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New Marriott Hotel in Mexico

New Marriott Hotel in Mexico helps to Double Hotel Portfolio in Latin America by 2017

 

                                           

                                                 Courtyard by Marriott 

 Posted by Alex Finkelstein 04/18/12 8:30 AM EST

This year's hotel openings in the region help showcase Marriott's broad portfolio of top brands, including the first Ritz-Carlton Reserve at Dorado Beach, Puerto Rico to the JW Marriott in Cusco, Peru and the Courtyard by Marriott at Mexico City Airport.

 

Sensing a growing demand, Marriott International Inc. plans to double it s hotel portfolio in South America by 2017. Marriott will add 12 hotels to its five existing properties in Brazil and increase its presence in Colombia to seven from two.

President and Chief Executive Officer Arne Sorenson made the announcement in Cartagena, Colombia.  Marriott is the largest publicly trade hotel chain in the U.S.

 

In a news release from Marriott headquarters in Bethesda, MD., Sorenesen said he anticipates his company's planned expansions will increase jobs at Marriott hotels to 27,000 from 13,000 by the end of 2017.

Brazil, particularly, has a hotel room shortage. Rio de Janeiro, Brazil's second- biggest city, will host the 2016 Summer Olympics. Rio de Janeiro also houses the Maracana soccer stadium, where the closing ceremony of the 2014 World Cup will be held.

Sorensen sees a special opportunity for Marriott to grow in Latin America, the Caribbean and Asia.  He anticipates a growing middle class in those countries whose near-future incomes will allow them to travel more for pleasure as well as for business. He also sees growth opportunities as well in residential, office and retail properties.

Marriott has 35 hotels signed and under development in the Caribbean and Latin America. These include The Ritz-Carlton, Aruba, The Ritz-Carlton, Panama City (Panama), JW Marriott Cusco (Peru), Port-au-Prince Marriott Hotel (Haiti) and the Renaissance Santiago (Chile).

By 2017, Marriott envisions its portfolio in the region rising to over 140 hotels and 30,000 rooms either opened or in the development pipeline.

Marriott International currently is represented with 69 hotels in 25 countries in the Caribbean and Latin America. Nine of Marriott's 18 brands are currently represented in the region.

They are The Ritz-Carlton and JW Marriott (luxury); Marriott Hotels & Resorts (upscale); Renaissance Hotels and Autograph Collection (lifestyle); Courtyard by Marriott (upper moderate); Marriott Executive Apartments and Residence Inn by Marriott (extended stay); and Fairfield by Marriott (moderate).

Brazil has been slow in developing new hotel properties because lenders have held back on hospitality financing until recently.  Commercial developers also have side-stepped the hotel arena and used available land instead to develop other real estate categories.


Published Thursday, April 19, 2012 11:36 AM by David Biondolillo

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