Marriott International Expects to Quadruple Its Portfolio in Vietnam with a Signed Pipeline of 30 Hotels
With the recent reopening of Vietnam’s borders, Marriott International, Inc. today announced plans to expand its portfolio in Vietnam, expecting to add nearly 9,000 rooms within the company’s portfolio and see the debut of key brands including Ritz-Carlton Residences, Marriott Hotels, Westin, and Courtyard by Marriott.
“Vietnam experienced impressive pre-pandemic economic growth driven in part by coordinated development policies and the strong investment in infrastructure,” said Rajeev Menon, President, Asia Pacific (excluding Greater China), Marriott International. Our growth in Vietnam reflects the trust our local owners and franchisees continue to have in Marriott International, and we look forward to presenting them with opportunities to leverage our comprehensive portfolio of 30 brands, as well as our strong distribution network.”
Premium Brands Lead the Way
Marriott’s premium brands continue to resonate in Vietnam. As the most global brand within the portfolio, Sheraton Hotels & Resorts, expects to make its debut in several new destinations across Vietnam, including on the Emerald Island of Phu Quoc, the world-famous UNESCO World Heritage Site of Ha Long Bay, the “City of Eternal Springs” Dalat and the shores of Binh Chau. A stylish new Renaissance Hotels is planned to open in the seafront city of Danang, while Le Méridien Hotels & Resorts plans to debut in Danang and Cam Ranh. The flagship Marriott Hotels brand is expected to debut in Hanoi, and Hoi An, while the Westin – the company’s leading wellness brand – is expected to open in Hanoi and Cam Ranh. Marriott Executive Apartments, the popular longer-stay brand, is also slated to start welcoming guests in Danang.
Select Service Brands Continue Rapid Growth
Marriott’s select service portfolio is driving strong momentum for growth in Vietnam, providing a range of offerings for both domestic and international travelers. Fairfield by Marriott is slated to be introduced in locations such as Vinh Yen, Ha Long and Hanoi, while several Courtyard by Marriott hotels are expected to open across Danang, Ha Long and Nha Trang.
A Burgeoning Branded Residences Market
Marriott continues to lead the branded residential segment with nearly 190 projects open or in development worldwide. Asia Pacific (excluding China) is one of the world’s fastest growing regions for branded residences, led in part by significant growth in Vietnam where Marriott International anticipates opening several Marriott branded residences over the next four years. In 2021, the company announced a milestone branded residential project that is expected to include close to 4,200 dual-branded residential and officetel units in Ho Chi Minh City. The project is expected to serve as the world’s largest hotel-branded residential project and is slated to open in phases in late 2024. The highly anticipated The Ritz-Carlton Residences, Hanoi also expects to make its debut in Vietnam in 2024.
“Vietnam is a vibrant destination and has over the years experienced record levels of tourism as international travelers flocked to the country and domestic travelers began to discover the many wonders available in their own backyard,” said Jakob Helgen, Area Vice President – Thailand, Vietnam, Cambodia & Myanmar, Marriott International. “With the recent reopening of borders, we are hopeful for Vietnam to rebound rapidly, and we are excited to expand across even more parts of this captivating country.”
Marriott International currently operates ten properties in Vietnam, comprising 3,294 rooms and spanning six of the company’s brands. These hotels and resorts are located across six key business and leisure destinations including Hanoi, Ho Chi Minh City, Danang, Nha Trang, Phu Quoc and Binh Duong.
For more information about Marriott International, please visit www.marriott.com.
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of United States federal securities laws, including statements related to unit and rooms growth; our growth pipeline; expected hotel and other project openings and brand debuts in certain markets; growth and demand trends and expectations for certain product types and in certain markets; and similar statements concerning anticipated future events and expectations that are not historical facts. 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 the risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. 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.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of approximately 8,000 properties under 30 leading brands spanning 139 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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