Marriott Three-Year Growth Plan Includes Opening 1,700 New Hotels

By Paul Riegler on 18 March 2019
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The Marriott Marquis, left

The Marriott Marquis, left

Marriott International outlined its three-year growth plan at a meeting on Monday with investors and analysts at the New York Marriott Marquis.

The plan calls for Marriott to add some 1,700 new hotels and between 275,000 to 295,000 rooms by 2021. Approximately 214,000 of those rooms are already under construction.

The company attributes much of its growth to its merger with Starwood Hotels & Resorts.

“Starwood has made us a more formidable competitor, providing a more valuable loyalty program, [and] brands with strong appeal to loyalty members and owners,” said Marriott CEO Arne Sorenson, who added that “talented associates, terrific locations, particularly in the fast-growing Asia Pacific region, significant cost synergies and meaningful scale” are also major contributors.

The hotelier said that the addition of the new hotels could add $400 million in fee revenue in 2021 and $700 million annually going forward. The plan assumes hotel revenue per available room or RevPAR growth of between 1% to 3%, compounded annually.

(Photo: Accura Media Group)

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