Marriott International sees exceptional growth

February 01, 2024 | 18:09
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In 2023, Marriott International celebrated a milestone year in the Asia Pacific, securing over 80 deals to add around 18,000 rooms, excluding Mainland China, highlighting its expansion and deepened presence in pivotal markets like Japan, India, and Vietnam.
Marriott International sees exceptional growth

In its latest 2023 report, Marriott International, Inc. highlighted its exceptional success, attributing it to a record number of signed agreements that contributed to an increase in the number of new rooms available for global lodging services.

Specifically, the report emphasised the substantial rise in contracts signed with partners and the operation of new luxury hotels and apartments in the Asia Pacific region, excluding China.

By the end of 2023, Marriott had added over 60 new hotels and resorts to its system, boosting its presence in the region with more than 560 operating luxury hotels and resorts, achieving a growth rate exceeding 10 per cent in room numbers compared to 2022.

The group also reported record figures with more than 80 signed management agreements across 13 markets, adding approximately 18,000 rooms.

Rajeev Menon, president of Marriott International for the Asia Pacific region (excluding China), said, "Summarising a year of record growth for Marriott International in the APEC market, we remain committed to meeting the demands of modern travellers through the diversity of our hotel and resort brands. Additionally, we will continue our strategic activities to increase our presence in new destinations."

"The accomplishments of 2023 have positioned the APEC region as a potential, core, and prosperous area on the world map. We are delighted and proud of the results achieved and are further motivated to focus on destinations that our customers are eager to explore, thereby connecting people through the latent power of travel."

Marriott International's strategic initiatives and expansion efforts in the Asia Pacific region reflect its dedication to capturing the growing demand for luxury lodging options. With a focus on diversity, innovation, and strategic growth, the company aims to solidify its position as a leader in the global hospitality industry, connecting people through the transformative power of travel.

Marriott International sees exceptional growth

By the end of 2023, the company's regional footprint had significantly expanded, comprising over 320 hotels and surpassing 69,000 rooms, designed to meet the burgeoning market demand. This expansion not only highlights Marriott's commitment to operational excellence but also its strategy to make world-renowned hotel brands and varied experiences more accessible to travellers, catering to the region's diverse and evolving tourist preferences.

On the other hand, the luxury travel segment remains a cornerstone of Marriott's growth strategy, accounting for 25 per cent of the company's total room development in the high-end category across the Asia Pacific.

Remarkably, in 2023, luxury segment deals represented 15 per cent of all agreements signed in the APEC region. Marriott achieved a notable milestone by inaugurating nine luxury hotels within the year, including The Ritz-Carlton, Melbourne — Marriott's 1,000th hotel in the Asia Pacific, marking a significant development for the brand.

Moreover, the opening of JW Marriott Goa represented the brand's 150th property under Marriott’s management in South Asia. Other premium brands have also advanced into strategic markets, notably with The Singapore EDITION marking the brand's first foray into Southeast Asia.

Further enhancing its APEC presence, Marriott's acclaimed travel programme, Marriott Bonvoy, has been instrumental in elevating the brand's appeal across the Asia Pacific.

Specifically, Marriott Bonvoy membership in the region has experienced a 50 per cent surge since 2019, attributed to exclusive benefits and access to high-profile events like The Australian Open and Formula 1 races.

Through strategic alliances with Singapore Airlines, Rakuten, and launching co-branded credit cards in Japan, Korea, and India, Marriott Bonvoy continues to enrich travel experiences, positioning Marriott at the forefront of the region's tourism and hospitality industry's future.

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By Celine Luu

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