Marriott International to grow branded residential portfolio by more than 70% by 2022
Marriott International has announced that it plans to expand its branded residential portfolio by more than 70% over the next four years.
Marriott International became the largest hotel company in the world when it purchased Starwood Hotels and Resorts last year.
It is also the largest branded residential company in the lodging industry with nearly 90 branded residential projects open and a further 60 signed and approved projects in the pipeline.
In 2017 alone, the company added 13 branded residential projects - setting an annual record.
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“As the number of residential condominium buyers grows globally, Marriott International's well-known brands are ready to welcome them 'home' and deliver a distinct experience," said Tony Capuano, Executive Vice President and Global Chief Development Officer, Marriott International.
"We are excited to work with world-class developers to help them deliver highly desirable and successful branded residences to market."
The American multinational said that the expansion was fuelled by growing demand for branded residences and a “desire to live in walkable, mixed-use communities with a rich offering of amenities and services."
“Residential developers know that we are not just involved with creating a beautiful luxury residential project with a compelling list of amenities and services,” added Capuano.
“We’re also laser-focused on creating dynamic communities where people can enjoy a convenient lifestyle and personalize their experiences – just as they do in our hotels, which is why Marriott International expects growth in this segment to continue.”
Highlighting the growing luxury segment, the hospitality company said that its Ritz-Carlton brand continues to be the most popular for branded residences with 35 projects open and 51 in the pipeline.
By 2020, Marriott International said it expects to have open branded residential projects in nearly 40 countries.
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