Yahoo Finance Hyatt (H) Expands in Rhode Island With New Hotel Opening
Hyatt Hotels Corporation H recently announced the opening of The Pell (a JdV by Hyatt) in Rhode Island. This modern bohemian designed hotel has been renovated at a cost of $9 million, in collaboration with architecture and design firms A4 Architecture and Stoa Design Collective.
Located in Newport, this Highgate-run property comprises 127 guestrooms, with 1,250 square feet of flexible meeting and event space. This apart, it comes with a range of amenities that include kitchenettes, restaurants, exercise facility and parking. The property is in proximity to several leisure attractions like Sachuest Beach, Third Beach, and Easton's Beach in Newport along with Newport Vineyards, Newport Mansions and Cliff Walk.
Concerning the opening, Graham Jones, GRJ LLC co-founder of The Pell, stated, "We are thrilled to finally be introducing The Pell, which is the first JdV by Hyatt hotel in Rhode Island, to the Newport market. We have put a lot of time, effort and love into this project and know The Pell will have an enormous impact in both Newport and Middletown."
More on Hyatt
Hyatt aims to differentiate its brands from one another by providing distinct travel experiences. Hyatt is also consistently trying to expand its presence worldwide and has expansion plans in the Asia-Pacific, Europe, Africa, the Middle East and Latin America. Expansion in these markets should help the company gain market share in the hospitality industry, thus boosting business.
During the fourth quarter of 2022, 57 new hotels (or 10,784 rooms) joined Hyatt's system. As of Dec 31, 2022, Hyatt executed management or franchise contracts for approximately 580 hotels (or 117,000 rooms).
Recently, the company announced its plan to expand Independent Collection brands’ footprint by 2025. By 2025, the company’s Independent Collection brands will have 11 new hotels in their portfolio. The company will open its first property in San Miguel de Allende, Mexico, and the first Hyatt-branded hotel in Helsinki, Finland.
Given the easing of travel restrictions in the Asia Pacific region and strong leisure travel demand, the company unveiled a robust pipeline of landmark luxury and lifestyle hotels. The company anticipates unit growth in 2023 to increase at approximately 6% on a net-room basis.
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Shares of Hyatt have increased 31.9% in the past six months, outperforming the Zacks Hotels and Motels industry’s growth of 17.7%.
Zacks Rank & Key Picks
H currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Here are some better-ranked stocks from the Zacks Consumer Discretionary sector.
Wynn Resorts, Limited WYNN currently has a Zacks Rank #2 (Buy). WYNN has a trailing four-quarter earnings surprise of 0.6%, on average. Shares of the company have gained 90.7 % in the past six months.
The Zacks Consensus Estimate for WYNN’s 2023 sales and EPS suggests growth of 45.5% and 123.5%, respectively, from the year-ago levels.
Ralph Lauren Corporation RL currently carries a Zacks Rank #2. RL delivered a trailing four-quarter earnings surprise of 23.6% on average. Its shares have rallied 28.9% in the past six months.
The Zacks Consensus Estimate for RL’s fiscal 2024 sales and EPS suggests growth of 5.5% and 14%, respectively, from the year-ago levels.
InterContinental Hotels Group PLC IHG currently carries a Zacks Rank #2. Shares of IHG have gained 37.1% in the past six months. The long-term earnings growth rate of the company is 13.6%.
The Zacks Consensus Estimate for IHG’s 2023 sales and EPS suggests growth of 9.8% and 16%, respectively, from the year-ago period’s reported levels.
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Intercontinental Hotels Group (IHG) : Free Stock Analysis Report
Hyatt Hotels Corporation (H) : Free Stock Analysis Report
Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report
Ralph Lauren Corporation (RL) : Free Stock Analysis Report
