Marriott Bets on Symphony Park with First Las Vegas Dual-Branded Hotel
las Vegas,NV – October 26,2023 – Marriott International has expanded its footprint in Las Vegas with the opening of a unique dual-branded hotel in the burgeoning Symphony Park district. The AC Hotel by Marriott Symphony Park and Element by Westin Symphony Park, managed by Crescent Hotels & Resorts, officially opened its doors this week, offering a combined 441 guest rooms and marking the first non-gaming hotel in the area. Developed by Texas-based Jackson-Shaw, the property aims to be a key driver of continued growth for Symphony Park, located on the north side of the city.
This new venture arrives at a complex time for Las Vegas hospitality. While the hotel boasts “unmatched access to Las Vegas’ vibrant culture and entertainment,” recent data indicates a slowdown in tourism. Second-quarter earnings reports from major players like MGM Resorts International and Caesars Entertainment revealed revenue declines of 4% and 3.7% respectively,compared to the previous year.
executives at both companies attributed the downturn to a decrease in tourism, particularly from Canadian leisure travelers.This trend continued into July, with visitor volume to Las Vegas dropping a significant 12% year-over-year, according to the las Vegas Convention and Visitors Authority (LVCVA).
Despite the broader challenges facing the Las Vegas market, Crescent Hotels & Resorts remains optimistic about the hotel’s potential. The dual-brand concept – combining the modern, European style of AC Hotels with the eco-conscious, extended-stay focus of Element by Westin – is designed to appeal to a diverse range of travelers. The location in Symphony Park, a developing urban district, further positions the hotel to capitalize on future growth and offer a different experience than the traditional Strip-focused offerings.
Key Takeaways:
* First Dual-Brand: This is the first dual-branded Marriott property in las vegas, combining AC Hotels and Element by Westin.
* Symphony Park focus: The 441-room hotel is the first non-gaming property in the Symphony Park district, aiming to spur further advancement.
* Tourism Downturn: The opening coincides with a reported decline in Las Vegas tourism, impacting revenue for major casino operators.
* Strategic Bet: Marriott is betting on the appeal of a modern, dual-brand concept and the growth potential of the Symphony Park area.
Sources:
* Jackson-Shaw Development Overview
* Hotel Dive – MGM Resorts Q2 Earnings
* Hotel Dive – Caesars Las Vegas Revenues Decline
* Hotel Dive – Hotel CEO Insights Q2 RevPAR Declines
