Company on-track to grow its portfolio by 45 percent through the end of 2023 with over 100 properties under development
DUBAI, United Arab Emirates, April 8, 2019 /PRNewswire/ -- Marriott International today announced it expects to add 19 new properties and more than 3,000 rooms to its Middle East and Africa portfolio in 2019. Underpinning a strong demand for its diverse brands, the new additions are in line with the company's expansion plans to add more than 100 new properties and nearly 26,000 rooms across the region by the end of 2023. Marriott estimates its development pipeline through 2023 represents up to $8 billion of investment from property owners and is expected to generate over 20,000 new jobs across the region.
"Our growth across the Middle East and Africa is fuelled by a strong demand for our diverse range of well-established brands, each offering different attributes that cater to this region's ever changing and evolving marketplace," said Jerome Briet, Chief Development Officer, Middle East & Africa, Marriott International. "This region continues to present us with opportunities to further grow and enhance our portfolio across new and established markets. While the majority of our growth will be through new-builds, we are seeing an increasing number of conversion opportunities, especially in the luxury space."
Year-to-date, the company has opened five new properties in the region and is expected to add 14 more - bringing its portfolio across the Middle East and Africa to nearly 270 properties and over 60,000 rooms - by the end of the year.
Unwavering Demand for Luxury Brands that offer Unrivalled Experiences
The company is poised to expand its luxury footprint in the region by more than 70 percent by the end of 2023, with more than 25 luxury properties under development. The company expects to grow its luxury portfolio in 2019 with seven anticipated openings across four brands:
- With the recent opening of W Dubai – The Palm and the anticipated openings of W Muscat and W Yas Island, W Hotels should double its portfolio in the region.
- St. Regis anticipates debuting in Jordan and Egypt with the openings of The St. Regis Amman and The St. Regis Cairo.
- The iconic North Island is expected to join The Luxury Collection's portfolio of world-renowned hotels and resorts.
- JW Marriott anticipates marking its entry into Oman with the opening of the JW Marriott Muscat Convention Center.
Substantial Growth across Premium Brands
The growth of Marriott's premium brands remains steady across the region with more than 30 hotels expected to be added to the portfolio by the end of 2023. By the end of 2019, the company expects to have added four new hotels under its premium portfolio for the region:
- The Autograph Collection anticipates marking its debut in Kenya with the addition of Sankara Nairobi.
- Marriott Hotels and Marriott Executive Apartments strengthened its presence in Saudi Arabia with the recent openings in the Diplomatic Quarter of Riyadh. Marriott Executive Apartments is also expected to open a new property in Madinah later this year.
- Marriott Hotels is also planning to open its second property in Algeria, in the capital city of Algiers
In addition to the openings in 2019, Marriott is also focused on the transformation journey of Sheraton Hotels & Resorts, the company's most global brand. In the region, Sheraton Jeddah Hotel and Sheraton Grand Hotel, Dubai are currently undergoing renovations that represent the brand's vision for the future.
Regional Demand for Select-Service Hotels Continues to Fuel Growth
Currently representing over 40 percent of the company's development pipeline through 2023, select-serve brands continue their rapid growth trajectory across the Middle East and Africa. Building on the momentum from 2018 – with ten properties added across the region, including four Aloft hotels in the UAE - the company expects to add seven new properties by the end of this year:
- Four Points by Sheraton anticipates expanding its portfolio with a total of four openings in 2019. The brand recently opened properties in in Sharjah (UAE) and Setif (Algeria) and is on-track to open two more properties this year including, Four Points by Sheraton Dar es Salaam New Africa in Tanzania and Four Points by Sheraton Lahore in Pakistan.
- Residence Inn by Marriott expects to make its debut in Algeria with the opening of Residence Inn by Marriott Algiers
- Protea Hotels by Marriott plans to expand the brand in Uganda with the opening of Protea Hotel by Marriott Naguru Skyz.
- Element Hotels is set to launch its first property in Africa with the opening of Element Dar es Salaam in Tanzania.
To learn more about Marriott International and its diverse brand portfolio, please visit: www.marriott.com
Note on Forward-Looking Statements: This news release contains "forward-looking statements" within the meaning of federal securities laws, including the number of lodging properties the company may add in this and 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; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth and refurbishment; 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 6,900 properties in 30 leading hotel brands spanning 130 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company now offers one travel program, Marriott Bonvoy™, replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest®(SPG). 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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