Marriott International Continues Growth in Turkey with 10 Anticipated Openings by the End of 2022
Marriott International, Inc. (NASDAQ: MAR) announced plans to expand its portfolio in Turkey with the expected opening of 10 properties by the end of 2022. With the anticipated openings, the company’s portfolio in Turkey is expected to encompass 43 properties with over 7,000 rooms across eight markets by the end of 2022. Reinforcing its long-term focus on the market, the company also announced two recent deal signings under the Four Points by Sheraton brand.
“Marriott International has a strong history of successful operations in the Turkish market,” said Begüm Kaya, Director of Development, Turkey at Marriott International. “With our captivating portfolio of brands, world-class distribution platform and all-encompassing travel program, Marriott Bonvoy, we appreciate the confidence our owners and franchisees have with us in this exciting market.”
Strong Continued Growth for Select Accommodations Across the Country
Marriott International continues to see growth in its select portfolio across brands such as Four Points by Sheraton and Residence Inn by Marriott. Four Points by Sheraton builds upon its momentum in the Turkish market with the Four Points by Sheraton Istanbul Kagithane expected to open this year and the Four Points by Sheraton Elazig projected to open in 2022.
To meet the demand for longer-stay accommodations in the country, the company is expected to debut its extended stay brand, Residence Inn by Marriott, with the anticipated opening of Residence Inn by Marriott Istanbul Atasehir later this year. The brand is ideal for guests seeking the comforts of home with modern, flexible suites with full kitchens and separate living and sleeping areas, providing the perfect solution for travelers mixing business and leisure travel.
Owner Desire for Marriott’s Premium Brands
The company’s renowned premium brands also remain a strong driver of growth in the Turkish market. Following the recent opening of Orientbank Hotel Istanbul, Autograph Collection, two new Autograph Collection hotels are planned to open in Istanbul – The Burdock, Autograph Collection in 2021 and Orient Occident Hotel, Autograph Collection in 2022. Providing independent hoteliers the opportunity to leverage the company’s powerful distribution, sales and loyalty platform while maintaining their independent spirit, Autograph Collection hotels celebrate individuality while benefiting from the power of Marriott International’s scale.
Delta Hotels by Marriott, which provides guests with exactly what they need for a seamless travel experience, made its debut in the country in 2019 with the opening of Delta Hotels by Marriott Istanbul Halic. The brand is slated to open Delta Hotels by Marriott Istanbul Levent by the end of 2021.
Sheraton Hotels & Resorts, which is currently undergoing a much-anticipated design transformation, remains a popular brand in Turkey. Following the recent openings of Sheraton Istanbul City Center and Sheraton Istanbul Levent, the brand is anticipated to open Sheraton Istanbul Esenyurt next year. Drawing on its roots as a community hub for locals and guests, the new Sheraton experience provides services and design that enable socialization, productivity, and personalization. Marriott Hotels, the company’s flagship brand, continues to further grow its portfolio in Turkey with the recent opening of Izmir Marriott Hotel.
Growing Demand Branded Residences
In Turkey, the company’s branded residential business continues to draw interest , with consumers seeking residential property in communities that offer a convenient lifestyle and an array of on-demand amenities and services, and with developers seeking to differentiate and elevate their products with trusted brands. Marriott International currently operates three branded residential properties in Turkey, including the recently opened Le Méridien Residences, Bodrum and The Ritz-Carlton Residences, Bodrum, which marked the company’s first standalone branded residences in the Europe, Middle East and Africa region. In 2022, the company is expected to open The Ritz-Carlton Residences, Istanbul and The Residences at the Sheraton Istanbul Esenyurt.
Growth in Conversion Opportunities
While much of the company’s past growth in Turkey has been through new-build developments, the company has seen an increase in conversion opportunities. In the past two years, the company has signed six conversion deals across the country. The company has since opened five of the conversion deals under a Marriott International brand, including Sheraton Istanbul City Centre and Sheraton Istanbul Levent. There is also increased interest in the adaptive re-use space where developers are looking to convert existing buildings into hotel accommodations. In the past three years, the company has signed four adaptive re-use conversions in Turkey including JW Marriott Istanbul Bosphorus and The Burdock, Autograph Collection.
Turkey is home to 17 of Marriott International’s brands, each serving differentiated experiences across traveler segments. The brands currently present in Turkey include:
JW Marriott, St. Regis Hotels & Resorts, The Ritz-Carlton, W Hotels, The Luxury Collection, and EDITION in the luxury segment; Marriott Hotels, Sheraton, Renaissance Hotels, Le Meridien, Autograph Collection, Delta Hotels by Marriott, and Design Hotels in the premium segment; Courtyard by Marriott, Four Points by Sheraton, Aloft Hotels and AC Hotels by Marriott, in the select service segment.
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of United States federal securities laws, including expected hotel openings and brand debuts; interest in and demand for certain brands and certain offering or deal types; our growth pipeline and future expansion; and similar statements concerning anticipated future events and expectations that are not historical facts. Marriott International (“we”) caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the availability and distribution of effective vaccines or treatments; the pandemic’s short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting, banning, or cautioning against travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of COVID-19’s impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of the pandemic; the pace of recovery when the pandemic subsides and any dislocations in recovery as a result of resurgences of the pandemic; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees have taken and may continue to take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry and in the labor market; relationships with customers and property owners; and the availability of capital to finance hotel growth and refurbishment. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake 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 roughly 7,800 properties under 30 leading brands spanning 138 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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