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Starwood's (HOT) Element Brand to Foray into Detroit

Leading hotelier, Starwood Hotels & Resorts Inc. HOT announced that its Element Hotels brand will debut in Detroit. The hotel is slated to open in Jul 2018 and will be owned and developed by Metropolitan Hotel Partners, LLC.

Located in the 14-story Metropolitan Building, the hotel will comprise 110 rooms. These will be equipped with modern furniture, well equipped kitchens, and the signature Bed and modular bathrooms. Hotel amenities will include the Restore gourmet pantry, fast and free WiFi, bikes to borrow, a state-of-the-art 24-hour fitness center and an indoor swimming pool.

The Element brand mainly serves value-conscious guests and seeks to strike a balance between corporate and leisure travelers.

The hotel is close to Grand Circus Park and located in the heart of the City’s Entertainment District. The hotel will also offer easy access to Comerica Park, Detroit Metropolitan Airport (DTW) and Ford Field. City attractions like Greektown, the Detroit Opera House, Fox and Filmore Theatres, as well as Downtown Detroit’s popular restaurants and bars are also close by.

With the rise in global travel demand and increasing discretionary income of consumers, Starwood expects 2016 to be solid in terms of openings and new agreements. The company will continue to concentrate on the fast-growing areas where demand is substantially high but supply limited.

Starwood currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the same sector are Intrawest Resorts Holdings, Inc. SNOW, China Belmond Ltd. BEL and Marriott Vacations Worldwide Corp. VAC. While Intrawest Resorts and China Belmond sport a Zacks Rank #1 (Strong Buy), Marriott Vacations Worldwide has a Zacks Rank #2 (Buy).

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STARWOOD HOTELS (HOT): Free Stock Analysis Report
 
INTRAWEST RESRT (SNOW): Free Stock Analysis Report
 
BELMOND LTD (BEL): Free Stock Analysis Report
 
MARRIOT VAC WW (VAC): Free Stock Analysis Report
 
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