Yahoo Finance Marriott (MAR) Inks Agreement to Expand Footprint in Vietnam
Marriott International, Inc. MAR recently reached an agreement with Vietnam's largest hospitality and leisure chain, Vinpearl. This agreement will help the company in increasing its rooms by more than 2,000 across eight hotels in the country.
Out of the eight hotels, six are conversions, which are likely to be included in the Marriot portfolio later this year. The company will debut the Autograph Collection Hotels brand in Vietnam, while other planned openings will be from brands like Marriott Hotels, Sheraton Hotels & Resorts, and Four Points by Sheraton.
Rajeev Menon, president, Asia Pacific (excluding Greater China), Marriott International, said, “With the country's solid foundation for a resilient economy, and continuous growth of its infrastructure especially in the tourism sector, we are confident this collaboration will enable us to better cater to our guests' needs.”
Marriot already has 10 hotels and resorts in Vietnam. Recently, the company has announced its plan to more than quadruple its portfolio in Vietnam with a signed pipeline of 30 hotels. Following the agreement with Vinpearl, the company's pipeline in Vietnam is nearly 40 hotels.
Shares of the company have decreased 5.6% in the past year, compared with the industry’s decline of 16.8%.
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Strong Expansion Plans
The Zacks Rank #1 (Strong Buy) 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. At the end of first-quarter 2022, Marriott's development pipeline totaled nearly 2,878 hotels, with approximately 489,000 rooms. Nearly 201,400 rooms were under construction. During the quarter, the company added 75 new properties (11,799 rooms) to its worldwide lodging portfolio. In 2022, Marriott anticipates net rooms growth in the range of 3.5-4%. The hotel company is 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.
Other Key Picks
Some other top-ranked stocks in the Consumer Discretionary sector are Civeo Corporation CVEO, Bluegreen Vacations Holding Corporation BVH and Funko, Inc. FNKO.
Civeo sports a Zacks Rank #1 at present. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have surged 48.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.
Bluegreen Vacations carries a Zacks Rank #2 (Buy). BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has appreciated 30.3% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels.
Funko carries a Zacks Rank #2. FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have increased 1.7% in the past year.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 26.8% and 31%, respectively, from the year-ago period’s reported levels.
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