Starwood Element Enters Canada
Starwood Hotels & Resorts Worldwide Inc.'s (HOT) eco-friendly hotel brand, Element, recently debuted in Vaughan, Ontario. This Canadian property – christened Element Vaughan Southwest – is also the first Element branded property outside the U.S.
Element Vaughan Southwest’s proximity to Pearson International Airport positions it strategically for easy access to downtown Toronto. It features 152 guest rooms along with various other amenities such as outdoor pool, a bar, a fitness center and a 3,500 square feet meeting place. The hotel is likely to witness huge footfalls as it is well connected with various corporate hubs and social centers.
Starwood Hotels has engaged Atlific Hotels for the management of Element Vaughan. This is not Altific’s first job with Starwood. It has previously managed the operations of various Starwood branded properties in the Canada.
Starwood has six other brands in Canada, a popular tourist destination, and operates more than 60 hotels and resorts under those. The tourism industry is one of the country’s major sources of income. These factors justify this Zacks Rank #1 (Strong Buy) company’s decision to launch the Element brand in the country.
The Leadership in Energy and Environmental Design (:LEED) certified upscale, eco-sustained contemporary brand, Element, first appeared in 2008 with the launch of a property in Massachusetts, U.S. In its five-year journey, the brand has gained strength and popularity, thanks to guest satisfaction.
Currently, the brand boasts as many as 10 hotels across the U.S. and has nearly seven properties in the development pipeline. In late 2012, the company formed a deal with Bari Gruppe GmbH & Co. KG in an effort to expand the global presence of the Element brand. The new hotel will be unveiled in Frankfurt, Germany in Oct 2014, and mark the brand’s entry into Europe.
Some other companies from the leisure industry, which are likely to perform well, moving ahead, include Marriott International, Inc. (MAR), The Marcus Corporation (MCS) and Las Vegas Sands Corp. (LVS). All these companies carry a Zacks Rank #2 (Buy).
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