Marriott International Announces Global Growth of Apartments by Marriott Bonvoy Portfolio

Marriott International Announces Global Growth of Apartments by Marriott Bonvoy Portfolio

Just one year after announcing its intention to expand presence in premium and luxury apartment-style accommodations, Marriott has opened its first property in Puerto Rico and signed agreements in the United States, Italy, and Saudi Arabia

BETHESDA, Md., Jan. 24, 2024 /PRNewswire/ — Today, Marriott International, Inc. (Nasdaq: MAR) announced plans to further expand its new Apartments by Marriott Bonvoy brand offering, with signed development agreements in the United States, Italy, and the Kingdom of Saudi Arabia. Today’s announcement comes on the heels of the recent opening of Marriott’s first Apartments by Marriott Bonvoy property, Casa Costera, Isla Verde Beach, in San Juan, Puerto Rico.

“Marriott is thrilled to bring Apartments by Marriott Bonvoy to our development community around the world,” said Marriott International Chief Financial Offer and EVP, Development Leeny Oberg. “This new, compelling offering provides residential and hotel developers an excellent value proposition for new builds and conversion opportunities. As guests are increasingly blending work, personal and family travel, they are looking for a distinct and locally inspired solution to meet their longer-stay needs.”

Providing guests with a truly independent stay, complete with sizable living spaces and sophisticated locally inspired design, the properties are situated in prime locations and designed to offer premium and luxury apartment-style accommodations. No matter their length of stay, guests can expect private bedrooms, a separate living room, full kitchen, and in-unit washer and dryer to make them feel right at home.

From an owner perspective, Apartments by Marriott Bonvoy provides residential and hotel developers a unique option to convert an existing building, pursue a new build, or integrate as part of a multi-use property with a dedicated welcome lounge, outdoor space, and other amenities. Current Marriott owners and franchisees who are looking to diversify their portfolios, as well as multi-family residential developers, have the power of both Marriott’s trusted name and award-winning loyalty program, Marriott Bonvoy® behind each project.

With signed agreements in Detroit and St. Louis in the United States, Courmayeur, Valle D’aosta in Italy, and NEOM, Saudi Arabia, Apartments by Marriott Bonvoy is expected to continue growing its presence around the world through 2024 and beyond.   

United States

Marriott recently announced a signed agreement with Roxbury Group for an Apartments by Marriott Bonvoy in Detroit, Michigan.

Anticipated to open Q3 2024, the property is a conversion of The Plaza Apartments in Midtown Detroit, centrally located in the hub of the city. With approximately 92 units, this location will also have a 500 square foot fitness center and sits atop two restaurant outlets with easy access for guests.

Marriott is also announcing a new project with Midas Hospitality, a longtime owner and operator of Marriott properties, for an Apartments by Marriott Bonvoy in St. Louis, Missouri. This 50-unit property will be co-located with a new Sheraton Hotel in downtown St. Louis. With a dedicated hotel entry, welcome lounge and check-in, guests can also take advantage of the hotel’s services and amenities. Located in a historic building that was constructed in 1929, this property’s design will reflect the heart and history of the city, while offering guests the comforts of modern living.

Italy

In Courmayeur, Aosta Valley, Italy, Marriott signed an agreement with Castello Sgr, an asset management company with strong hospitality expertise, to open Le Géant, an Apartments by Marriott Bonvoy property.

Paving the way for a new type of development project, this property is anticipated to have 47 units, each offering travelers sizeable living spaces and sophisticated locally-inspired design, to make each stay refreshingly unique.

NEOM, Kingdom of Saudi Arabia

Marriott has also signed an agreement with NEOM to bring Apartments by Marriott Bonvoy to the luxury island destination Sindalah on the northwest coast of Saudi Arabia. This Apartments by Marriott Bonvoy offering, marking the fourth collaboration between Marriott and NEOM on Sindalah, will be designed to reflect the destination and cater to travelers seeking more space and residential amenities.

Anticipated to open in 2024, the property will feature 218 units including studios and one, two and three-bedroom apartment-style units, all equipped with a separate living room, full kitchen, and in-unit washer and dryer. The property is also slated to offer a gym and swimming pool.

Note on forward‐looking statements:
This press release contains “forward‐looking statements” within the meaning of federal securities laws, including statements related to expected unit growth and new project openings and similar statements concerning possible or anticipated future events and expectations that are not historical facts.  We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10‐K and Quarterly Reports on Form 10-Q.  Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.  We make these statements as the date of this press release, and we undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise.

About Marriott International

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,800 properties across more than 30 leading brands in 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

About Apartments by Marriott Bonvoy

Apartments by Marriott Bonvoy offers a truly independent stay with sizable living spaces and sophisticated locally inspired design, making each stay refreshingly unique. Centrally located, premium and luxury apartment-style accommodations are designed with private bedrooms, a separate living room, full kitchen and in-unit laundry. Apartments by Marriott Bonvoy, one of more than 30 brands in the Marriott Bonvoy portfolio, participates in Marriott Bonvoy, the company’s award-winning travel program and Marketplace. To learn more and book a stay, visit Marriott.com.

SOURCE Marriott International, Inc.

Originally published at https://www.prnewswire.com/news-releases/marriott-international-announces-global-growth-of-apartments-by-marriott-bonvoy-portfolio-302042483.html
Images courtesy of https://pixabay.com

Real Estate - Miami County Post originally published at Real Estate - