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Marriott (MAR) to Open 35 Luxury Hotels Worldwide in 2023

Marriott International, Inc. MAR has announced its plan to introduce more than 35 luxury hotels to expand its footprint in 2023. The company will open hotels from Kenya to Singapore and Japan to Mexico.

The company, which has roughly 500 luxury hotels and resorts in 68 countries and territories currently, has more than 200 luxury properties in the development pipeline.

Chris Gabaldon, senior vice president, luxury brands, Marriott International said, “As we grow our portfolio of luxury hotels and resorts in some of the most iconic and compelling destinations globally, our expanding footprint allows us to offer the transformative experiences that lead to a renewed sense of purpose and enhanced mental and physical well-being for the modern luxury traveler.”

EDITION, which has 15 hotels in its global portfolio, will have 21 total destinations by the end of next year. The brand’s next year openings include Rome, Riviera Maya at Kanai, Tokyo, Ginza, Singapore, Jeddah and Doha. On the other hand, The Luxury Collection's will open hotels in Turkey, Barbados, Japan, Mexico and Tbilisi, Georgia.

Shares of the company have gained 0.1% in the past year against the industry’s decline of 7.5%.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

Expansion Efforts Bode Well

This Zacks Rank #3 (Hold) company is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets. Moving ahead, the company plans to significantly expand its global portfolio of luxury and lifestyle brands.

During second-quarter 2022, the company announced an agreement with Vinpearl to open eight hotels in Vietnam. The deal is expected to add 1,700 rooms to the system.

At the end of third-quarter 2022, Marriott's development pipeline totaled 3,024 hotels, with approximately 502,000 rooms. Nearly 204,800 rooms were under construction. During the quarter, the company added 77 new properties (14,071 rooms) to its worldwide lodging portfolio.

In 2022, Marriott anticipates net room growth in the range of 3-3.5%. The company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, the Middle East and Africa. Meanwhile, the company’s European pipeline has grown consistently in the recent past and is expected to continue going forward.

Key Picks

Some better-ranked stocks in the Zacks Consumer Discretionary sector are Monarch Casino & Resort, Inc. MCRI, Hyatt Hotels Corporation H and Crocs, Inc. CROX.

Monarch Casino sports a Zacks Rank #1 (Strong Buy). MCRI has a trailing four-quarter earnings surprise of 9.1%, on average. The stock has gained 17.3% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for MCRI’s 2022 sales and earnings per share (EPS) indicates growth of 21.1% and 29.2%, respectively, from the year-ago period’s reported levels.

Hyatt currently has a Zacks Rank #2 (Buy). H has a trailing four-quarter earnings surprise of 652.3%, on average. The stock has increased 11.3% in the past year.

The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 92.2% and 121%, respectively, from the year-ago period’s reported levels.

Crocs currently has a Zacks Rank #2. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have plunged 40.1% in the past year.

The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 51.5% and 23.7%, respectively, from the year-ago period’s levels.

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