Marriott International is making significant strides in the Caribbean and Latin America (CALA), achieving a record-breaking 67 new deal signings in 2024, adding approximately 8,000 rooms to its ever-expanding portfolio. With the addition of 30 properties last year, the company now operates 528 hotels across 37 countries and territories in the region.?
"2024 was a remarkable year for Marriott¡¯s growth in CALA, driven by strong owner interest, brand expansions, and new market entries. With our extensive brand portfolio and 228 million Marriott Bonvoy members globally, we are well-positioned to sustain this momentum. The power of our well-established brands, competitive affiliation costs, powerful revenue generation engines and award-winning loyalty program continue to generate strong interest from our owners, franchisees and developers across the region," said Brian King, President of Caribbean & Latin America for Marriott International.
Conversions and New Developments
Conversions played a significant role in Marriott¡¯s growth, accounting for 32 percent of total CALA room signings in 2024. The company currently has 36 conversion properties in development, adding nearly 2,600 rooms to its portfolio. Many hoteliers and developers in the region are choosing to renovate and rebrand existing properties under Marriott¡¯s umbrella, further extending the reach of Marriott Bonvoy¡¯s portfolio of more than 30 renowned hospitality brands.
Marriott marked a milestone in October 2024 with the opening of its 500th CALA property¡ªthe adults-only, all-inclusive Almare, a Luxury Collection Resort, Isla Mujeres. At the end of the year, the company¡¯s development pipeline stood at 183 properties, representing 27,817 additional rooms spanning various market segments, from luxury resorts to midscale accommodations. Also, by the end of 2024, the company boasted 528 open properties in this region alone, equating to 92,736 rooms.
Luxury and All-Inclusive Segments
Last year, Marriott also expanded its luxury portfolio in the CALA region, with 11 new luxury deals signed in 2024, bringing its high-end pipeline to 38 properties with 5,889 rooms. Some of these notable agreements were with The St. Regis Papagayo Resort in Costa Rica, The Ritz-Carlton Playa Jackson Hotel & Residences in the Dominican Republic and the upcoming Bvlgari Hotels and Resorts property in Cave Cay, Bahamas.
The company is also growing its offerings in the all-inclusive market since it entered the space in 2019, with 36 such resorts now operating across nine CALA destinations, including Mexico, Barbados, Antigua & Barbuda, Jamaica, St. Lucia, Dominican Republic, Grenada and Brazil?. The recent debut of Miches Marriott, an All-Inclusive Resort in the Dominican Republic, follows the success of Marriott Cancun, the brand¡¯s first all-inclusive under the Marriott Hotels name. The all-inclusive pipeline remains strong, with 19 properties (7,800 rooms) in development globally, 15 (5,800 rooms) of which are in CALA with the segment representing 21 percent of the company¡¯s CALA rooms currently in development.
Midscale Expansion
After acquiring City Express¡¯ portfolio of brands in 2023, Marriott has solidified its presence in the midscale segment and bolstered the City Express by Marriott brand. By the close of 2024, the refreshed brand had 153 open hotels (17,777 rooms) around the world, with another 53 (5,673 rooms) in development. 38 of those global deals (3,900 rooms) were in the in the CALA region alone.
Also, in the CALA region specifically, this midscale brand presently has 152 open properties (17,694 rooms) and another 24 properties (2,660 rooms) coming down the pike.
Furthermore, Marriott signed 12 new City Express deals (1,200 rooms) in 2024, with eight of those set to open in new markets, such as Argentina, Bolivia, Nicaragua and Peru over the next three years. This year, it¡¯s anticipated that City Express by Marriott properties will also open in the U.S., Canada ?and Brazil. ?
Key Markets
For Marriott, Costa Rica and the Dominican Republic continue to be high-growth markets in the CALA region. In 2024, the company signed 10 new deals (1,086) in Costa Rica, raising the number of properties now in development in the Central American nation to 15 total (1,776). Costa Rica currently has 22 operating properties across 15 of Marriott¡¯s brands, with one more expected to open in 2025.
Meanwhile, the Dominican Republic saw five new Marriott deals (955 rooms) inked in 2024, bringing its overall pipeline to 23 projects (3,966 rooms) in the island nation. Currently, the company has 20 open hotels and resorts across 12 of its brands. While the hospitality giant welcomed Four Points by Sheraton Santo Domingo at the start of the year, multiple other high-profile openings are scheduled for 2025, including The St. Regis Punta Cana, W Punta Cana and Donoma, La Terrenas Beach Hotel & Spa, Autograph Collection.?
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