Marriott International Continues Asia Pacific Growth With Nearly 100 Properties Expected To Open In 2021
Marriott International (Nasdaq: MAR) plans to expand its Asia Pacific portfolio with nearly 100 property openings in 2021, building on a successful 2020 when it launched its 800th hotel in the region. 27,000 new rooms have entered the development pipeline, including the largest branded residences project featuring almost 4,200 units. The company anticipates strong demand recovery, particularly in Greater China, and is introducing new luxury offerings. The impressive pipeline reflects Marriott's resilience and adaptability amidst the evolving travel landscape.
- Plans to open nearly 100 properties in Asia Pacific in 2021.
- Added 27,000 rooms to the development pipeline in 2020.
- Celebrated the 800th hotel opening in Asia Pacific in 2020.
- Strong leisure bookings in China, up over 25% year-over-year in Q3 2020.
- Ongoing uncertainties due to COVID-19 may impact travel demand.
- The hospitality industry faces challenges in restoring consumer confidence.
HONG KONG, Jan. 18, 2021 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) continues to expand its portfolio, expecting to open 100 properties in Asia Pacific in 2021, bringing more brands and experiences to new destinations for guests across the region. In 2020, the company celebrated its 800th milestone hotel opening in the region with 75 properties added to its portfolio during the year, representing more than one opening per week across the region. Nearly 27,000 rooms were added to the region's development pipeline in 2020 alone, in addition to the signing of Marriott's largest branded residences project with close to 4,200 units.
"I am proud of the way we have continued to grow and have moved quickly to adapt to the challenges that arose from the pandemic. With the launch of new global industry hygiene standards in April 2020, innovative offerings such as work anywhere packages and hyper-localised marketing and sales strategies, our nimble and forward-thinking approach will continue to lead us through the recovery," said Craig S. Smith, Group President, International, Marriott International. "We are grateful for the continued resilience and positivity demonstrated by our associates and for the confidence our guests, owners and franchisees continue to have in us. We remain well-positioned to meet the travel demands of our guests across Asia Pacific and the rest of the world."
Greater China has led the global recovery to date, and the company expects to soon celebrate its 400th hotel in Greater China and its 50th hotel in Shanghai with the opening of JW Marriott Shanghai Fengxian in spring 2021. With this hotel opening, Shanghai has the distinction of reaching this important milestone for the company in Asia Pacific.
According to a joint report by consultancy Bain & Co. and Alibaba's Tmall Luxury unit, Mainland China is on track to become the world's largest personal luxury market by 2025 even seeing year-over-year domestic growth in 2020 despite the pandemic. To leverage this trend, Marriott International continues to strengthen its luxury portfolio with expected openings in 2021 such as W Changsha, W Xiamen, St. Regis Qingdao and The Ritz-Carlton Reserve Jiuzhaigou. With the anticipated opening of the Ritz-Carlton Reserve, China will be the first country in Asia Pacific to house all of Marriott International's luxury hallmarks.
Marriott's leisure bookings in China have been particularly strong, up over 25 percent year over year in the third quarter in Mainland China, demonstrating the resiliency of demand once consumers are comfortable that the virus is under control and restrictions can safely be lifted. The company is introducing more travel experiences across its brand portfolio, including at popular leisure destinations such as Mianyang in the Sichuan province with the expected opening of Sheraton Mianyang, as well in the culturally-rich destination of Nanjing with the anticipated opening of The Westin Nanjing Resort & Spa.
Beyond Greater China, Marriott International continues to strengthen its footprint, with several expected brand debuts across Asia Pacific in 2021. In Japan, W Hotels is expected to debut with the opening of W Osaka, while The Luxury Collection is also slated to debut in Australia with the opening of The Tasman in Hobart. The iconic Ritz-Carlton brand is expected to celebrate its debut in the leading resort destination of Maldives in early summer, bringing legendary service to the picture-perfect archipelago.
Further expanding Marriott's presence in breathtaking resort destinations, the JW Marriott brand is slated to bring its warm luxury experience to Jeju Island in South Korea with the planned opening of JW Marriott Jeju in late 2021. The company's signature wellness brand, Westin, is also highly anticipated to debut in one of India's top beach destinations, Goa, this summer.
To support domestic travel in Japan, the company plans to open six additional Fairfield by Marriott hotels throughout 2021 along 'Michi-no-Eki' roadside stations aimed at revitalizing the country's local sightseeing spots. Japan expects to have more than 30 Fairfield by Marriott hotels by the end of 2023. Touted as one of the best cities in the world for art, culture, music and food, Australia's Melbourne is expected to see the opening of the country's second W Hotel with W Melbourne in spring and the opening of Melbourne Marriott Hotel Docklands in early 2021.
"The strength of our pipeline is testament to the long-term growth prospects in Asia Pacific," said Paul Foskey, Chief Development Officer, Asia Pacific, Marriott International. "Despite a challenging environment in 2020, we are pleased with the signings we have achieved across the region during the year. We have full gratitude to our owners and franchisees for their belief in the resiliency of travel and the strength of Marriott's portfolio of brands."
Note on forward-looking statements:
This press release contains "forward-looking statements" within the meaning of U.S. federal securities laws, including expected project openings; brand debuts in certain markets; our development pipeline and growth prospects; booking, demand and other market trends; and similar statements concerning possible future events or 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 those we identify below and other risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the location and extent of resurgences of the virus and the availability of effective treatments or vaccines; its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting or banning travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of COVID-19's impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides or effective treatments or vaccines become available; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules, our voluntary transition program and other restructuring activities; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance hotel growth and refurbishment. 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.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,500 properties under 30 leading brands spanning 132 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 Twitter and Instagram.
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