Marriott plans to increase its residential portfolio by 70% over the next four years

The projects will be located in 40 different countries

The hotel chain Marriott International has announced that it plans to increase by 70% its residential portfolio – composed of aparthotels – mainly from its Ritz-Carlton, St. Regis, Edition and W Hotels brands, in the next four years.

The company explains that this plan is based on the demand from consumers and real estate developers, who are increasingly interested in this sector, and has pointed out that the development will be “everywhere, from Mexico to Malaysia, through Boston or Bangkok. ”

Marriott says it is the group with the highest number of residential buildings in the lodging sector, with 90 establishments already open and 60 approved projects, of which 13 were signed in 2017, an annual record.

“As the number of buyers of residential apartment blocks grows around the world, Marriott brands are ready to welcome them and offer them a distinctive experience,” said Tony Capuano, executive vice president and director of international development.

DEMAND UP

Marriott has explained that the demand for residences with the services and amenities of an apartment hotel, such as personal assistants, domestic work, room service, spa or gym, is growing, and buyers would be interested in obtaining a part of the recognized brands of luxury of the hotel chain, which guarantee that these services are of quality.

“We are focused on creating dynamic communities where people can enjoy a comfortable lifestyle and customize their experiences, just as we do in our hotels,” says Capuano.

The company has specified these complexes, which will not only have blocks of apartments with services, but also a hotel of one of their brands, although they claim that they are increasingly interested in the strictly residential part, so some of the projects they will not have a hotel.

This is the case of the two new apartment blocks that St. Regis, one of Marriott’s luxury brands, will start building in May in New York and in July in Boston.

A 70% WILL BE LUXURY

The other luxury brand, Ritz-Carlton, is the one that has more aparthotels in operation, 35 in total, with 15 more planned, while St. Regis already has twelve and twelve others projected. In fact, Marriott estimates that by 2022 70% of its apartment buildings will be its luxury brands. The other 30% will be covered by premium brands, such as the Marriott, Sheraton, Westin and Autograph Collection.

Regarding the location, although Marriott admits that the majority of its portfolio is in the United States, it has 17 projects in other countries, with the intention of opening aparthotels in about 40 countries in 2022, of which 19 are expected. they open between 2018 and 2019.

Some international cities where Marriott has recently built residential buildings are Amman (Jordan), where in July it opened a building of 79 apartments of the St. Regis brand; and Los Cabos (Mexico), where the company already offers 21 apartments from ‘The Luxury Collection’. Both complexes will have a hotel, that of Amman next year, and that of Los Cabos this same month.

In addition, in the United States another block of flats will be opened in South Florida – without a hotel – with 211 rooms of the Ritz-Carlton brand in the next year.