Marriott will add 13,000 hotel rooms to its Greater China portfolio in 2022

(04 March 2022, 11:48 +07)
Marriott plans to expand its Greater China portfolio with more than 50 hotels in more than 30 destinations across the region in 2022.

The company also plans to open its 500th hotel in Greater China in early 2023, underscoring its confidence in the region’s recovery and long-term growth.

“Greater China is an important growth market for us. Over the past three years, Marriott International has expanded its presence in the region with an average of 40 hotel additions per year. Currently, our portfolio includes 448 hotels spanning 23 brands in more than 110 cities in Greater China,” said Mr. Henry Lee, President, Greater China, Marriott International. “In 2022, we will continue to focus on our ‘Brand + Destination’ development strategy, working closely with owners and franchisees to drive travel demand. We plan to introduce more hotel brands in more destinations in Greater China, providing our customers with diversified travel products and experiences.

Ritz-Carlton Reserve, Jiuzhaigou

According to Bain & Company’s latest luxury research, China’s share of the global luxury market rose to 21% last year, putting the country on track to become the world’s largest luxury market. by 2025.

In 2022, Marriott plans to unveil a Ritz-Carlton Reserve in the historic Jiuzhaigou Valley (pictured), a UNESCO World Natural Heritage Site. The W brand is set to debut in Macau with the scheduled opening of W Macau – Studio City later this year and JW Marriott is set to debut in Changsha later this year.

The company is also set to boost the presence of its premium brands in leisure destinations in 2022, adding more than 15 hotels in more than 10 destinations such as Chengdu, Xi’an, Sanya and Qinhuangdao.

Sheraton is expected to expand its Greater China presence in destinations including Ningbo, Xi’an and Beihai, while Marriott Hotels will open new hotels in Qinhuangdao and Tianjin in 2022.

Select Service Marks

Comprised of more than 50% of hotels scheduled to open in 2022, Marriott International’s portfolio of select service brands will continue to drive the company’s growth in Greater China.

According to the “Trending in Travel” report by WTTC and Trip.com, in 2021, rural and suburban destinations in China showed strong growth in booking rates, indicating an increased tendency for people to travel beyond the first-tier cities.

In light of this trend, Marriott International has strategic plans to further expand the presence of its select service brands in secondary and tertiary markets in 2022.

Moxy Hotels is set to debut in Suzhou, and a second hotel is set to open in Xi’an. Four Points by Sheraton has more than five planned openings in Greater China, debuting in cities like Nantong and Nanchang. The company also plans to launch Fairfield by Marriott in several niche destinations such as Huai’an, Liaocheng and Zibo.

In total, the company plans to add 13,000 rooms to its portfolio during the year.


Securities:

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