Marriott Embarks Upon Major Expansion
- Oct 12, 2015
Marriott International plans to increase its presence in the Caribbean and Latin America by 75 percent between 2015 and 2018.
Presently, Marriott’s portfolio in this part of the world comprises 93 hotels. The expansion is set to bring another 60 properties, which are currently under construction.
In Brazil, Marriot will be tripling its footprint with the addition of 11 new hotels across six cities. The company plans to invest approximately R$400 million Brazilian Reais (U.S. $100 million) to launch four of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn by Marriott and AC by Marriott. Seven of the 11 planned hotels are already under construction, and will be owned by Marriott or its Brazilian partners. Over time, Marriott intends to sell its owned hotel assets, retaining only long-term management agreements.
“Brazil’s economy, while it confronts structural and policy challenges, is still in the top eight largest economies in the world and has excellent long term prospects,” said Tim Sheldon, who was named president of Marriott’s Caribbean and Latin American region in May, in a prepared statement. “The lack of reliable domestic hotel products and services represents a large opportunity for our moderate-tier brands, which we have adapted to the tastes of the Brazilian travelers – providing them both value and options.”
Year to date, the Marriott has opened eight hotels in the Caribbean and Latin America, with another nine expected by year end. These include hotels like the Marriott Port-Au-Prince (Haiti), the Guyana Marriott Hotel, the re-launch of the iconic Renaissance Jaragua Santo Domingo hotel (Dominican Republic), the Sortis Hotel, Spa & Casino Autograph Collection hotel (Panama), the Courtyard by Marriott Santiago (Chile), the Courtyard by Marriott Lima Miraflores (Peru), the Courtyard by Marriott Bogota Airport (Colombia), the AC by Marriott Guadalajara (Mexico), the Fairfield Inn Queretaro (Mexico). In November of this year, the company is also opening the JW Marriott Puerto Los Cabos in Mexico, which marks its 100th hotel in the Caribbean and Latin America.
“In 2015 our company’s theme in the region has been crossing new borders as we open hotels in exiting developing markets like Haiti and Guyana,” Sheldon added. “The large middle class throughout the region is eager to travel to new places and do business on the road. This, when combined with the strong performance and preference of our brands in the gateway markets, provides tremendous opportunity for Marriott’s world class brands and services.”
Marriott International, Inc. is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 81 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands.