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Starwood Hotels & Resorts to Bring Aloft on Palm Jumeirah

Zacks Equity Research
Updated

Starwood Hotels & Resorts Worldwide, Inc. HOT has announced that it will open a 192-room Aloft hotel on Palm Jumeirah in offshore Dubai.

The company has signed an agreement with Mr. Rashid Al Abbar. The Aloft Dubai, The Palm resort is scheduled to open in 2017.

UAE is regarded as a strong growth market in the Middle East. Further, there is tremendous demand for mid-market hotels in the region, thereby emphasizing the strategic importance of this deal.

Palm Jumeirah is the world’s largest man-made island. The Aloft resort will be situated on the right side of the Palm’s crescent. The resort will have complete beach access as well as 192 guest rooms, large walk-in showers plus other amenities. The resort will also ensure that its guests have a busy social scene regaled by a talented pool of musicians.

In 2009, Aloft made its debut in the Middle East with Aloft Abu Dhabi. The signing of Aloft Dubai, The Palm confirms the strategic growth of the brand. Seven more properties from the brand are planned to be introduced by 2019.

Starwood derives the majority of its revenues from its full-service, luxury/upscale brands, Aloft being one of them.

Starwood currently holds a Zacks Rank #5 (Strong Sell).

A couple of better-ranked stocks in the same sector are Intrawest Resorts Holdings, Inc. SNOW and Marriott Vacations Worldwide Corp. VAC. Both hold a Zacks Rank #2 (Buy). Another stock in the broader sector worth considering is Monarch Casino & Resort Inc. MCRI, with a Zacks Rank #2.

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MONARCH CASINO (MCRI): Free Stock Analysis Report
 
STARWOOD HOTELS (HOT): Free Stock Analysis Report
 
INTRAWEST RESRT (SNOW): Free Stock Analysis Report
 
MARRIOT VAC WW (VAC): Free Stock Analysis Report
 
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