Marriott International, Inc. (MAR/NYSE) proves its leadership in the extended-stay market—the fastest-growing segment of the hotel industry—with continued growth and high occupancy for its extended-stay brands, Residence Inn, TownePlace Suites, ExecuStay and Executive Apartments. For example, Residence Inn posted an 81.3 percent year-to-date average occupancy and ExecuStay recently acquired Executive Living, Inc. and the corporate housing division of JPI, adding to Marriott`s growth.
Marriott`s extended-stay brands include:
- Residence Inn, featuring 50 percent more space than an ordinary hotel room, now offers
310 properties throughout the United States, Canada and Mexico.
- TownePlace Suites by Marriott, a moderately priced option with 25 to 50 percent more space than an average hotel room has grown to 44 locations in the United States.
- ExecuStay by Marriott, a quality corporate housing service offering spacious apartments for business travelers needing accommodations for 30 days or more in the location of their choice, offers 6,000 units in the United States.
- Executive Apartments, a new luxury long-term housing solution offering serviced apartments for business travelers needing accommodations for extended assignments of 30 days or more features locations in Budapest and Hong Kong.
“The extended-stay market will continue to experience tremendous growth due to trends in today`s marketplace,” said Tim Sheldon, senior vice president of extended-stay lodging for Marriott International. “For example, Marriott is opening a new property every nine days.”
As extended-stay demand continues to grow, Marriott keeps up with current market trends such as a booming economy, workers changing jobs more often, increased technology, corporate outsourcing and low unemployment.
The industry`s largest operator of extended-stay hotels, Residence Inn by Marriott, opened
41 hotels and added 5,000 rooms to its system over the past 12 months. Residence Inn plans to have 450 hotels by 2003. Earlier this year, the brand set an industry milestone by opening its 300th property, located in Cambridge, Mass. In 1998, Residence Inn outperformed the industry and all other Marriott brands with an average occupancy rate of 83 percent and was voted “best extended-stay hotel chain” in a survey of 846 corporate travel managers.*
TownePlace Suites, opened in 1997 as a mid-market alternative to the premium Residence Inn brand, currently has 44 properties open and plans to increase to 171 by 2002. Marriott Executive Apartments, also established in 1997 and designed to be an overseas brand, currently has two hotels with plans to continue worldwide growth by adding four locations by 2001. Marriott`s growth rate far surpasses the projected overall extended-stay market rate of approximately
6 percent per year through 2001.**
Average stays range from two to three weeks at Residence Inn and TownePlace Suites to three months at ExecuStay and Executive Apartments. All properties offer rates that decrease per night based on length of stay. Residence Inn rates range from $90 to $120 per night, while TownePlace Suites rates range from $60 to $75 per night.
Residence Inn and TownePlace Suites offer a variety of suites including one- and two-bedroom, oversized studio suites and bi-level penthouses. Suites feature a full kitchen and separate living and sleeping areas. Services and amenities include business services, in-room voice mail and data ports and swimming pool. Residence Inn also offers complimentary breakfast buffet, grocery shopping service, small meeting room, whirlpool spa, SportCourt for basketball and volleyball, evening hospitality hour and weekly barbecue.
ExecuStay offers fully furnished apartments, weekly housekeeping, phone and answering machine, washer and dryer, utilities, cable and maintenance services. Executive Apartments services and amenities include 24-hour concierge and security, housekeeping three times per week, grocery delivery, room service and monthly reception.
All four brands participate in Marriott Rewards, the world`s largest frequent stay program with nearly 11 million members.
To make reservations, call Marriott at (800) 228-9290, visit www.marriott.com or contact a travel professional.
* Survey conducted by Business Travel News.
** According to a study conducted by D.K. Shifflet & Associates.