New growth plans from Marriott International will see the hotel giant open new premises every 14 hours around the world between 2017 and 2019.
The target is to add between 285,000 and 300,000 rooms to the global inventory in that time frame, ensuring they remain the world’s biggest hotel group.
Tourists already have the option to stay in more than one million rooms around the globe and the latest growth plans – unveiled at a meeting at the New York Marriott Marquis – suggest a bright future.
President and chief executive of Marriott International, Arne Sorenson, lauded the “once-in-a-generation” acquisition of Starwood as a key aspect of growth plans, saying: “We are more optimistic than ever about our future.”
He added that international trips are expected to exceed 1.8 billion by 2030 while global travel is predicted to rise at a 7% compounded rate during the next decade.
Given Marriott has a footprint in 122 countries and territories around the world as part of a massive portfolio of brands, Mr Sorenson believes the group is currently “well positioned to benefit”.
Starwood closed in 2016 and was acquired as part of a $13.6 billion deal – this boosted the company as they went from operating in 87 regions at the end of 2015 to 122 by the end of last year.
When including hotels and those under construction, more than 8% of the world’s hotel rooms will fall under the Marriott brand.
The Group has the leading share of the markets in North America, the Middle East and Africa, and the Asia Pacific region.
Based on its growth projections, Marriott has targeting an annual rate of 6.5% for the next three years, up on a rate of 5% for the last three years.
During that time, the new rooms added to its inventory are expected to earn the firm $675 million.
If you’re planning on travelling abroad this year, be sure to organise your Family Travel Insurance in advance.
Date Created: 24/03/2017