With record annual signings, the company
ended 2024 with 3,766 properties (577,265 rooms) in the development
pipeline.
View the Summary of 2024 Development
Highlights
BETHESDA, Md., Jan. 28,
2025 /PRNewswire/ -- Marriott International, Inc.
(Nasdaq: MAR) announced another year of strong global growth, with
a record 123,000 gross rooms openings, net rooms growth of 6.8% for
the full year 2024, and over 577,000 rooms in the company's
development pipeline at year-end. Marriott continued to expand its
product offerings across travel purposes and segments – from
affordable midscale to luxury.
Experience the full interactive Multichannel News Release here:
https://www.multivu.com/marriott/9269951-en-marriott-international-2024-growth
"2024 was a year of incredible growth for Marriott, as we
celebrated regional milestones, segment entries, brand expansions,
market debuts, and more," said Anthony
Capuano, President and CEO, Marriott
International. "As we maintain our focus on the company's
purpose of connecting people through the power of travel, I
couldn't be more excited about the work our global teams are doing
to drive growth and innovation, create best-in-class experiences
for our guests, and deliver strong results for our owners and
franchisees."
In 2024, the company signed a record of over 1,200 deals with
owners, franchisees and developers — an average of over 3 deals a
day — representing nearly 162,000 rooms globally. Leveraging the
company's strong revenue engines, leading affiliation costs, and
robust portfolio of soft brands and conversion-friendly brands
across segments, Marriott continued to have real momentum around
conversions, with 34% of 2024 rooms signings resulting from
conversion opportunities.
"We are thrilled to continue our innovation journey with
world-class owners, franchisees, and developers to meet the needs
of every traveler and trip purpose," said Leeny Oberg, Chief Financial Officer and
Executive Vice President, Development. "As we continue expanding
and enhancing offerings for our development stakeholders and
guests, we are immensely proud of the breadth and depth of our
industry-leading portfolio that delivers new travel opportunities
around the world."
Strengthened Marriott's Global Leadership in Luxury
Marriott's luxury portfolio of seven brands now comprises 658
hotels, resorts and branded residential properties, spanning 74
countries and territories. In 2024, the company signed a record
number of 61 deals for luxury hotels and resorts, closing the year
with 266 in the pipeline. W Hotels expanded its
global footprint and experienced robust portfolio growth, seeing
significant momentum in its ongoing evolution in 2024, including
celebrating the highly anticipated opening of W
Prague, and the unveiling of the reimagined W
Hollywood and W Union Square in New
York. St. Regis opened its 60th hotel worldwide,
with the opening of The St. Regis on the Bund,
Shanghai in October 2024. The Luxury
Collection announced the opening of Koenigshof, a
Luxury Collection Hotel, Munich, marking the brand's entry in
Germany. EDITION debuted in Saudi Arabia with The Jeddah
EDITION. The recently announced JW Marriott
Crete Resort and Spa is anticipated to open in
2025, marking the brand's debut in Greece. The Ritz-Carlton
Yacht Collection launched Ilma, its second superyacht, on
its inaugural voyage through the Mediterranean, with its third
vessel, Luminara, anticipated to embark on its inaugural voyage in
the summer of 2025 with itineraries in the Mediterranean and
Asia.
Increased Momentum in the Affordable Midscale Segment
Following its entry into the segment, Marriott strengthened its
presence in affordable midscale in 2024, focusing on offering
regionally relevant lodging options for every trip purpose. Fueled
by strong owner and consumer interest, City Express by
Marriott is now anticipated to expand into Nicaragua, Bolivia, Argentina, and Peru, with plans to also expand into
Brazil. In October 2024, the company announced this
conversion-friendly brand's planned debut in the U.S. and
Canada, marking Marriott's
introduction of a transient midscale offering in the region. The
brand currently has 153 open properties (17,777 rooms), with 53 in
the pipeline (5,673 rooms). StudioRes, an extended stay
midscale brand in the U.S. and Canada, celebrated its first groundbreaking
last January and closed 2024 with 35 properties (4,037 total rooms)
in the pipeline, anticipating its first opening later this
year. Four Points Flex by Sheraton, a
conversion-friendly midscale brand in Marriott's Europe, Middle
East and Africa (EMEA) and
Asia Pacific excluding
China (APEC) regions, celebrated
numerous additions and signings, closing the year with 28 open
properties (5,037 rooms) and 33 in the pipeline (4,003 rooms).
Expanded Industry-Leading Branded Residential
Portfolio
As the largest branded residences company globally, Marriott is
entering its 25th year in the segment, continuing to see exciting
momentum and portfolio growth. The company has grown its open
portfolio by over 50% since year-end 2019, closing 2024 with 142
open residential locations and a pipeline of 138 locations (28% of
which are standalone projects) across 16 distinct brands. In 2024,
the Marriott Branded Residences portfolio generated $2.1B in residential sales revenue for
third-party developers, nearly double the previous year's
total.
Recently signed and upcoming portfolio highlights include:
the Westin Residences Gurugram, slated to be the
largest branded residences in India and the company's first branded
standalone residences in the country; The Ritz-Carlton
Residences, Boston, South Station
Tower, a standalone property expected to transform Boston's skyline; the Almare, a Luxury
Collection Residence, an all-inclusive co-located property in
Isla Mujeres, a coveted luxury
destination; and The St. Regis Residences, Al Maryah Island, Abu
Dhabi, which celebrated a signing ceremony in
December 2024.
Enhanced the Company's Portfolio with
Additional Non-Traditional Hospitality Offerings
In the past year, Marriott continued to enhance its offerings by
exploring segments outside of traditional hospitality offerings. In
December 2024, Marriott announced the
expansion of its outdoor-focused lodging offerings through two
founding deals with key players in the outdoor lodging segment. The
deals include the acquisition of the Postcard Cabins brand,
formerly known as Getaway Outposts, and the execution of a
long-term agreement with Trailborn. With plans to launch an
outdoor-focused collection this year, the company aims to offer
guests and Marriott Bonvoy members more choice in traditional and
alternative accommodations in nature-forward destinations.
Separately, as owner and consumer interest in apartment-style
accommodations continues to grow, Marriott announced a long-term
licensing agreement with Sonder Holdings in August 2024. Adding over 9,000 rooms to
Marriott's open portfolio and approximately 1,700 rooms to its
development pipeline at year-end, this agreement underscores the
company's growing presence in this high-demand segment.
Celebrated Milestones and Pipeline Growth Around the World
Closing 2024 with over 9,300 properties across 144 countries and
territories, Marriott celebrated milestone growth in regions around
the world this past year.
United States and
Canada
In its largest region, U.S. and Canada, Marriott's portfolio at year-end 2024
totaled over 1 million open rooms across 6,307 properties, with
nearly 263,000 rooms (representing 2,161 properties) in the
pipeline. The company also signed a record 608 deals in the region
in 2024. In June 2024, the company
announced three signed agreements for iconic properties to join
brands within the company's luxury portfolio -- The Resort
at Pelican Hill under the St. Regis brand, The
Ritz-Carlton O'ahu, Turtle Bay, and the Luxury
Collection Midtown Manhattan. The long-term license agreement
with MGM also continued to fuel growth, with MGM Collection
by Marriott Bonvoy encompassing 16 destinations as of
year-end 2024, including the recently converted W Las
Vegas on the Mandalay Bay Campus.
Asia Pacific excluding
China (APEC)
In 2024, Marriott signed a record-breaking 109 deals representing
21,439 rooms (19% of which are luxury projects) in the APEC region,
growing the company's pipeline in the region to 363 properties and
77,532 rooms, a 12% increase from the previous year. Strategic
multi-unit deals fueled Marriott's pipeline growth in APEC. In
addition to a Four Points Flex multi-unit signing with KKR in
Japan, the company signed a
multi-unit agreement with PT Pakuwon Jati to develop five
properties in Indonesia. The
company also celebrated significant milestones in APEC, including
its 600th property in the region with the opening of
the Adelaide Marriott Hotel, the 150th property in
India with the Katra
Marriott Resort & Spa, the 50th property in Malaysia with the Penang Marriott
Complex, and the 100th property in Japan with the Four Points Flex by
Sheraton Osaka Umeda.
