Marriott International, Inc. today announced plans to expand its portfolio in Greater China with the anticipated additions of more than 50 hotels in over 30 destinations across the region in 2022. The company also expects to open its 500th hotel in Greater China in early 2023, underscoring its confidence in the recovery and long-term growth of the region.
"Greater China is an important growth market for us. In the past three years, Marriott International has expanded its footprint in the region with an average of 40 hotel additions per year. Currently, our portfolio includes 448 hotels spanning 23 brands across more than 110 cities in Greater China," said Mr. Henry Lee, President, Greater China, Marriott International. "In 2022, we will continue to focus on our 'Brand + Destination' development strategy, working closely with owners and franchisees to drive travel demand. We expect to introduce more hotel brands into more destinations in Greater China, providing our guests with diversified travel products and experiences."
Luxury Brands Continue to Be Favored by Chinese Consumers
According to the latest Bain & Company Luxury Study , China's share of the global luxury market grew to 21 percent last year, putting the country on track to become the world's largest luxury market by 2025. Marriott International expects to enhance its luxury hotel presence in additional leisure destinations in the region and continues to differentiate its brand experiences to better serve guests.
In 2022, the company expects to unveil a Ritz-Carlton Reserve in the historic Jiuzhaigou Valley, a UNESCO World Natural Heritage Site. The W brand is slated to debut in Macau, an international city with world-class dining, shopping and entertainment, with the anticipated opening of W Macau - Studio City later this year. JW Marriott, a brand rooted in holistic well-being, is anticipated to debut in Changsha later this year, encouraging guests to maintain a holistic balance in mind and body while on the road.
Premium Brands on the Rise with the Leisure Travel Trend
Marriott International is poised to strengthen the presence of its premium brands across leisure destinations in 2022. The company expects to add more than 15 hotels in over 10 destinations, aiming to satisfy guests' desire to explore popular cities for getaways such as Chengdu, Xi'an, Sanya and Qinhuangdao.
Sheraton Hotels & Resorts expects to continue to expand its footprint in Greater China in destinations such as Ningbo, Xi'an and Beihai. Marriott Hotels will also strengthen its portfolio with new hotels anticipated to open across Qinhuangdao and Tianjin in 2022, providing more accommodation choices for leisure travelers while helping to drive the recovery of the domestic travel market.
Desire for Marriott's Select Service Brands
Comprising more than 50 percent of the hotels anticipated to open in 2022, Marriott International's select service brand portfolio will continue to drive growth for the company in Greater China. According to the "Trending in Travel" report from WTTC and Trip.com, in 2021 , rural and suburban destinations in China demonstrated strong growth in booking rates, which indicates an increased tendency among people to travel beyond first-tier cities. In light of this trend, Marriott International has strategic plans to further expand the presence of its select service brands in the secondary and tertiary markets in 2022.
Moxy Hotels, designed for the young at heart and known for its experiential, playful style and approachable price point, is expected to bring its "Play On" spirit to more cities including its anticipated debut in Suzhou and an expected second property in Xi'an. Four Points by Sheraton expects to accelerate its growth with more than five planned openings in Greater China, making its debut in cities like Nantong and Nanchang. The company also anticipates the debut of Fairfield by Marriott in several niche destinations such as Huai'an, Liaocheng and Zibo.
With more than 50 hotels slated to open across Greater China this year, the company expects local communities to see new job opportunities, contributing to the vigorous development of the Chinese tourism industry.
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 unit growth; our growth pipeline; expected hotel openings and brand debuts in certain markets; lodging recovery, growth and demand trends and expectations; job growth in certain markets; development trends and expectations; consumer demand trends and expectations; 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 8,000 properties under 30 leading brands spanning 139 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.
Marriott International Inc. published this content on 03 March 2022 and is solely responsible for the information contained therein. Distributed by, unedited and unaltered, on 03 March 2022 20:40:00 UTC.