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Starwood (HOT) Opens New Tribute Portfolio Hotel in Florida

A Starwood Hotels & Resorts Worldwide, Inc HOT unit, Tribute Portfolio recently announced its plan of opening The Paramount, a Tribute Portfolio Hotel in Tampa. This property will be the fourth Floridian property under the Tribute Portfolio, the second collection of independent hotels of Starwood.

Situated close to the white sandy beaches of Tampa in the Westshore district, the hotel’s location is ideal for business travelers. It has upscale amenities and offers highly sought-after culinary experiences through Shula’s Steakhouse, thereby having the potential of becoming a preferred choice for leisure travelers too.

The hotel, previously known as the InterContinental Tampa under the InterContinental Hotels Group IHG, will open in November with 323 newly renovated guestrooms and suites and completely transformed meeting spaces, corridors and lobby. These renovations incorporate the indie essence of the location through indie design touches, an entirely new color palette, superior bedding and earth-toned window treatments.

These changes complement the renovations that the hotel had undergone in Jan 2016, whereby it added an extended bar area and communal tables throughout its lobby, for effortless business. The plan is to make the hotel the ultimate go-to location for corporate meetings and events in Tampa, given the city being recently named as one of the top 10 ‘best cities for young entrepreneurs’, putting it on the path of becoming a millennial business community.

The Independent Brand

The Tribute Portfolio brand that debuted in Apr 2015 with its first hotel in Miami, has now established itself internationally across diverse cities like London, Jakarta, Hokkaido, along with closer to home destinations like Las Vegas, Costa Mesa, Palm Springs. The brand plans to continue its strategy of expansion by entering cities like Denver, Nashville, Savannah, and many more. The strength of Tribune Portfolio hotels is their ability to uphold an independent spirit while benefitting from Starwood’s leading distribution network, loyalty and sales mechanisms.

Starwood Hotels Outlook

Starwood is one of the most sought after global brands and is constantly looking to expand its global presence. The company has entered into a definite agreement to be acquired by Marriott International, Inc. MAR, which is expected to close soon and will lead to the establishment of the world’s biggest hotel company.

However, lingering political uncertainties in Europe and some parts of Africa, as well as the economic slowdown in China, are expected to keep the top line under pressure. Operating margins are yet to reach the desired levels and the cost of operations is expected to rise as hoteliers are investing more in technology and renovation to keep up with the changing guest preferences. The company’s earnings and revenues are also expected to be negatively impacted by currency headwinds as the dollar continues to weaken.

Zacks Rank and Other stocks to consider

Starwood currently has a Zacks Rank #4 (Sell).

A better-ranked stock in the same sector is Marriott Vacations Worldwide Corp. VAC with a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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