Greater China (GC)
Marriott saw exciting growth in GC, with 463 properties
representing 104,539 rooms in the region's pipeline at year-end. In
2024, the company signed a record 161 deals representing nearly
31,000 rooms. Following the launch of a long-term cooperation
agreement with Delonix Group at the beginning of the year, the two
companies announced a total of eight signings and two hotel
openings for the Tribute Portfolio brand in Mainland China. Other
key signings that marked anticipated brand debuts included an
agreement to bring The Luxury Collection and AC Hotels to
Shenzhen, a signing to debut The
Ritz-Carlton in Xiamen Island in Fujian
Province, a signed agreement to bring the W Hotels brand to
Sanya, and a signing for The Park Lane Hong Kong, Autograph
Collection.
Caribbean and Latin American
(CALA)
The company closed the year with 183 properties representing 27,817
rooms in the pipeline in the CALA region (a 15% increase from the
previous year) with a record 67 deal signings in 2024. In 2024,
Marriott celebrated the 500th property in CALA, with the opening
of Almare, a Luxury Collection Resort, Isla Mujeres, Adult All-Inclusive.
All-inclusive remained a high-growth segment, accounting for 21% of
the company's CALA pipeline rooms. In July
2024, the company announced the opening of Marriott
Cancun, An All-Inclusive Resort, marking the first
all-inclusive property for the brand. The company also announced
milestone signings in 2024, including an agreement to debut the
Tribute Portfolio brand in Manaus, Amazonas, Brazil, as well as an agreement
for The Ritz-Carlton, Cancun, Punta Nizuc, anticipated to open
in 2027.
Europe, Middle East and Africa (EMEA)
Marriott continued to strengthen its footprint across the EMEA
region, growing its pipeline to 596 properties representing 104,731
rooms at year-end (a 10% increase from the previous year),
following a record-breaking number of annual signings in the region
of 291 deals representing over 34,000 rooms. Conversions drove
growth across segments and chain scales, representing 45% of the
region's rooms signings in the year. The company announced key
signings in 2024, including a multi-unit agreement with Knowledge
Economic City to open three hotels within the Holy City of Madinah
in Saudi Arabia and a signed
agreement to bring The Ritz-Carlton brand to Serbia. The region
also celebrated several brand debuts, including the opening
of Nujuma, a Ritz-Carlton Reserve, an island
retreat in the Red Sea in Saudi
Arabia and the first Ritz-Carlton Reserve in the region, and
the Fairfield by Marriott Copenhagen Nordhavn in
Denmark's capital
city, the brand's first property in Europe.
As Marriott continues to expand its offerings, the breadth and
depth of the company's portfolio remains well-positioned to offer a
compelling value proposition for developers and real estate
investors. To learn more about Marriott's development opportunities
and updates,
visit https://www.hotel-development.marriott.com/.
Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of United States federal
securities laws, including statements related to our expectations
regarding new brands, offerings and growth opportunities; deal
signings, expected future project openings and portfolio growth;
our development pipeline; the pace and momentum of development
activity, conversion activity and growth in certain segments and
product tiers; brand debuts in certain markets and sectors; owner
interest and demand for our brands and certain offering types; and
similar statements concerning anticipated future events and
expectations that are not historical facts. We caution you that
these statements are not guarantees of future performance and are
subject to numerous evolving risks and uncertainties that we may
not be able to accurately predict or assess, including the risk
factors that we identify in our U.S. Securities and Exchange
Commission filings, including our most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q. Any of these factors could
cause actual results to differ materially from the expectations we
express or imply in this press release. We make these
forward-looking statements as of the date of this press release and
undertake no obligation to publicly update or revise these
statements, whether as a result of new information, future events
or otherwise.
MARRIOTT INTERNATIONAL, INC.
Marriott International, Inc. (Nasdaq: MAR) is based in
Bethesda, Maryland, USA, and
encompasses a portfolio of over 9,300 properties across more than
30 leading brands in 144 countries and territories. Marriott
operates and franchises hotels and licenses vacation ownership
resorts all around the world. The company offers Marriott Bonvoy®,
its highly awarded travel program. 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 X and Instagram.
Marriott encourages investors, the media, and others interested
in the company to review and subscribe to the information Marriott
posts on its investor relations website
at www.marriott.com/investor or Marriott's news center
website at www.marriottnewscenter.com, which may be material.
The contents of these websites are not incorporated by reference
into this press release or any report or document Marriott files
with the SEC, and any references to the websites are intended to be
inactive textual references only.
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