From the Future Hospitality Summit in Dubai, Marriott International, Inc., right this moment introduced plans to increase its Middle East footprint with the anticipated addition of over 20 properties and greater than 5,000 rooms throughout the Gulf international locations over the subsequent 15 months. The firm’s development within the area is fuelled by ongoing demand for its extraordinary portfolio of lodge manufacturers throughout Saudi Arabia, Qatar, and the United Arab Emirates, and elevated urge for food from builders for conversions and adaptive reuse properties.
“The tourism industry in the Middle East continues to undergo significant growth in line with the long-term strategies of regional governments to diversify their economies,” mentioned Jerome Briet, Chief Development Officer, Europe, Middle East & Africa, Marriott International. “The reputation of Marriott International and our world-class brands, along with our long-established presence in the Middle East, continue to put us in a great position to contribute to the ongoing growth and diversification of the region’s tourism sector.”
Luxury Segment Spearheads Growth in Saudi Arabia, While Select Segment Maintains Momentum
With vital demand for luxurious choices in Saudi Arabia, significantly throughout the nation’s formidable developments such because the Red Sea Project and Diriyah Gate, Marriott International expects to reinforce its portfolio with six extra luxurious properties within the Kingdom by the top of 2023. The anticipated openings will debut the St. Regis and EDITION lodge manufacturers within the nation and introduce the primary Ritz-Carlton Reserve within the Middle East with the opening of Nujuma, a Ritz-Carlton Reserve within the Red Sea Project. Additionally, the corporate is responding to sturdy demand within the nation for choose service lodging, with a brand new Four Points by Sheraton in Riyadh, and Courtyard by Marriott in Jubail anticipated to open in 2023.
Upswing in Tourism Demand Drives Growth in Qatar
Marriott International plans to just about double its presence in Qatar with 10 anticipated additions over the subsequent 15 months, 6 of that are slated to be unveiled forward of this yr’s world sporting spectacle. The anticipated additions will additional diversify the corporate’s portfolio within the nation with the anticipated debut of 4 manufacturers – EDITION Hotels, Delta Hotels by Marriott, Element Hotels, and Autograph Collection Hotels. The firm additionally expects to open its second St. Regis lodge in Qatar later this yr, The St. Regis Marsa Arabia Island, The Pearl.
Continued Expansion within the United Arab Emirates, Kuwait, and Oman
Marriott International continues to see alternatives within the UAE to additional increase its portfolio of greater than 70 properties. This yr, the corporate expects to cross a milestone of fifty properties in Dubai alone, with the anticipated additions of Marriott Resort Palm Jumeirah, Dubai; Delta Hotels by Marriott Green Community, Dubai; and Four Points by Sheraton Production City, Dubai. Other notable additions anticipated by the top of 2023 embody the debut of the St. Regis and Marriott Executive Apartments manufacturers in Kuwait, and the entry of the Aloft Hotels model in Oman.
Ongoing Demand for Conversions and Adaptive Reuse Projects
While a lot of the corporate’s development within the area is thru new-build developments, the corporate continues to see a rise in conversion alternatives, highlighting the demand for its sought-after manufacturers within the area. There can also be elevated curiosity within the adaptive reuse area the place builders want to convert present buildings into lodge lodging. Over 30 % of the corporate’s anticipated property additions within the area by the top of 2023 are anticipated to come back from conversions and adaptive reuse tasks.
Chadi Hauch, Regional Vice President – Development, Middle East, Marriott International, commented, “As a company, we have developed a conversion-friendly platform that enables existing properties to quickly and cost-effectively access our world-class sales, distribution, and loyalty platforms to meet owner and guest demands.”
Marriott International’s present portfolio throughout the Middle East encompasses over 150 properties with greater than 40,000 rooms throughout 21 manufacturers, in 11 international locations and territories.
Note on forward-looking statements This press launch accommodates “forward-looking statements” throughout the which means of United States federal securities legal guidelines, together with statements associated to anticipated lodge openings, unit and rooms development, our development pipeline, model debuts in sure markets, and comparable statements regarding anticipated future occasions and expectations that aren’t historic info. We warning you that these statements aren’t ensures of future efficiency and are topic to quite a few evolving dangers and uncertainties that we could not have the ability to precisely predict or assess, together with the chance components that we determine in our U.S. Securities and Exchange Commission filings, together with our most up-to-date Annual Report on Form 10-Ok or Quarterly Report on Form 10-Q. Any of those components may trigger precise outcomes to vary materially from the expectations we categorical or suggest on this press launch. We make these forward-looking statements as of the date of this press launch and undertake no obligation to publicly replace or revise these statements, whether or not on account of new info, future occasions, or in any other case.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) relies in Bethesda, Maryland, USA, and encompasses a portfolio of greater than 8,100 properties beneath 30 main manufacturers spanning 139 international locations and territories. Marriott operates and franchises resorts and licenses trip possession resorts all world wide. The firm presents Marriott Bonvoy®, its extremely awarded journey program. For extra info, please go to our web site, and for the newest firm information, go to Marriott News Center. In addition, join with us on Facebook and @MarriottIntl on Twitter and Instagram.
Chandan Belani
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Marriott