Marriott International (NASDAQ: MAR) today announced ambitious growth plans for its Middle East and Africa region following signings for more than 30 properties and over 5,000 rooms in the last 12 months.
The signings put Marriott on track to increase its portfolio in the region to nearly 370 hotels – an increase of more than 50% over the next five years. This will amount to more than 80,000 rooms across 21 brands, including the introduction in the region of brands such as EDITION, Element and AC Hotels by Marriott. Also in line with its development plans, the company and its property owners expect to add 30,000 new jobs across the region in the next five years.
The company estimates that the 30 projects signed in the last 12 months will drive investment of about $1.8 billion by the property owners.
Historically featuring a portfolio of hotels primarily in the upper-upscale segment, Marriott International’s robust development pipeline in the region also highlights strong growth opportunities for its luxury and upscale brands:
Across its seven luxury brands, Marriott International operates over 30 hotels with more than 10,000 rooms across the Middle East and Africa and plans to nearly double the number of hotels in the next five years.
That growth will begin with the launch of its EDITION brand in Abu Dhabi later this year.
The company is also expanding its portfolio of upscale brands across the region where there is strong demand for stylish, smart and affordable hospitality. The company’s upscale brands – such as Courtyard by Marriott, Aloft, Element and Residence Inn by Marriott – represent over 40% of the properties expected to open in the next five years across the Middle East and Africa.
The growth of Marriott International’s upper-upscale brands, spearheaded by Marriot Hotels, Marriott Executive Apartments and Sheraton, remains steady – accounting for 30% of its hotels expected to open in the next five years.