Marriott International Introduces Apartments by Marriott Bonvoy, Responding to Growing Consumer Demand As Travelers Increasingly Blend Work And Leisure

Rhea-AI Summary

Marriott International announces the launch of Apartments by Marriott Bonvoy, expanding its offerings in response to growing demand for apartment-style accommodations. This new initiative targets travelers seeking more space and amenities for work and leisure trips. Built on 26 years of experience, the apartments will feature separate living areas, full kitchens, and residential amenities while maintaining a premium brand image. This expansion aims to enhance Marriott's global portfolio and increase customer loyalty, leveraging its well-established distribution platform.

Positive

• Launch of Apartments by Marriott Bonvoy expected to enhance global portfolio growth.
• New offering caters to increasing consumer demand for spacious, home-like accommodations.
• Allows flexibility for developers to build or convert properties under a trusted brand.

Negative

• None.

New offering expected to spur development opportunities globally

BETHESDA, Md., Nov. 9, 2022 /PRNewswire/ -- Marriott International, Inc., today announced its expansion into apartment-style accommodations with the launch of Apartments by Marriott Bonvoy™. The company is seizing upon growing consumer interest among families and friends seeking more space for stays, propelled by the blending of work and leisure travel, and the desire among younger travelers for wider accommodations options.

Marriott is building upon its 26 years of experience with Marriott Executive Apartments, its serviced-apartment brand in Asia, Europe, the Middle East, Africa, and Latin America. With the introduction of Apartments by Marriott Bonvoy, the company expects it will enhance portfolio growth globally and bring the serviced-apartment concept to Marriott guests in the U.S. and Canada.  

"Travelers planning vacations and long business trips today are seeking more choice in accommodations, and the introduction of Apartments by Marriott Bonvoy responds to those trends while offering developers a premium product backed by our trusted name and distribution platform," said Stephanie Linnartz, President, Marriott International. "With Apartments by Marriott Bonvoy, guests will be able to shop a wider array of accommodation options within the Marriott Bonvoy portfolio, growing their loyalty to the portfolio and its range of brand offerings." 

Marriott plans to introduce Apartments by Marriott Bonvoy in the upper-upscale and luxury segments, distinguished from Marriott's existing extended-stay brands, with distinctly designed products that reflect the local neighborhood for independent travelers seeking more space and residential amenities. Apartments by Marriott Bonvoy will feature a separate living room and bedroom, full kitchen, and in-unit washer and dryer, but will be differentiated from Marriott's existing extended-stay brands by not providing certain traditional hotel services such as food and beverage, meeting spaces, and retail. Apartments by Marriott Bonvoy is anticipated to offer developers the flexibility to build new properties or convert existing properties, with a design approach similar to the company's successful Autograph Collection and Tribute Portfolio lodging brands, which offer consumers independent, uniquely distinguished hotel experiences. Apartments by Marriott Bonvoy will be backed by Marriott's powerful reservations engine and Marriott Bonvoy, the company's award-winning travel program with 173 million members.      

Among travel consumers and Marriott Bonvoy members, there is a growing desire for premium accommodations that provide home-like amenities as travelers combine work and leisure trips to reconnect with family and friends. According to Phocuswright research, three of the top five reasons for selecting an apartment-style rental are more room or space, access to a full kitchen and laundry, and home-like feel.¹

Prospective developers can learn more about Apartments by Marriott Bonvoy and all the company's brands on Marriott's development  website.  Offer and sale by prospectus only. 

[1] Through the Roof: U.S. Short Term Rentals 2021, Phocuswright, January 2022

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 planned new product offerings; demand trends for certain types of lodging products; growth plans and expectations for the new product offering; expectations regarding growth in customer loyalty; 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 8,200 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, and for the latest company news, visit www.MarriottNewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-introduces-apartments-by-marriott-bonvoy-responding-to-growing-consumer-demand-as-travelers-increasingly-blend-work-and-leisure-301672917.html

SOURCE Marriott International, Inc.

FAQ

What is Apartments by Marriott Bonvoy?

Apartments by Marriott Bonvoy is a new accommodation offering from Marriott International designed to meet the growing demand for apartment-style stays, featuring amenities like separate living rooms, kitchens, and laundry facilities.

When was Apartments by Marriott Bonvoy announced?

Apartments by Marriott Bonvoy was announced on November 9, 2022.

How will Apartments by Marriott Bonvoy impact Marriott's portfolio?

The introduction of Apartments by Marriott Bonvoy is expected to enhance Marriott's global portfolio by catering to diverse customer needs and increasing loyalty through a wider range of accommodation options.

Which markets will Apartments by Marriott Bonvoy serve?

Apartments by Marriott Bonvoy will initially launch in the U.S. and Canada, expanding upon Marriott's existing presence in Asia, Europe, the Middle East, Africa, and Latin America.

What differentiates Apartments by Marriott Bonvoy from existing brands?

Apartments by Marriott Bonvoy will provide distinct apartment-style accommodations without traditional hotel services like food and beverage, differing from existing extended-stay brands.