At the Future Hospitality Summit in Dubai, Marriott International, Inc. today announced plans to expand its presence in the Middle East with the expected addition of over 20 hotels and more than 5,000 rooms in the Gulf over the next 15 months. The company’s growth in the region is being driven by continued demand for its exceptional portfolio of hotel brands in Saudi Arabia, Qatar and the United Arab Emirates, as well as increased appetite from developers for remodeling and adaptive reuse properties.
“The Middle East tourism industry continues to experience significant growth, consistent with regional governments’ long-term strategies to diversify their economies,” said Jerome Briet, chief development officer, Europe, Middle East & Africa, Marriott International. “The reputation of Marriott International and our world-class brands, as well as our longstanding presence in the Middle East, continues to place us in an excellent position to contribute to the continued growth and diversification of the region’s tourism sector.”
The luxury segment is leading the growth in Saudi Arabia while the select segment maintains its momentum
Given the significant demand for luxury properties in Saudi Arabia, particularly as part of the country’s ambitious developments such as the Red Sea Project and Diriyah Gate, Marriott International expects to add six more luxury properties to its portfolio in the Kingdom by the end of 2023. The anticipated openings will introduce the St. Regis and EDITION hotel brands to the country and introduce the Middle East’s first Ritz-Carlton Reservation with the opening of Nujuma, a Ritz-Carlton Reservation in the Red Sea Project. Additionally, the company is responding to strong demand in the country for select serviced accommodation with a new Four Points by Sheraton in Riyadh and the Courtyard by Marriott in Jubail, both expected to open in 2023.
Upsurge in tourism demand fuels growth in Qatar
Marriott International plans to nearly double its presence in Qatar with 10 expected additions over the next 15 months, six of which are set to be unveiled ahead of this year’s global sporting spectacle. The expected additions will further diversify the company’s portfolio in the country with the expected debut of four brands – EDITION Hotels, Delta Hotels by Marriott, Element Hotels and Autograph Collection Hotels. The company also plans to open its second St. Regis hotel in Qatar later this year, the St. Regis Marsa Arabia Island, The Pearl.
Continued expansion into the United Arab Emirates, Kuwait and Oman
Marriott International continues to see opportunities in the United Arab Emirates to further expand its portfolio of more than 70 hotels. This year, the company expects to surpass a milestone of 50 properties in Dubai alone, with the anticipated additions of the Marriott Resort Palm Jumeirah, Dubai; Delta Hotels by Marriott Green Community, Dubai; and Four Points by Sheraton Production City, Dubai. Other notable additions expected by the end of 2023 include the debut of the St. Regis and Marriott Executive Apartments brands in Kuwait, and the entry of the Aloft Hotels brand in Oman.
Ongoing demand for conversions and adaptive reuse projects
While much of the company’s growth in the region has come from new build developments, the company continues to see an increase in conversion opportunities, underscoring the demand for its coveted brands in the region. Interest has also increased in the adaptive reuse area, where developers want to convert existing buildings into hotel accommodations. Over 30 percent of the Company’s projected real estate additions in the region through the end of 2023 are expected to come from remodeling and adaptive reuse projects.
Chadi Hauch, Regional Vice President – Development, Middle East, Marriott International commented, “As a company, we have built a conversion-friendly platform that allows existing hotels to quickly and cost-effectively migrate to our world-class sales, distribution and loyalty platforms to meet the needs of owners and guests.”
Marriott International’s current portfolio in the Middle East includes over 150 hotels with more than 40,000 rooms across 21 brands in 11 countries and territories.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of United States securities laws, including statements regarding expected hotel openings, growth in units and rooms, our growth pipeline, brand debuts in certain markets and similar statements about anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous developing risks and uncertainties that we may not be able to accurately predict or estimate, including risk factors that we identify in our filings with the US Securities and Exchange Commission , including our most recent annual report on Form 10-K or quarterly report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We are making these forward-looking statements as of the date of this press release and we undertake no obligation to publicly update or revise any of these statements, whether as a result of new information, future events or otherwise.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA and has a portfolio of more than 8,100 hotels under 30 leading brands in 139 countries and territories. Marriott operates and franchises hotels and licenses vacation resorts around the world. The company offers Marriott Bonvoy®, its award-winning travel program. Connect with us on Facebook and @MarriottIntl Twitter and Instagram.
Director, Communications – Middle East & Africa, Marriott International [email protected]