From the Future Hospitality Summit in Dubai, Marriott Worldwide, Inc., at this time introduced plans to increase its Center East footprint with the anticipated addition of over 20 properties and greater than 5,000 rooms throughout the Gulf international locations over the following 15 months. The corporate’s development within the area is fuelled by ongoing demand for its extraordinary portfolio of resort 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 business within the Center East continues to bear vital development consistent with the long-term methods of regional governments to diversify their economies,” stated Jerome Briet, Chief Growth Officer, Europe, Center East & Africa, Marriott Worldwide. “The status of Marriott Worldwide and our world-class manufacturers, together with our long-established presence within the Center East, proceed to place us in an important place to contribute to the continued development and diversification of the area’s tourism sector.”
Luxurious Phase Spearheads Progress in Saudi Arabia, Whereas Choose Phase Maintains Momentum
With vital demand for luxurious choices in Saudi Arabia, significantly throughout the nation’s formidable developments such because the Purple Sea Mission and Diriyah Gate, Marriott Worldwide expects to boost its portfolio with six extra luxurious properties within the Kingdom by the tip of 2023. The anticipated openings will debut the St. Regis and EDITION resort manufacturers within the nation and introduce the primary Ritz-Carlton Reserve within the Center East with the opening of Nujuma, a Ritz-Carlton Reserve within the Purple Sea Mission. Moreover, the corporate is responding to robust demand within the nation for choose service lodging, with a brand new 4 Factors by Sheraton in Riyadh, and Courtyard by Marriott in Jubail anticipated to open in 2023.
Upswing in Tourism Demand Drives Progress in Qatar
Marriott Worldwide plans to almost double its presence in Qatar with 10 anticipated additions over the following 15 months, 6 of that are slated to be unveiled forward of this yr’s international sporting spectacle. The anticipated additions will additional diversify the corporate’s portfolio within the nation with the anticipated debut of 4 manufacturers – EDITION Inns, Delta Inns by Marriott, Component Inns, and Autograph Assortment Inns. The corporate additionally expects to open its second St. Regis resort in Qatar later this yr, The St. Regis Marsa Arabia Island, The Pearl.
Continued Enlargement within the United Arab Emirates, Kuwait, and Oman
Marriott Worldwide 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 Inns by Marriott Inexperienced Group, Dubai; and 4 Factors by Sheraton Manufacturing Metropolis, Dubai. Different notable additions anticipated by the tip of 2023 embrace the debut of the St. Regis and Marriott Government Flats manufacturers in Kuwait, and the entry of the Aloft Inns model in Oman.
Ongoing Demand for Conversions and Adaptive Reuse Tasks
Whereas 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 may be additionally elevated curiosity within the adaptive reuse area the place builders need to convert current buildings into resort lodging. Over 30 % of the corporate’s anticipated property additions within the area by the tip of 2023 are anticipated to come back from conversions and adaptive reuse initiatives.
Chadi Hauch, Regional Vice President – Growth, Center East, Marriott Worldwide, commented, “As an organization, now we have developed a conversion-friendly platform that permits current properties to shortly and cost-effectively entry our world-class gross sales, distribution, and loyalty platforms to satisfy proprietor and visitor calls for.”
Marriott Worldwide’s present portfolio throughout the Center East encompasses over 150 properties with greater than 40,000 rooms throughout 21 manufacturers, in 11 international locations and territories.
Be aware on forward-looking statements This press launch incorporates “forward-looking statements” throughout the that means of United States federal securities legal guidelines, together with statements associated to anticipated resort openings, unit and rooms development, our development pipeline, model debuts in sure markets, and related statements regarding anticipated future occasions and expectations that aren’t historic information. We warning you that these statements should not ensures of future efficiency and are topic to quite a few evolving dangers and uncertainties that we might not have the ability to precisely predict or assess, together with the danger components that we establish in our U.S. Securities and Trade Fee filings, together with our most up-to-date Annual Report on Type 10-Okay or Quarterly Report on Type 10-Q. Any of those components might trigger precise outcomes to vary materially from the expectations we specific 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 because of new info, future occasions, or in any other case.
About Marriott Worldwide
Marriott Worldwide, Inc. (NASDAQ: MAR) is predicated in Bethesda, Maryland, USA, and encompasses a portfolio of greater than 8,100 properties underneath 30 main manufacturers spanning 139 international locations and territories. Marriott operates and franchises lodges and licenses trip possession resorts all all over the world. The corporate gives Marriott Bonvoy®, its extremely awarded journey program. For extra info, please go to our web site, and for the most recent firm information, go to Marriott Information Middle. As well as, join with us on Fb and @MarriottIntl on Twitter and Instagram.
Chandan Belani
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Marriott
