From the Future Hospitality Summit in Dubai, Marriott Worldwide, Inc., immediately introduced plans to develop 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 trade within the Center East continues to endure important development consistent with the long-term methods of regional governments to diversify their economies,” stated Jerome Briet, Chief Improvement Officer, Europe, Center East & Africa, Marriott Worldwide. “The fame of Marriott Worldwide and our world-class manufacturers, together with our long-established presence within the Center East, proceed to place us in an amazing place to contribute to the continued development and diversification of the area’s tourism sector.”
Luxurious Phase Spearheads Development in Saudi Arabia, Whereas Choose Phase Maintains Momentum
With important demand for luxurious choices in Saudi Arabia, notably inside the nation’s formidable developments such because the Purple Sea Undertaking and Diriyah Gate, Marriott Worldwide expects to boost its portfolio with six further luxurious properties within the Kingdom by the top 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 Undertaking. Moreover, the corporate is responding to sturdy 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 Development 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 12 months’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 Motels, Delta Motels by Marriott, Ingredient Motels, and Autograph Assortment Motels. The corporate additionally expects to open its second St. Regis resort in Qatar later this 12 months, 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 develop its portfolio of greater than 70 properties. This 12 months, the corporate expects to cross a milestone of fifty properties in Dubai alone, with the anticipated additions of Marriott Resort Palm Jumeirah, Dubai; Delta Motels by Marriott Inexperienced Neighborhood, Dubai; and 4 Factors by Sheraton Manufacturing Metropolis, Dubai. Different notable additions anticipated by the top of 2023 embrace the debut of the St. Regis and Marriott Government Residences manufacturers in Kuwait, and the entry of the Aloft Motels 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 house the place builders need to convert present buildings into resort lodging. Over 30 % of the corporate’s anticipated property additions within the area by the top of 2023 are anticipated to return from conversions and adaptive reuse tasks.
Chadi Hauch, Regional Vice President – Improvement, Center East, Marriott Worldwide, commented, “As an organization, now we have developed a conversion-friendly platform that permits present properties to shortly and cost-effectively entry our world-class gross sales, distribution, and loyalty platforms to fulfill 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 comprises “forward-looking statements” inside 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 comparable statements regarding anticipated future occasions and expectations that aren’t historic information. We warning you that these statements will not be ensures of future efficiency and are topic to quite a few evolving dangers and uncertainties that we might not be capable of precisely predict or assess, together with the chance components that we establish in our U.S. Securities and Alternate 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 may trigger precise outcomes to vary materially from the expectations we specific or indicate 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 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 inns and licenses trip possession resorts all all over the world. The corporate affords 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 Information Heart. As well as, join with us on Fb and @MarriottIntl on Twitter and Instagram.
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