Marriott International, Inc. (MAR - Free Report) recently announced the addition of The Tasman, a Luxury Collection Hotel, Hobart in Australia, to its Luxury Collection portfolio. This marks the brand’s first property in the region.

Located on the island state of Tasmania (within the restored heritage area of Parliament Square), the property comprises 152 guest rooms and suites with amenities like a fitness center, dining spaces, lounge and event spaces (of 769 square meters). The property is in proximity to several leisure attractions such as the Salamanca Markets, St. David's Park as well as the historic Sullivan's Cove.

Concerning the opening, Rajeev Menon, president, Asia Pacific (excluding Greater China), Marriott, stated, "This marks a new milestone in the growth of The Luxury Collection and further diversifies our growing collection of hotels in the world's most desirable locations. We look forward to welcoming guests to experience this wonderful city."

Focus on Expansion

Marriott plans to significantly expand its global portfolio of luxury and lifestyle brands. At the end of third-quarter 2021, Marriott's development pipeline totaled nearly 2,769 hotels, with approximately 477,000 rooms. Nearly 206,000 rooms were under construction. During the third quarter, the company added 114 new properties (17,456 rooms) to its worldwide lodging portfolio.

Moving ahead, the company plans to open luxury hotels in iconic as well as developing destinations from Mexico to Portugal and Australia to South Korea. The hotel company is also trying to strengthen its presence outside the United States, especially in Asia, Latin America, Middle East and Africa. The company’s European pipeline has grown consistently in the recent past that is expected to continue, going forward.

Price Performance

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Coming to price performance, shares of Marriott have gained 18.5% in the past year compared with the industry’s 10.9% growth. The company is benefiting from its focus on expansion initiatives, digital innovation and loyalty programs. The company witnessed improved occupancies in Europe, owing to the reopening of international borders and easing of travel restrictions. Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets.

However, a resurgence in coronavirus cases in several parts of the world might hurt the company’s performance. Although RevPAR is improving sequentially, it is still well below the pre-pandemic level. Earnings estimates for 2022 have declined in the past 30 days, depicting analysts’ concern regarding the stock’s growth potential.

Zacks Rank and Stocks to Consider

Currently, Marriott carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Some better-ranked stocks in the Consumer Discretionary sector include Hilton Grand Vacations Inc. (HGV - Free Report) , Bluegreen Vacations Holding Corporation (BVH - Free Report) and Camping World Holdings, Inc. (CWH - Free Report) .

Hilton Grand Vacations sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 411.1%, on average. Shares of the company have increased 45.9% so far this year.

The Zacks Consensus Estimate for Hilton Grand Vacations’ current financial-year sales and earnings per share (EPS) suggests growth of 189.5% and 158.1%, respectively, from the year-ago period’s levels.

Bluegreen Vacations flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 695%, on average. Shares of the company have surged 131.6% so far this year.

The Zacks Consensus Estimate for Bluegreen Vacations’ current financial-year sales and EPS indicates a rise of 27.5% and 199.3%, respectively, from the year-ago period’s levels.

Camping World carries a Zacks Rank #2 (Buy). The company benefits from the launch of a fresh peer-to-peer RV rental marketplace and a mobile service marketplace. It has been investing heavily in product development.

Camping World has a trailing four-quarter earnings surprise of 70.9%, on average. Shares of the company have appreciated 43.2% so far this year. The Zacks Consensus Estimate for CWH’s financial-year sales and EPS suggests growth of 25.9% and 80.1%, respectively, from the year-ago period’s levels.

Marriott (MAR) Boosts Luxury Collection Line-up in Australia