Starwood Flourishes in Dubai
In order to expand its footprint in the Middle East region, Starwood Hotels & Resorts Worldwide Inc. (HOT) recently unveiled a Sheraton branded property in Dubai in collaboration with Majid Al Futtaim Properties. This new property named Sheraton Dubai Mall of the Emirates Hotel marks the opening of the 16th Sheraton-branded hotel in the Middle East.
The new hotel is strategically positioned at the Mall of the Emirates and is in proximity to the Dubai International Airport and is 20 minutes away from the Dubai World Trade Centre. Sheraton Dubai Mall of the Emirates Hotel will benefit hugely from its strategic location and will be an integral part of the retail business and entertainment activities.
The new hotel features 481 guest rooms with 94 suites and 9,000 square-feet of meeting space along with amenities such as restaurant, lounge, fitness and spa.
Owing to the saturation in the U.S market, major hoteliers are exploring growth opportunities abroad. Dubai is a strategic fit for new properties, given its promising growth opportunity and inspiring economic performance.
Earlier in March, Starwood transferred its headquarters from Stamford, CT to Dubai, UAE for one month. This was done with the clear intent of focusing more on Starwood’s growing international portfolio and exploring new development opportunities in the Middle East countries.
Commencing its journey in 1963, Starwood now owns 45 hotels in the Middles East with as many as 14 properties exclusively in Dubai. The company is expected to unveil six new properties in Dubai in the coming five years.
Starwood currently carries a Zacks Rank #3 (Hold). Some other hoteliers, which is going to perform well moving ahead, includes Home Inns & Hotels Management Inc. (HMIN), Choice Hotels International Inc. (CHH) and Intercontinental Hotels Group plc (IHG). Home Inns & Hotels Management carries a Zacks Rank #1 (Strong Buy) while both Choice Hotels and Intercontinental Hotels carries a Zacks Rank #2 (Buy).
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