Marriott International Charts Expansive Growth in Latin America and the Caribbean in 2023
In an impressive expansion across Latin America and the Caribbean, Marriott International has significantly enhanced its presence and business operations throughout 2023. This strategic growth not only underscores the region’s vital role in Marriott’s global business strategy but also marks a milestone in its development efforts, setting a new record in the company’s history.
Doubling Down on Development
Marriott’s proactive approach in 2023 led to a nearly twofold increase in organic deal signings compared to 2022, boasting 57 new signings and adding 24,000 rooms to its development pipeline within the region. This aggressive expansion strategy has paid dividends, with the region welcoming over 170 properties across Marriott’s diverse portfolio. Moreover, the end of the year saw an additional 155 properties in the pipeline, highlighting the company’s commitment to growth and development in these vibrant markets.
Strategic Acquisitions and Conversions
A key highlight of Marriott’s expansion strategy was the acquisition of the City Express brand, adding 150 hotels across Mexico, Costa Rica, Colombia, and Chile to its portfolio. This move not only broadens Marriott’s footprint but also diversifies its offerings in the region. Additionally, 35% of Marriott’s room signings in 2023 were conversions, including notable properties like Villa Lapas, Autograph Collection, and Aloft Guadalajara Country Club, demonstrating the brand’s flexibility and appeal in the market.
Focus on Luxury and All-Inclusive Segments
Marriott has placed a significant emphasis on expanding its luxury and all-inclusive offerings, particularly in the Caribbean and Latin America. The development of 34 luxury properties in the region, including the recently opened Riviera Maya EDITION at Kanai and The St. Regis Kanai Resort, showcases Marriott’s commitment to delivering unparalleled luxury experiences. Furthermore, with 31 all-inclusive properties and 18 more in the pipeline, Marriott is rapidly growing its presence in this segment, with anticipated openings such as the W Punta Cana, All-Inclusive, and Almare, a Luxury Collection All-inclusive Resort in Isla Mujeres.
Expanding Branded Residences
The popularity of branded residences continues to rise, and Marriott is at the forefront of this trend, offering fifteen different branded residences across eleven markets. New residences expected to welcome guests this year include The St. Regis Kanai Resort and Nekajui, A Ritz-Carlton Reserve Residence in Costa Rica, further cementing Marriott’s reputation for luxury and exclusivity.
A Year of Growth and Opportunities
Reflecting on the year’s success, Laurent de Kousemaeker, Chief Development Officer for Marriott International in the Caribbean and Latin America, expressed satisfaction with the growth and development activity in 2023. Marriott’s focus on conversions and expansion across various segments, especially luxury and all-inclusive, continues to offer guests and owners best-in-class options. The introduction of the City Express by Marriott brand highlights the company’s ambitions in the midscale segment, opening up new opportunities across the region.
In conclusion, Marriott International’s strategic expansion in Latin America and the Caribbean in 2023 not only underscores its commitment to growth in these key markets but also positions the company for continued success in the years to come. With a focus on luxury, all-inclusive offerings, and innovative market entries like the City Express by Marriott brand, Marriott is set to offer more diverse and high-quality options to guests and investors alike.