Otis Elevator – a unit of United Technologies Corp. (NYSE:UTX) , was recently awarded a contract to provide its Gen2 elevator services for a luxurious hotel in China. The new Curio – A Collection of Hilton hotel, under the flagship of the Hilton Worldwide Holdings Inc. (NYSE:HLT) , is built in Xiamen, southeast China.
Founded in 2014, Curio chain of hotels is supported by Hilton, but retain their individual branding. At present Curio has approximately 20 hotels spread across 4 countries which include the U.S., Jamaica, Argentina and Germany. To date, Otis has worked in various projects of the company. Such projects enhance the company’s goodwill and prove its reliability.
Per the deal, Otis will provide 24 Gen2 elevators which are integrated with the advanced ReGen technology and will ensure energy savings of approximately 75%. The elevators will be provided by Otis Elevators (China).
Xiamen is a prime tourist location in China and the new hotel in this area is likely to be a profitable venture for the company. Earlier this month, Otis procured a contract from Marriott International, Inc. (NASDAQ:MAR) , to provide 30 elevators and escalators, including 7 of Otis’s SkyRise elevators, in Xiamen.
As a world’s leading provider of safe and innovative elevator technology, Otis continues working on improving its elevator and escalator services for which it keeps winning such contracts.
The company has provided its expertise in iconic high-rise buildings across the globe, some of which include the 828-meter Burj Khalifa in Dubai, the 599-meter Ping'An Financial Center in Shenzhen, the 555-meter Lotte World Tower in Seoul, 553-meter CN Tower in Toronto and one of the Seven Wonders of the World – the 324-meter high Eiffel Tower.
Otis is likely to procure more such prime contracts in the near future, given its focus on innovation and expansion. Since it is already one of the most trusted elevator and escalator companies in the world, its sustained R&D focus will augment top-line growth.
The company offers its services to over 200 countries and territories. Alongside, it maintains more than 1.9 million elevators and escalators worldwide.
United Technologies, the parent firm of Otis, currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the industry includes Crane Co. (NYSE:CR) , carrying a Zacks Rank #2 (Buy).
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