The Marriott-controlled ultra-luxury superyacht brand The Ritz-Carlton Yacht Collection would like to raise as much as $400 million to add two superyachts to its current three, Bloomberg News reported on Wednesday.
25.08.2023 - 14:15 / skift.com / Sean Oneill / Marriott International
Marriott International revealed on Monday its full-year totals for hotel development in 2022. The most notable figures highlighted a further push by the world’s largest hotelier into the luxury and extended-stay segments.
The operator of brands such as Ritz Carlton, Bvlgari Hotels, W, and Edition last year signed deals to develop 42 luxury hotels — a company record — adding to its nearly 500 open luxury properties. These luxury hotels represent nearly 8,000 rooms.
Marriott also had continued momentum at the lower end of the spectrum in 2022, which represents most of the nearly 8,300 properties it had open worldwide as of late December.
In 2022, the company’s extended stay brands — Residence Inn by Marriott, Element by Westin, and TownePlace Suites by Marriott brands — made up a record 30 percent of the company’s signings.
Interest in extended stay from developers is partly driven by consumers seeking more space, “driven by the blending of work and leisure trips,” Marriott executives said.
“The select service and extended stay segments continue to generate significant growth for the company, particularly in the U.S. and Canada,” said Noah Silverman, global development officer, U.S. & Canada, at the Americas Lodging Investment Summit (ALIS) in Los Angeles.
In 2023, the company will particularly look at “underserved secondary and tertiary markets” for additional extended-stay growth, Silverman said.
Overall, last year was a robust year for Marriott’s pipeline expansion. It signed 726 management and franchise agreements, representing nearly 108,000 rooms. About 20 percent of these deals were conversions rather than new development.
Marriott joins other hotel companies in having a backlog of getting signed hotels built open. Last year, the company only added 394 properties, representing roughly 65,000 rooms, growing its worldwide network by 4.4 percent. But given the enormous size of its pipeline, that rollout could’ve been faster if key inputs for construction and financing hadn’t been disrupted by labor dislocations and rising interest rates.
For more context, see how the great merging between people’s work and personal lives has led Blended Travel to Come of Age, one of Skift’s Megatrends for 2023.
For context on the consumer dynamic driving the boom in luxury, see Skift’s 2023 Megatrend “A New Super Luxury Goes a Step Further.”
The Marriott-controlled ultra-luxury superyacht brand The Ritz-Carlton Yacht Collection would like to raise as much as $400 million to add two superyachts to its current three, Bloomberg News reported on Wednesday.
Project MidX Studios, the lower midscale, extended stay property, is officially called StudioRes. Marriott describes it as a new-build, midscale extended stay development platform for owners and franchisees in the U.S. and Canada. The world’s largest hotelier said 1,800 target markets have already been identified.
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Marriott International is debuting an extended-stay brand offering serviced apartment stays in the U.S. and Canada. The Apartments by Marriott Bonvoy product will play in the premium and luxury segments, syncing with Marriott’s overall portfolio — which is in the upper half of lodging categories.
Marriott International’s Edition brand, co-created with hotel impresario Ian Schrager, may finally be clicking with developers after a decade-long slow burn. The Tampa Edition that opened in September marked the 15th property in the series. Top executives expect to double that footprint within five years.
Skift unveiled the 2023 edition of its annual Megatrends this week and in the mix, as you’d expect, is the phenomenon of the blended traveler.
Doing local in a more memorable way is becoming increasingly important for hotels. Marriott International VP of Design Aliya Khan and Curator Hotel & Resort Collection President Jennifer Barnwell discuss the rising demand for more lifestyle, capturing experiences through design and balancing renovations with changing consumer expectations.
Top executives at Marriott International said they believe the pandemic surge in travelers having blended trip purposes of both business and leisure will have a long-term impact on the hotel sector. The growing trend will affect everything from data collection to the types of properties developers want to fund.
Vianel Filpo, general manager at Turks and Caicos Collection, a group of luxury resorts, will never forget the day he found an employee suffering from depression so badly that she was considering taking her own life.
Marriott International ended 2022 with a robust performance thanks to the post-pandemic resurgence in travel, the company said on Tuesday. It enjoyed record fourth-quarter average room rates, profit at its managed hotels, hotel development plans, and sign-ups for its co-branded credit cards.
Marriott International CEO Anthony Capuano on Tuesday toured the , the first sailing vessel in The Ritz-Carlton Yacht Collection. Capuano said in an interview that yacht-style cruises on the 623-foot — which hosts fewer than 300 people at a time — represent an important pillar of growth for the world’s largest hotel operator by pulling the levers of loyalty and luxury.
Bulgari Hotels & Resorts opened its eighth hotel on April 4, the Bulgari Hotel Tokyo.