From the Future Hospitality Summit in Dubai, Marriott Worldwide, Inc., right this moment 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 progress 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 business within the Center East continues to endure vital progress in keeping with the long-term methods of regional governments to diversify their economies,” mentioned Jerome Briet, Chief Improvement Officer, Europe, Center East & Africa, Marriott Worldwide. “The repute 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 progress 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 inside the nation’s formidable developments such because the Crimson Sea Challenge 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 lodge 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 Crimson Sea Challenge. 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 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 world sporting spectacle. The anticipated additions will additional diversify the corporate’s portfolio within the nation with the anticipated debut of 4 manufacturers – EDITION Lodges, Delta Lodges by Marriott, Factor Lodges, and Autograph Assortment Lodges. The corporate additionally expects to open its second St. Regis lodge in Qatar later this yr, The St. Regis Marsa Arabia Island, The Pearl.
Continued Growth 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 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 Lodges by Marriott Inexperienced Group, 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 Govt Flats manufacturers in Kuwait, and the entry of the Aloft Lodges model in Oman.
Ongoing Demand for Conversions and Adaptive Reuse Tasks
Whereas a lot of the corporate’s progress 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 wish to convert current buildings into lodge lodging. Over 30 p.c of the corporate’s anticipated property additions within the area by the top of 2023 are anticipated to return from conversions and adaptive reuse initiatives.
Chadi Hauch, Regional Vice President – Improvement, Center East, Marriott Worldwide, commented, “As an organization, we have now developed a conversion-friendly platform that allows current 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 incorporates “forward-looking statements” inside the that means of United States federal securities legal guidelines, together with statements associated to anticipated lodge openings, unit and rooms progress, our progress 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 aren’t 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 elements that we establish in our U.S. Securities and Change Fee filings, together with our most up-to-date Annual Report on Kind 10-Okay or Quarterly Report on Kind 10-Q. Any of those elements may 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 on account of new data, 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 beneath 30 main manufacturers spanning 139 international locations and territories. Marriott operates and franchises motels and licenses trip possession resorts all around the globe. The corporate affords Marriott Bonvoy®, its extremely awarded journey program. For extra data, please go to our web site, and for the newest firm information, go to Marriott Information Middle. As well as, join with us on Fb and @MarriottIntl on Twitter and Instagram.
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