News
10
www.asianhospitality.com
February 2025 | Issue 233
arriott International reported
record growth in 2024,
opening 123,000 gross rooms
and achieving 6.8 percent net room
growth. The company ended the year
with more than 577,000 rooms in its
development pipeline and signed
more than 1,200 deals—an average of
three per day—totaling nearly 162,000
rooms globally.
The company signed a record 608
deals in the U.S. and Canada last year,
Marriott said in a statement.
“2024 was a year of growth for
Marriott, with regional milestones,
segment entries, brand expansions,
and market debuts,” said Anthony
Capuano, Marriott’s president
and CEO. “We remain focused on
connecting people through travel, and
I’m excited about the work our global
teams are doing to drive growth,
innovation, and deliver strong results
for our owners and franchisees.”
The U.S. and Canada portfolio ended
2024 with more than 1 million rooms
across 6,307 properties, with nearly
263,000 rooms in the pipeline across
2,161 properties, the statement said.
The company also announced three
luxury additions in the region in June:
The Resort at Pelican Hill under the
St. Regis brand, The Ritz-Carlton
O‘ahu, Turtle Bay, and the Luxury
Collection Midtown Manhattan.
Marriott’s long-term license with
MGM fueled further growth, with
MGM Collection by Marriott Bonvoy
spanning 16 destinations by year-end,
including the newly converted W Las
Vegas at Mandalay Bay.
Branded portfolio
expansion
Marriott's luxury portfolio includes
seven brands with 658 properties
across 74 countries and territories.
The company signed a record 61 luxury
deals in 2024, ending the year with 266
in the pipeline, the statement said. It
also expanded its affordable midscale
presence, focusing on regionally
relevant lodging.
“We are thrilled to continue
innovating with world-class owners,
franchisees, and developers to meet
the needs of every traveler,” said
Leeny Oberg, Marriott’s chief financial
officer and executive vice president
for development.
Marriott announced the entry of
its conversion-friendly brand, City
Express by Marriott, in the U.S. and
Canada in October, marking its
first transient midscale offering in
the region. The brand has 153 open
properties with 17,777 rooms and
53 in the pipeline with 5,673 rooms.
StudioRes, a midscale extended-stay
brand, broke ground last January and
ended 2024 with 35 properties and
4,037 rooms in the pipeline, with its
first opening expected later this year.
The Marriott Branded Residences
portfolio generated $2.1 billion in
residential sales revenue for third-
party developers in 2024, nearly
double the previous year's total. The
company also expanded its outdoor-
focused lodging offerings with two
deals in December: the acquisition of
Postcard Cabins, formerly Getaway
Outposts, and a long-term agreement
with Trailborn. It plans to launch an
outdoor-focused collection this year,
offering guests and Marriott Bonvoy
members more options in traditional
and alternative accommodations at
nature-forward destinations.
Marriott announced a long-term
licensing agreement with Sonder
Holdings in August. The agreement
adds more than 9,000 rooms to
Marriott’s open portfolio and about
1,700 rooms to its development
pipeline, reflecting the company's
growing presence in this high-demand
segment.
Marriott added 123,000
rooms last year
It signed 608 deals in the U.S. and Canada in 2024, a record high
Marriott International reported record growth in 2024, opening 123,000 rooms with 6.8 percent net
growth, ending the year with more than 577,000 rooms in its pipeline.