Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Marriott International Inc    MAR

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Marriott International : actively pursuing more hotel projects in Cuba

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/19/2017 | 04:12am CEST

Aug. 19--Marriott International is still pursuing plans to renovate and manage the historic Hotel Inglaterra on the fringe of Old Havana and is actively looking for other hotel projects throughout Cuba.

"Marriott is about growth and being where customers want to travel," Tim Sheldon, Marriott International's president of the Caribbean & Latin American region, said in an interview with the Miami Herald. "Havana is a great place to start, but we are looking all over Cuba."

Cuba received 2.67 million international travelers during the first six months of 2017 and expects to eclipse last year's record 4.1 million international arrivals by year's end.

Without being specific, he said Marriott has a couple projects in mind in the Cuban market. It currently manages a Sheraton Four Points in Havana's Miramar section and hopes to begin renovations soon on the Inglaterra, a hotel that dates to 1875 and is located near the recently renovated Gran Teatro de la Habana.

For any new ventures, Sheldon said Marriott is "waiting for clarity from the current administration."

When President Donald Trump announced his new Cuba policy in June, he indicated that regulations would be drawn up that would prohibit most U.S. business with enterprises owned or controlled by the Cuban military and intelligence services. But the administration has said that companies that already have agreements with the Cuban government will be grandfathered into the new policy.

Marriott, which will have 240 hotels in the Americas by year's end, got its small Cuban hotel portfolio when it merged with Starwood Hotels & Resorts to form the world's largest hotel company. The merger closed last September.

Starwood became the first U.S. hotel company in more than half a century to strike a deal with the Cuban government. On the eve of former President Barack Obama's visit to Cuba in March 2016, Starwood announced it had signed deals to operate the Hotel Inglaterra and the Hotel Quinta Avenida, located on Havana's Fifth Avenue.

The Inglaterra, which is opposite Havana's Parque Central, had originally been scheduled to open under U.S. management on July 1, 2016, but Sheldon said the historic nature of the Inglaterra is making renovations more complicated. "We need to be sensitive to the historic aspects as we are updating to modern accommodations," he said.

Sheldon said Marriott personnel met with their Cuba counterparts to discuss renovations this week, "but we won't take over the hotel management until the efforts around the renovations are completed." That could take another six months or so, Sheldon said.

When it reopens, the 83-room Inglaterra, which is owned by Gran Caribe -- a Cuban state tourism company, will become part of The Luxury Collection. With luxury travel up 50 percent in the last five years, Marriott is particularly focused on its luxury brands in the Americas. It now has 42 luxury hotels in the region, Sheldon said.

The former Quinta Avenida opened as a Four Points by Sheraton in June 2016, making it the first U.S. hospitality brand to appear in Cuba in more than five decades. The hotel is owned by Gaviota, one of the Cuban military's hospitality brands.

The hotel in Havana's Miramar section has extensive grounds and a prime location that is favored by diplomats and business travelers. Sheldon said Americans comprise about 26 percent of the Four Points' clientele.

"That hotel is performing really well," said Sheldon. "It has good strong occupancy."

It's currently scheduled for a series of upgrades, including new paint, furnishing, bedding and linens, said Sheldon.

One advantage for American travelers is that they can book and pay for their reservations at the Sheraton Four Points online with credit cards issued by any U.S. bank.

When the hotel opened as a Four Points, guests were required to pay for any extras in cash. But Marriott says it will now accept cards issued by Stonegate Bank or National Bank of Puerto Rico for extra expenses incurred at the hotel. Although new rules issued during the Obama administration allowed U.S. travelers to use credit card issued by U.S. banks in Cuba, those are the only two U.S. banks that support such transactions.

Last year, Starwood also announced a letter of intent to operate a third property, the 19th century, colonial-style Hotel Santa Isabel, which is on the Plaza de Armas, as part of The Luxury Collection. But Sheldon was not specific about whether the Santa Isabel deal was still on the table. The hotel is owned by Habaguanex, which operates many businesses in Old Havana and was transferred in recent years to the military-controlled conglomerate GAESA.

Follow Mimi Whitefield on Twitter: @HeraldMimi

___

(c)2017 Miami Herald

Visit Miami Herald at www.miamiherald.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MARRIOTT INTERNATIONAL INC
08/19 MARRIOTT INTERNATIONAL : actively pursuing more hotel projects in Cuba
08/18 MARRIOTT INTERNATIONAL : Alibaba, Marriott announce joint venture to redefine tr..
08/17 INSIDER TRADING ACTIVITY MARRIOTT IN : MAR) – Insider Sold 8,400 shares of..
08/17 MARRIOTT INTERNATIONAL : Declares Quarterly Cash Dividend
08/17 ALIBABA : And Marriott International Announce Innovative Joint Venture To Redefi..
08/17 Top 10 biggest hotel companies in the world
08/16 MARRIOTT INTERNATIONAL : Forbes Names Marriott International One of the World's ..
08/16 Natixis Has Decreased Marriott Intl New (MAR) Stake By $24.55 Million; Tonix ..
08/15 INSIDER TRADING ACTIVITY MARRIOTT IN : MAR) – Insider Sold 30,000 shares o..
08/14 MARRIOTT INTERNATIONAL : and Alibaba Group collaborate to launch JV
More news
News from SeekingAlpha
08/17 MARRIOTT : The Largest Luxury Hotel Operator Will Play A Defensive Role In Your ..
08/17 Dividend Growth Stocks Going Ex-Div August 21-25th
08/17 PayPal Is A Buy At $60 - Cramer's Lightning Round (8/16/17)
08/10 Marriott declares $0.33 dividend
08/10 MARRIOTT : The Future Is China
Financials ($)
Sales 2017 22 305 M
EBIT 2017 2 509 M
Net income 2017 1 524 M
Debt 2017 7 813 M
Yield 2017 1,31%
P/E ratio 2017 24,48
P/E ratio 2018 20,80
EV / Sales 2017 1,99x
EV / Sales 2018 1,93x
Capitalization 36 508 M
Chart MARRIOTT INTERNATIONAL INC
Duration : Period :
Marriott International Inc Technical Analysis Chart | MAR | US5719032022 | 4-Traders
Technical analysis trends MARRIOTT INTERNATIONAL INC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 107 $
Spread / Average Target 9,1%
EPS Revisions
Managers
NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
Lawrence W. Kellner Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
MARRIOTT INTERNATIONAL INC18.57%36 508
HILTON WORLDWIDE HOLDINGS INC-25.17%19 796
ACCOR10.34%13 277
WYNDHAM WORLDWIDE CORPORATION26.65%9 941
INTERCONTINENTAL HOTELS GROUP PLC7.86%9 590
GENTING BERHAD--.--%8 668