Marriott International Plans Further Asia Pacific Expansion with 1000th Property Anticipated to Open in 2022
Marriott International, Inc. (NASDAQ: MAR) today announced its plans to further expand its portfolio across Asia Pacific, targeting to open its 1000th property in the region in late 2022. The company expects to open nearly 100 properties in the region this year. With a vision to deliver exceptional and distinctive travel experiences, Marriott is committed to bringing the benefits of good travel to its guests, owners and communities in Asia Pacific.
Craig S. Smith, Group President, International for Marriott International, said, “I am very pleased with our 2021 development results in Asia Pacific. We have worked closely with our owners throughout the last two years to navigate the challenges brought on by the pandemic, adapt quickly, and grow. Last year in Asia Pacific, we signed two new development deals a week on average, with deals signed in 13 different markets across the region. This year, we expect to continue to drive demand and growth which is a testament to our talented teams committed to operational excellence, and the relationships we have with the customers we’re privileged to serve and the developers, owners, franchisees and partners we’re honored to do business with.”
In line with the company’s recent update around key trends shaping hospitality development, Asia Pacific sees similar trends poising Marriott to further grow in the region.
Luxury Demand Continues to Boom in Greater China
According to research by ILTM Asia Pacific, Greater China’s affluent population contributes to half of Asia Pacific’s total spending on airfare and lodging. Affluent travelers in Greater China continue to look for luxury travel in new and emerging destinations. Greater China remains an engine for the company’s growth, as it accounts for more than half of the company’s anticipated luxury openings in Asia Pacific in 2022. Ritz-Carlton Reserve anticipates expanding its highly curated portfolio in Greater China, debuting its first rare estate in the historic Jiuzhaigou valley later this year. Additional expected luxury openings in 2022 include JW Marriott Hotel Changsha and W Macau – Studio City.
Leisure Demand Paving the Way for Travel Recovery
Research by the World Travel & Tourism Council (WTTC) suggests that leisure travel demand has been booming at an accelerating rate. In 2022, as leisure demand continues to outpace business travel, Marriott is poised to strengthen its presence across several leisure destinations. In South Korea, the company expects to bring its JW Marriott brand to Jeju with the opening of JW Marriott Jeju Resort & Spa in May 2022. The expected opening of W Sydney in late 2022 will mark the third W hotel in Australia.
With wellness and well-being remaining a continued priority for many travelers, the company’s leading wellness brand, Westin Hotels & Resorts, is expected to celebrate two new debuts in Yokohama and Cam Ranh in 2022.
Select Service Brands Cement Their Position in Asia Pacific
Marriott’s select service portfolio is driving momentum for growth, providing a wide-range of amenities and offerings across well-established brands such as Courtyard by Marriott, Fairfield by Marriott, Four Points by Sheraton, AC Hotels and Moxy Hotels. In Greater China, the openings of select service hotels will further expand consumers’ travel choices, bringing guests a diverse range of experiences in emerging Chinese destinations. Four Points by Sheraton expects to continue its growth with five planned openings throughout the year, while Moxy Hotels anticipates continuing to share its playful spirit in destinations such as Suzhou and Xi’an.
Outside of Greater China, the company expects to debut its AC Hotels brand in Korea with AC Hotel Seoul Gangnam and in Australia with AC Hotel Melbourne Southbank. In Japan, Fairfield by Marriott expects to continue to strengthen its presence with six new properties planned to open across Nara, Hokkaido and Hyogo along ‘Michi-no-Eki’ roadside stations aimed at revitalizing the country’s local sightseeing spots and well-hidden rural destinations.
Marriott Bonvoy Builds Meaningful Connections with Members
Marriott is committed to inspiring travel and strengthening its relationship with its more than 55 million Marriott Bonvoy members in the region. In 2021, Marriott Bonvoy introduced several innovative initiatives:
- “Good Travel with Marriott Bonvoy” kicked off the company’s aspiration to provide meaningful travel experiences. The program is set to expand in 2022 with a range of curated, purpose-driven experiences available across hotels and resorts in the region.
- Marriott Bonvoy launched two co-branded credit cards in South Korea, Marriott Bonvoy® The Best Shinhan Card and Marriott Bonvoy® The Classic Shinhan Card, providing travelers new ways to earn their points through daily spend.
- The company entered into a strategic collaboration with Rakuten connecting Rakuten members to Marriott Bonvoy’s unparalleled experiences.
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 growth; our growth pipeline; expected hotel openings; development trends and expectations; consumer demand trends and expectations; 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 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 the pandemic’s impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; 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 nearly 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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