First 19 Development Projects Announced Under Marriott's Bridging the Gap Program

Rhea-AI Summary

Marriott International (Nasdaq: MAR) announced the first 19 projects to receive support from its Bridging the Gap program, aimed at enhancing hotel development among historically underrepresented groups. This initiative follows a $50 million investment made in 2022 to facilitate ownership for Black, Hispanic, Native American, and women developers. The projects, including various hotel brands such as Aloft and Residence Inn, are expected to reach a total asset value of $1 billion within three years. The program seeks to remove barriers to entry in hotel ownership through financial support and expert guidance from experienced developers and lenders. The announcement also coincides with the upcoming She Has a Deal pitch competition on April 27-28, showcasing efforts to boost women's representation in hotel ownership.

Positive

• 19 projects supported under the Bridging the Gap program.
• Initial investment of $50 million targeting diversity in hotel ownership.
• Expected total asset value of $1 billion for supported projects within three years.

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• None.

Initiative Designed to Increase Hotel Development and Ownership Among Historically Underrepresented Groups

Company to Also Host "She Has a Deal" Pitch Competition and Awards Luncheon April 27-28

BETHESDA, Md., April 26, 2023 /PRNewswire/ -- As part of Marriott International's (Nasdaq: MAR) ongoing commitment to diversity, equity and inclusion, the company today announced that the first 19 projects receiving financial support and other incentives through "Marriott's Bridging the Gap" program will include the company's Aloft Hotels, Autograph Collection, Fairfield Inn & Suites, Residence Inn, SpringHill Suites, TownePlace Suites and Tribute Portfolio brands. The program, announced in 2022 with a $50 million initial investment from Marriott, aims to build a more diverse Marriott owner and franchisee community by addressing barriers to entry in hotel ownership among historically underrepresented groups including Black, Hispanic/Latino, Native American/First Nation and Women owners. In addition to providing access to valuable capital, Marriott is utilizing its extensive relationships with seasoned hotel developers, operators and lenders to assist and support eligible owners' hotel projects.

"We see hotel ownership as a powerful economic generator – creating good jobs and revenue in the community and an on-ramp to prosperity and inter-generational wealth for hotel owners. Today's announcement is all about creating opportunity – and as the name of this program suggests – bridging the gap to hotel ownership that too often exists for underrepresented groups," said Anthony Capuano, President and Chief Executive Officer, Marriott International. "I want to congratulate all of these future hotel owners and thank them for working with us to realize their dreams and ours."     

Said Arzu Molubhoy, Managing Partner, Alpha 3 Hotels, whose company is developing a Residence Inn in Texas under the program, "Marriott's Bridging the Gap has been the most beneficial by opening doors. It has given opportunities that you dream of, and you hope that one day comes to fruition."

In total, development projects under Marriott's Bridging the Gap program are expected to reach $1 billion in total asset value for their ownership groups within three years. To qualify for the program, development projects may be new-build, relicenses or conversion projects in the U.S. and Canada under one of the company's 30 brands.

"These 19 projects not only demonstrate progress in Marriott's goal to diversify its ownership community but also growing momentum in expanding hotel ownership opportunities among historically underrepresented groups well into the future," said Noah Silverman, Global Development Officer, U.S. and Canada, Marriott International.  

For more information about Marriott's Bridging the Gap, please visit Marriott Development.

She Has a Deal Pitch Competition and Awards Luncheon

Marriott is a founding sponsor of She Has a Deal (SHaD) launched in 2019 by Tracy Prigmore, a hotel investor and founder of real estate investment company TLTsolutions. SHaD is a real estate investment platform that creates new pathways to hotel ownership and development for women. Marriott will host the organization's fourth annual pitch competition at the company's new global headquarters in Bethesda, Maryland. Attendees will include leaders in the hotel and lending industries as well as competition participants, current and aspiring hotel owners and women seeking to expand career opportunities.  

"I am on a mission to increase the number of women and people of color owning and developing hotels, and SHaDPitch is just one of my strategies to create new pathways that open the door to building wealth through hotel real estate development," said Tracy Prigmore. "Marriott collaborated with us from the beginning when She Has a Deal was just a concept and their leadership has been instrumental in furthering the mission, so we are elated that Marriott wanted to host SHaDPitch at their new headquarters this year."

SHaDPitch includes two days of competition pitches culminating with an award luncheon. The event will open with welcome remarks on April 27 at 1 pm by David Marriott, Chairman of the Board, Marriott International. The following day, April 28, Marriott senior leaders including Anthony Capuano, President and Chief Executive Officer; Leeny Oberg, Chief Financial Officer and Executive Vice President, Development; and Noah Silverman, Global Development Officer, U.S. and Canada will be giving remarks.  

Participants in the SHaD competition are focused in two tracks: Early Careerist and Today's Woman.  As part of the competition, the participants completed more than 40 hours of intensive hotel investment education to learn how to source, evaluate, and raise capital for a real hotel deal. The 2023 Early Career track is comprised of 16 women either pursuing college and graduate degrees or who are recent graduates. The Today's Woman track includes 10 women who are established in their careers. The finalists for both tracks will participate in the final pitch and competition judged by industry leaders and will vie for $50,000 in deal equity through the She Has a Deal Prosperity Fund, which is a vehicle for investing in women-led hotel projects. 

Note to Editors: Media are welcome to attend all or part of the SHaD Conference and Pitch Competition either in person or virtually.

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 future plans, programs and commitments; investment and funding plans and expectations; growth and development expectations; expectations regarding the expansion of hotel ownership opportunities; 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 any forward-looking statement, whether as a result of new information, future events or otherwise.

About Marriott International
Marriott International, Inc., (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,300 properties under 30 leading brands spanning 138 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. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

 

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SOURCE Marriott International, Inc.

FAQ

What is Marriott's Bridging the Gap program and its purpose?

Marriott's Bridging the Gap program aims to increase hotel ownership among historically underrepresented groups, supported by a $50 million initial investment.

How many projects were announced under Marriott's Bridging the Gap program?

Marriott announced the first 19 projects receiving support under the Bridging the Gap program.

What is the expected asset value of projects supported by Marriott's Bridging the Gap program?

The development projects under the Bridging the Gap program are expected to reach a total asset value of $1 billion within three years.

When is the She Has a Deal pitch competition being held?

The She Has a Deal pitch competition will take place on April 27-28.