Marriott International, Inc.’s MAR luxury brand, Ritz-Carlton, announced the debut of Ritz-Carlton Reserve property in the Middle East under the name of Nujuma.
Located in the Red Sea on the Ummahat Island, this 63 overwater and beach villa property offers single-to-three-bedroom accommodation, spacious living areas and private pools overlooking the sea. Moreover, the availability of a personal host at each villa, an elevated ring walkway, luscious mangroves and the exquisite marine ecosystem, especially the coral reefs, ensure a luxurious stay.
Furthermore, Nujuma offers a versatile portfolio of service offerings that emanate the essence of Saudi Arabian culture and traditions. The prime restaurants at Tabrah, Jamaa, Maia and Sita house diversified menu options and ensure that the guests are made aware of the generations of fishermen from the Umluj region. The Conservation House offers creative pursuits to expand knowledge and foster a sense of community, while the Neyrah Spa is dedicated to holistic wellness to rejuvenate the mind, body and spirit.
Marriott on an Expansion Spree
Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets, especially in Asia, Latin America, the Middle East and Africa. The company plans to significantly expand its global portfolio of luxury and lifestyle brands.
As of Mar 31, 2024, the company had a total of 8,861 properties (or 1,643,172 rooms) worldwide, up 6.1% year over year from 8,353 properties (or 1,534,072 rooms). During first-quarter 2024, Marriott added approximately 46,000 net rooms, including 37,000 rooms under its agreement with MGM Resorts International. As of the first quarter, MGM collection with Marriott Bonvoy has 16 properties in Las Vegas and other key cities of the United States.
At the first-quarter end, Marriott’s worldwide development pipeline totaled 3,419 properties, with nearly 547,000 rooms. Also, more than 202,000 rooms in the pipeline were under construction as of the end of Mar 31, 2024.
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Shares of this global hospitality company have surged 38.4% in the past year, outperforming the Zacks Hotels and Motels industry’s 31.8% growth. It is benefiting from solid leisure demand, and recovery in business transient and group demand accompanied by its focus on the compelling loyalty program, The Marriott Bonvoy.
Zacks Rank & Key Picks
Marriott currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Consumer Discretionary sector.
Strategic Education, Inc. STRA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
STRA has a trailing four-quarter earnings surprise of 36.2%, on average. The stock has increased 44.7% in the past year. The Zacks Consensus Estimate for STRA’s 2024 sales and earnings per share (EPS) indicates an increase of 6.4% and 33.3%, respectively, from the year-ago levels.
Netflix, Inc. NFLX presently sports a Zacks Rank of 1. NFLX has a trailing four-quarter earnings surprise of 9.3%, on average. The stock has hiked 65.2% in the past year.
The consensus estimate for NFLX’s 2024 sales and EPS implies a rise of 14.8% and 52.2%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. RCL currently sports a Zacks Rank of 1. RCL has a trailing four-quarter earnings surprise of 18.3%, on average. The stock has surged 87.1% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS implies growth of 16.6% and 61.9%, respectively, from the year-ago levels.
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Marriott International, Inc. (MAR) : Free Stock Analysis Report
Netflix, Inc. (NFLX) : Free Stock Analysis Report
Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report
Strategic Education Inc. (STRA) : Free Stock Analysis Report
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