Marriott International Announces Record Growth in the Caribbean and Latin America
Marriott International, Inc. (NASDAQ: MAR) today announced that it closed 2019 with record growth, adding 10,000 rooms to its pipeline across 15 brands in the Caribbean and Latin America, marking the company’s fourth consecutive year of record expansion in the region.
Last year, the company increased its portfolio in the region to 268 open properties and 55,195 rooms in 34 countries and territories.
“We had a landmark year for hotel transactions in the Caribbean and Latin America in 2019, fueled by the hotel development community’s demand for our leading business support and loyalty program, our attractive brands and strong owner interest in our new all-inclusive brand extensions,” said Laurent de Kousemaeker, Chief Development Officer, Marriott International. “With a growing pipeline of 146 hotels and resorts totaling over 24,000 rooms, we are poised for solid growth in this region, providing more opportunity to drive engagement with our loyalty members.”
Record Year for Conversions
In 2019, the company signed 2100 conversion rooms in the region, leveraging its four conversion-focused brands – Tribute Portfolio Hotels, Luxury Collection, Autograph Collection and Delta Hotels by Marriott – as more owners sought out the power of Marriott’s brands and programs. In addition, Delta Hotels by Marriott signed its first deal in the region.
All-inclusive Program Launch
Last August, Marriott launched its all-inclusive program to bring several of its brands, scale and trusted service to this growing, global vacation segment. Less than six months after its launch, the company has signed seven management and franchise agreements for all-inclusive properties representing nearly 3,200 rooms. Among the all-inclusive projects in development are an 800-room Marriott Hotels resort in Jamaica and a 240-room Ritz-Carlton resort in Mexico. The company last year also completed its acquisition of Elegant Hotels Group, which consists of seven hotels and 588 rooms located on the Platinum Coast of the picturesque island of Barbados.
Affordable Lifestyle Brands Buoy Company Growth
Catering to the next generation of travelers, the company’s AC Hotels by Marriott, Aloft and Moxy brands continue to expand rapidly in the Caribbean and Latin America, signing a combined 1,284 rooms in 2019. These affordable lifestyle hotel brands deliver a fresh approach to the traditional hotel landscape and are built around the pillars of design, approachable service and vibrant experiences.
Note on Forward-Looking Statements: This news release contains “forward-looking statements” within the meaning of federal securities laws, including the number of properties the company may add in the future, the company’s growth prospects in future years and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including changes in market conditions; changes in global and regional economies or travel patterns; supply and demand changes for hotel rooms; competitive conditions in the lodging industries; relationships with clients and property owners; the availability of capital to finance growth and refurbishment; supply chain disruptions; and other risk factors that the company identifies in its most recent annual report on Form 10-K or quarterly report on Form 10-Q; any of which could cause actual results to differ materially from the expectations we express or imply here. We make these statements as of the date of this press release, and we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,300 properties under 30 leading brands spanning 134 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy™, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.
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