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WASHINGTON, Aug. 20, 1999 - Marriott International, Inc. (NYSE:
MAR) proves its leadership in the extended-stay market the fastest-growing
segment of the hotel industry�with continued growth and high occupancy
for its extended-stay brands, Residence Inn, TownePlace Suites, ExecuStay
and Executive Apartments. For example, Residence Inn posted an 81.3 percent
year-to-date average occupancy and ExecuStay recently acquired Executive
Living, Inc. and the corporate housing division of JPI, adding to Marriott�s
growth.
Marriott�s extended-stay brands include:
As extended-stay demand continues to grow, Marriott keeps up with current market trends such as a booming economy, workers changing jobs more often, increased technology, corporate outsourcing and low unemployment. The industry's largest operator of extended-stay hotels, Residence Inn by Marriott, opened 41 hotels and added 5,000 rooms to its system over the past 12 months. Residence Inn plans to have 450 hotels by 2003. Earlier this year, the brand set an industry milestone by opening its 300th property, located in Cambridge, Mass. In 1998, Residence Inn outperformed the industry and all other Marriott brands with an average occupancy rate of 83 percent and was voted "best extended-stay hotel chain" in a survey of 846 corporate travel managers.* TownePlace Suites, opened in 1997 as a mid-market alternative to the premium Residence Inn brand, currently has 44 properties open and plans to increase to 171 by 2002. Marriott Executive Apartments, also established in 1997 and designed to be an overseas brand, currently has two hotels with plans to continue worldwide growth by adding four locations by 2001. Marriott's growth rate far surpasses the projected overall extended-stay market rate of approximately 6 percent per year through 2001.** Average stays range from two to three weeks at Residence Inn and TownePlace
Suites to three months at ExecuStay and Executive Apartments. All properties
offer rates that decrease per night based on length of stay. Residence
Inn rates range from $90 to $120 per night, while TownePlace Suites rates
range from $60 to $75 per night. Residence Inn and TownePlace Suites offer
a variety of suites including one- and two-bedroom, oversized studio suites
and bi-level penthouses. Suites feature a full kitchen and separate living
and sleeping areas. Services and amenities include business services, in-room
voice mail and data ports and swimming pool. Residence Inn also offers
complimentary breakfast buffet, grocery shopping service, small meeting
room, whirlpool spa, SportCourt for basketball and volleyball, evening
hospitality hour and weekly barbecue.
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Also See: | EI Brings Language-Free Training to Extended-Stay Segment / March 1999 |
Motel 6 Enters Extended - Stay Segment with Studio 6 / Marty Whitford / June 1999 |