Marriott International, Inc. (NYSE:MAR) will open seven hotels in Latin America and the Caribbean in the next 18 months, announced Ed Fuller, president and managing director of international lodging for Marriott International.
We are excited and pleased to see our lodging portfolio in the region grow so dramatically, Mr. Fuller said. When these seven hotels are opened, our portfolio in the region will grow to 35 properties, offering more than 11,000 rooms and five lodging brands in 19 countries. This growth represents a 25 percent increase in the number of hotels, a 20 percent increase in rooms and will rank Marriott International among the top three global lodging brands in the region.
Mr. Fuller indicated that Marriott International`s Latin America/Caribbean expansion is part of its global strategy to manage or franchise a hotel in every gateway city in the world and in 70 countries within the next five years.
We have 12 powerful lodging brands with tremendous growth potential, he continued. They are serving as the catalyst for our global growth because people want to stay with brands that consistently deliver a safe and comfortable place to stay when they are far from home, and that help business travelers get their work done.
He explained that Marriott International is pursuing a strategy that first gains representation in a country`s major cities with its full-service, upscale Marriott Hotels, Resorts & Suites and Renaissance Hotels, Resorts & Suites brands, then branches out to secondary cities in the country, and follows that expansion with the introduction of its highly acclaimed, moderately-priced Courtyard by Marriott lodging brand.
We are especially pleased to see our Latin American hotel product grow, because this will enable us to employ operational and marketing synergies between all our properties and create exceptional career advancement opportunities for our associates, he said.
Mr. Fuller noted that Marriott began operating hotels in Latin America and the Caribbean 10 years ago with opening of the 450-room Marriott CasaMagna Resort Cancun and the 433-room Marriott CasaMagna Resort Puerto Vallarta, both in Mexico.
The seven properties that are now under construction and scheduled for opening by 2002 are:
* 203-room Renaissance Mexico City Hotel in Mexico, 2000
* 256-room Costa do Sauipe Marriott Resort and Spa in Brazil, 2000
* 450-room JW Marriott Hotel Cancun in Mexico, 2000
* 237-room Renaissance Costa do Sauipe Resort in Brazil, 2000
* 245-room Rio de Janeiro Marriott Hotel in Brazil, 2001
* 269-room JW Marriott Hotel Caracas in Venezuela, 2001
* 180-room Mendoza Marriott Hotel in Argentina, 2002
Currently there are 28 Marriott International hotels and resorts in 18 Latin America/Caribbean countries and territories offering 9,459 rooms and spanning five lodging brands. Besides those mentioned earlier, there is a Residence Inn by Marriott near Tijuana, Mexico, which caters to the extended-stay traveller.