Marriott International has marked a milestone year in the Asia?Pacific excluding China (APEC) region, signing an unprecedented 109 agreements across 11 markets in 2024. These deals add 21,439 rooms to the company¡¯s development pipeline, bringing the region¡¯s total pipeline to 77,532 rooms by year¡¯s end. Marriott is strengthening its presence in the region by expanding across various market segments, making its entry into the midscale segment while also growing its luxury offerings, further solidifying its leadership in the region's dynamic hospitality industry.
"2024 was a record-breaking year for Marriott International in APEC, with exceptional growth driven by key development milestones, market expansions, and the introduction of new brands in sought-after destinations," Rajeev Menon, President,?Asia Pacific?excluding?China, Marriott International, said in a news release. "As we continue to meet the evolving needs of modern travelers, APEC remains a pivotal region in our company's growth strategy, reinforcing our position as a leader in the global hospitality industry."
Expansion Across All Segments
In 2024, Marriott secured 109 agreements across the APEC region, adding 21,439 rooms and expanding its regional pipeline to 363 properties and 77,532 rooms, representing a 12 percent increase from the previous year. India, Japan and Indonesia played pivotal roles in this expansion, accounting for a combined 72 percent of new deal signings last year.
The luxury sector remained a focal point, comprising 19 percent of these freshly signed development contracts. Over 20 deals, equating to 4,600 rooms, were inked under Marriott¡¯s Luxury Group brands. Notable upcoming openings include EDITION hotels in Jakarta and Mumbai, new Ritz-Carlton properties in Jaipur and Udaipur, and a second W Hotels property in Singapore, among others.
Conversions Driving Growth
Also in 2024, conversions were instrumental in Marriott¡¯s ongoing expansion in the region, representing 36 percent of new signings. The opening of Japan¡¯s new Four Points Flex by Sheraton marked the hospitality giant¡¯s APEC debut in the affordable midscale space. This was part of a multi-unit agreement with KKR, Marriott is converting 14 properties across 10 Japanese cities, with the brand making its official debut in November 2024 at the Four Points Flex by Sheraton Osaka Umeda¡ªMarriott¡¯s 100th property in Japan.
"As Marriott continues to expand its presence across APEC, we aim to continue broadening our portfolio of best-in-class brands and unforgettable experiences to meet the growing demand for travel," said?Shawn Hill, Chief Development Officer,?Asia Pacific?excluding?China, Marriott International. "By enhancing our offerings and entering new markets, we're not only aiming to deliver greater value to owners, franchisees and developers, but also adapting to the evolving needs of today's travelers ¡ª across all stay purposes and experiences."
Expanding Brand Footprints
Marriott entered fresh territory in 2024, as brands made their debut in the APEC region. The company expanded its footprint into Papua New Guinea with the launch of Marriott Executive Apartments Port Moresby, expanding its operations to 22 countries and territories in this region alone.
Meanwhile, Moxy Hotels, Marriott¡¯s lifestyle-driven brand, continues its rapid growth in the region. New openings include Moxy Bengaluru Prestige Tech Cloud in India, Moxy Putrajaya in Malaysia and Moxy Bangkok Ratchaprasong in Thailand¡ªfurther solidifying the brand¡¯s appeal with modern travelers seeking energetic and design-forward accommodations.
Marking Major Milestones
The company also celebrated key milestone openings across APEC, including:
- 600th property in?APEC?¨C Adelaide Marriott Hotel,?Australia
- 150th property in?India?¨C Katra Marriott Resort & Spa
- 50th property in?Malaysia?¨C Penang Marriott Complex
- 100th property in?Japan?¨C Four Points Flex by Sheraton Osaka Umeda
With 635 operating properties across 25 brands in 22 countries and territories, Marriott International continues to strengthen its market leadership position in the APEC region. As the company continues to broaden its portfolio and increase its offerings, Marriott remains well-positioned to offer compelling opportunities for developers and investors alike.
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