News for the Hospitality Executive
Marriott Signs Four Agreements with Expectations
to Triple its Lodging Presence in Mexico
BETHESDA, MD – July 17, 2008—Marriott International, Inc. (NYSE:MAR) announced today four signed agreements that it expects will nearly triple its lodging presence in Mexico over the next five years.
The agreements involve plans to add 29 branded Marriott hotels in Mexico, create an estimated 3,000 new jobs and represent a total investment of more than $1 billion by the owners of the Marriott properties.
“These agreements reflect a huge investment being made by our partners in the future of Mexican tourism and are in response to the growing attractiveness of Mexico as a tourist destination,” said Ed Fuller, president & managing director of international lodging for Marriott International.
Fueling Marriott’s global growth, the Mexico announcement is part of its pipeline of 130,000 new rooms that the company expects to be added to its system by the year 2010. Marriott anticipates that more than a quarter of its new rooms will be located outside the U.S.
Currently, Marriott’s portfolio in Mexico consists of 16 hotels and resorts including the JW Marriott, Marriott, Courtyard, Residence Inn and Fairfield Inn brands.
Announced today are the following:
Fuller added, “As a destination, Mexico accounts for almost 16 percent of tourism activity in the Americas, second only to the United States. Mexico also is the primary destination for foreign tourists within Latin America and today ranks eighth for international tourist arrivals worldwide. We are thrilled to be part of these visionary plans that will help Mexico achieve its goal of becoming the fifth most visited destination in the world.”
Marriott has been operating in Mexico for nearly 20 years. “We have watched Mexican tourism evolve into the vibrant, appealing product it is today and are delighted to see Mexico’s growing middle class spurring national tourism as well. In fact, the domestic Mexican market accounts for nearly 40 percent of all our guests at our hotels within Mexico,” he said.
Marriott International is a leading lodging company which manages and franchises more than 3,000 lodging properties across 19 brands in 67 countries and territories. Marriott’s operations outside the U.S. and Canada have grown in the past decade from fewer than 240 hotels to about 420 hotels today. Approximately 60 percent of the company’s most profitable full-service hotel growth is outside the U.S. and Canada. Marriott International is headquartered in Bethesda, Maryland, and had approximately 151,000 employees at 2007 year-end. It is ranked as the lodging industry’s most admired company and one of the best companies to work for by FORTUNE magazine, and has been recognized by the U.S. Environmental Protection Agency (EPA) with the 2007 Sustained Excellence Award and Partner of the Year since 2004. In fiscal year 2007, Marriott International reported sales from continuing operations of $13 billion. For more information or reservations, please visit our web site at www.marriott.com
Note: This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements concerning the number of lodging properties we expect to add in the future and similar statements concerning anticipated future events and expectations that are not historical facts.
|Also See:||Grupo SBR and Grupo Questro Planning $1.2 billion Resort Project at Sandy Beach on the Sea of Cortez in the State of Sonora / December 2006|
|Lodging Econometrics Reports Caribbean, Mexico & Central America Region Has 311 Construction Projects in the Pipeline at the End of Q1 2008; Accented with Large, Luxury Beachfront Resort Projects / May 2008|