Casinos & Hotels
JW Marriott Opens Its Largest Hotel in North America
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The new hotel is big, but not too big. Of the 10 largest hotels in the world all have more than 3,800 rooms, and eight are located in Las Vegas, one is located in Macau and the tenth is in Malaysia. Nine of them include casinos. The world’s largest hotel is the MGM Grand in Las Vegas, with nearly 6,200 rooms.
Austin, home to the burgeoning South By Southwest tech conference and music extravaganza, is among the fastest growing cities in the United States. According to the hotel’s management, the new JW Marriott has already booked more than 435,000 room nights through 2021. While there is no casino gambling in Texas, the city is trying to pump up its convention business. The new hotel has the second-largest ballroom in the city and has already booked conferences by a stormwater management group, a business association and the South by Southwest Health and MedTech Expo.
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Marriott International stock closed at $79.39 on Friday, in a 52-week range of $50.52 to $79.61. The consensus price target on the stock is $78.29.
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