In an unprecedented surge of expansion across the Asia Pacific excluding China (APEC), Marriott International, Inc. (Nasdaq: MAR) has announced a landmark year of growth and strategic development in the region. The hospitality giant successfully added over 60 properties to its robust portfolio throughout 2023, elevating its presence in the APEC to more than 560 operating hotels and residences. This expansion translates to an impressive net rooms growth of over 10 percent compared to the preceding year, underscoring Marriott’s dominant position in key travel markets such as Japan, India, and Vietnam.
The year 2023 marked a significant milestone for Marriott International with the sealing of over 80 deals across 13 markets, representing approximately 18,000 rooms. This record-setting pace of signings highlights the company’s unwavering commitment to capturing the evolving dynamics of the APEC travel landscape, further bolstered by a development pipeline exceeding 320 hotels and 69,000 rooms by the year’s end.
Luxury offerings continue to be a cornerstone of Marriott’s strategy, with the APEC region contributing 25 percent to the global luxury rooms pipeline. The year saw the inauguration of nine luxury hotels, including The Ritz-Carlton, Melbourne, Marriott’s 1,000th hotel in the Asia Pacific, The JW Marriott Goa, and The Singapore EDITION, the first EDITION in Southeast Asia, underscoring the company’s dedication to delivering unparalleled luxury experiences.
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Rajeev Menon, President of Marriott International APEC, expressed his enthusiasm for the company’s trajectory, stating, “With our record year of growth at Marriott International in APEC, we remain committed to meeting the demands of modern travelers underscored by our diverse portfolio of brands and strategic presence in new destinations. 2023 has positioned us as a thriving and desirable region in the global landscape. I am excited about our momentum as we focus on being where our customers want us to be and connecting people through the power of travel.”
Fueling this expansion is the Marriott Bonvoy program, which has seen a 50 percent increase in its membership base in the APEC since 2019. The award-winning travel program has been instrumental in driving interest in Marriott’s regional offerings through unique experiences, exclusive access to events like the Australian Open and Formula 1, and strategic partnerships with entities such as Singapore Airlines and Rakuten.
Marriott International’s record expansion in the Asia Pacific in 2023 not only solidifies its position as a leader in the travel and hospitality industry but also signifies a promising future for luxury travel in the region. For more information on Marriott’s latest developments, visit the Marriott News Center at news.marriott.com.
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 deal signings, expected future project openings and portfolio growth; our development pipeline; the pace and momentum of development activity; future growth opportunities; travel and lodging 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 8,800 properties across more than 30 leading brands in 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 X and Instagram.
