Starwood Expands Element in Miami - Analyst Blog
March 12 2014 - 5:45PM
Zacks
In order to boost its domestic portfolio, leading hotelier
Starwood Hotels & Resorts Worldwide Inc. (HOT)
is set to unveil its second Element branded hotel in Miami.
Christened Element Miami Doral, the hotel is slated to open in Jul
2015 as part of a dual-hotel development with Aloft Miami Doral,
unveiled in March last year. Aloft is Starwood’s mid-scale and
contemporary lifestyle brand.
The 139-room property, owned by Eurocon, LLC, will be located in
Doral, in north-central Miami. Situated at a stone’s throw away
from popular business and shopping hubs, the hotel will also be in
close proximity to major tourist attractions such as the Miami Zoo
and Miami Sea Aquarium. We believe the upscale and strategic
location of the property will act as major crowd-pullers for the
hotel.
Starwood’s Leadership in Energy and Environmental Design (LEED)
certified, eco-sustained contemporary brand, Element was launched
in 2008. In its six-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 Canada.
Further, the hotelier is developing one property each in Germany
and China under the eco-friendly brand. These hotels are slated to
be opened in 2014 and 2015, respectively.
The Element brand, known for its sustainability and style, mainly
caters to the value-conscious guests and strikes a balance between
corporate and leisure travelers. Therefore, Miami is an ideal
choice as it is an important corporate hub, with offices of the US
Federal Reserve Bank, US Southern Command as well as cruiser
company – Carnival Corp. (CCL). Additionally, the
city is also a popular tourism hub, with famous beaches, such as
the South Beach.
Starwood currently carries a Zacks Rank #3 (Hold). A
better-performing stock in the same sector is Marriott
International, Inc. (MAR), having a Zacks Rank #2 (Buy).
In the broader leisure services sector, investors may consider
Wynn Resorts Ltd. (WYNN), which sports a Zacks
Rank #1 (Strong Buy).
CARNIVAL CORP (CCL): Free Stock Analysis Report
STARWOOD HOTELS (HOT): Free Stock Analysis Report
MARRIOTT INTL-A (MAR): Free Stock Analysis Report
WYNN RESRTS LTD (WYNN): Free Stock Analysis Report
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