest hotel suite in Montreal.
Management remains upbeat regarding the reopening of the hotel as they expect The Ritz-Carlton, Montréal to achieve the luxurious heights and to reinstate Montreal as the most preferred destination for both business and leisure tourists.
Recently, The Ritz-Carlton Hotel Company also announced the opening of The Ritz-Carlton, Okinawa, its first luxury resort in the tropical island of Okinawa, Japan. As of now, it operates 79 hotels in the America, Europe, Asia, the Middle East, Africa, and the Caribbean.
Based in Bethesda, Maryland, USA, Marriott is a leading lodging company having more than 3,700 properties in 73 countries and territories. It operates and franchises hotels under 15 brands including Marriott, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, and others. It also has licensed vacation ownership resorts under three additional brands: Marriott Vacation Club, Grand Residences by Marriott, and The Ritz-Carlton Destination Club.
We presently have ‘Neutral’ recommendation on Marriott, which holds a Zacks #1 Rank signifying a short term ‘Strong Buy’ rating. We have Zacks #2 (Buy) Rank for Starwood Hotels & Resorts Worldwide Inc. (HOT), a competitor of Marriott.
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