Marriott International Partnering with Ian Schrager
to Create a
New Hotel Brand with as Many as 100 Distinct Properties
Plan to Radically Rethink the Boutique
Hotel Concept
WASHINGTON and NEW YORK, June 14, 2007 - Marriott International, Inc.,
(NYSE: MAR) is partnering with Ian Schrager, who invented the concept of
the boutique hotel 23 years ago, to create a new brand of as many as 100
hotels that will combine the personal, intimate, individualized and unique
lodging experience that Mr. Schrager created with Marriott's operational
expertise on a global scale.
According to J.W. Marriott, Jr., chairman and CEO of Marriott International,
the marriage of the premier lodging company worldwide with the pioneer
of the lifestyle boutique hotel is an attempt by both to push the boundaries,
break new ground and take the hotel industry to a new level. "Nobody has
done what Ian has been able to do with his hotels time and again, and he
is the perfect partner to help us create and launch a new, modern genre
of hotel," said Mr. Marriott. "These hotels will be an excellent complement
to the Marriott portfolio of brands and allow us to use our global platform
and ability to execute to create something completely new, different and
original- the first truly global branded boutique lifestyle hotel on a
large scale. We expect the brand to set the standard for decades to come."
The brand, the brainchild of the new partners, responds to new cultural
and social imperatives that Mr. Schrager says have emerged. This brand
will reflect these changing lifestyles and cater to a vast underserved
market of guests expecting and in turn demanding a unique experience not
merely a place to sleep. "Together Marriott and I have a new vision and
plan to radically rethink and catapult the lifestyle boutique hotel into
the present by capturing the spirit of the times," said Mr. Schrager.
"People today are sophisticated and they understand good design, quality,
originality and commitment to excellence. They will not accept something
derivative and they want the ethos and soul of a hotel to be authentic
and have character. They also expect and deserve impeccable, modern and
gracious personalized service that is at the same time luxurious yet down
to earth. It is the ultimate balancing act of these apparent contradictions
to create a hotel that is simultaneously specific and customized yet universal.
We intend to make this type of lodging widely accessible and available
for the first time in the key lodging destinations across the globe and
to everybody around the world who wants it."
The hotels will be located in gateway cities throughout North and South
America, Europe and Asia. The initial list of markets to be explored includes
New York, Miami, Los Angeles, Chicago, San Francisco, San Diego, Boston,
and Las Vegas in the U.S.; London, Paris, Berlin, Frankfurt, Madrid, Barcelona,
Milan and Rome in Europe; and Beijing, Shanghai, Singapore, Bangkok, Seoul
and Tokyo in Asia. With an average size of 150-200 rooms, each of the hotels
will reflect the best of the cultural and social milieu of its location
and of the time. A diverse set of world-renowned architects and designers
will be recruited to create one-of-a-kind buildings spanning the complete
range of project types, from new construction, to conversions, to dramatic
renovations. The partners expect these hotels to be not just the most aesthetically
pleasing in their markets but to be the most environmentally responsible
as well.
According to Mr. Schrager, the brand's unifying aesthetic will be in
its approach and attitude to the modern lifestyle rather than its appearance,
with design and architecture derived from the scale, location and feel
of the individual properties. "The brand will be about an attitude, about
a feeling rather than a look," he said. "Sophisticated public spaces, finishes,
design and details will serve the experience not drive it."
The partners will divide responsibilities for rolling out the brand,
with Mr. Schrager leading the effort on concept, design, marketing, branding
and food and beverage. Marriott will oversee the development process, and
operate and manage the completed hotels. In particular, Marriott will use
its relationships in the development community to identify appropriate
potential development partners and owners in various markets. The partners
expect to have at least five firm development deals signed under the new
brand by the end of 2007 and 100 hotels open or in the pipeline within
a decade.
"The scale of this brand requires the reach, resources and expertise
of a global player like Marriott, while the innovation necessary calls
for the experience and originality of the category's most accomplished
entrepreneur, Ian Schrager," said Mr. Marriott.
About Ian Schrager
Entrepreneur Ian Schrager has achieved international recognition for
concepts that have revolutionized both the entertainment and hospitality
industries. His keen instincts for the mood and feel of popular culture
were honed during the 70's and 80's, when he and his late business partner,
Steve Rubell, created Studio 54 and Palladium. The pair soon turned their
attention to the hotel business, opening Morgans Hotel in 1984, introducing
the concept of the "boutique hotel" to the world. Following this were Royalton
Hotel and Paramount Hotel, in which Schrager again broke with industry
convention by creating "lobby socializing," where the hotel lobby became
a new kind of gathering place for guests and New York City residents alike,
and "cheap chic," where affordable luxury was offered in a stylish and
sophisticated environment. After leaving Morgans Hotel Group in 2005, Mr.
Schrager founded Ian Schrager Company, which owns, develops, manages and
brands hotels, residential and mixed-use projects. It is currently involved
in projects in New York, Miami and Las Vegas as well as other gateway cities
around the world. His first residential project, 50 Gramercy Park North,
provides unique luxury residences adjacent to the only private park in
New York City with world-class service from the Gramercy Park Hotel, another
recent project from Ian Schrager Company, designed in collaboration with
artist, Julian Schnabel. In addition, Mr. Schrager is nearing completion
on his second residential project, 40 Bond, slated for occupancy in June
2007. The building, designed by eminent Swiss architects Herzog & de
Meuron, is their first residential project in America and combines luxury
apartments and townhouses. The first townhouses built in New York City
in generations offer unprecedented, innovative and sophisticated layouts,
details and finishes.
About Marriott International
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company
with nearly 2,900 lodging properties in the United States and 67 other
countries and territories across 18 lodging and vacation resort ownership
brands. The company is headquartered in Washington, D.C., and had approximately
151,000 employees at 2006 year-end.
This press release contains "forward-looking statements" within the
meaning of federal securities laws, including statements about the number
of hotels that will be opened in future years, expected locations of hotels,
and similar statements concerning anticipated future events and expectations
that are not historical facts. |