Marriott Reports Strong 2024 Growth
Marriott International, Inc. celebrated a robust 2024 with a net rooms growth of 6.8 percent, expanding its global portfolio to over 9,300 properties. The company also boasts a development pipeline of 577,000 additional rooms. In a single year, Marriott signed over 1,200 deals with owners, franchisees, and developers, the most it has ever secured. Notably, 34 percent of these room signings came from conversion properties, including the acquisition of Postcard Cabins and a long-term licensing agreement with Sonder.
The company marked its 9,000th hotel opening in 2024 with the inauguration of the St. Regis Longboat Key in Florida. Anthony Capuano, President and CEO of Marriott International, highlighted the year as one of incredible growth, celebrating regional milestones, segment entries, brand expansions, and market debuts. He emphasized Marriott’s focus on connecting people through travel and commended the global teams for driving growth, innovation, and delivering strong results for guests, owners, and franchisees.
Marriott has been actively investing in its seven luxury brands, which now include 658 hotels across 74 countries and territories. By the end of the year, the corporation had 266 luxury hotels in its pipeline. Notable 2024 openings included the W Prague, Koenigshof, a Luxury Collection Hotel in Munich, and The Jeddah EDITION. Looking ahead to 2025, Marriott plans to open 30 new luxury hotels and resorts worldwide, including The Lake Como EDITION and Nekajui, a Ritz-Carlton Reserve.
In the midscale segment, Marriott expanded its City Express by Marriott brand in the U.S. and Canada, with plans to grow into Nicaragua, Bolivia, Argentina, Peru, and Brazil in 2025. Fifty-three hotels are currently in development, along with growth in StudioRes and Four Points Flex by Sheraton across the globe. Additionally, Marriott is expanding its portfolio of branded residences, with 142 open residential locations and 138 in development in 2024. New projects include Almare, a Luxury Collection Residence in Isla Mujeres, and The St. Regis Residences on Al Maryah Island, Abu Dhabi.
Despite the year’s successes, Marriott faced challenges, including a $52 million fine from the Federal Trade Commission (FTC) for security breaches impacting 344 million travelers. This incident highlights the ongoing importance of robust cybersecurity measures in the hospitality industry.
Overall, Marriott International’s strong performance in 2024 underscores its strategic initiatives in fleet expansion, brand diversification, and market penetration, positioning the company for continued growth and leadership in the global hospitality sector.
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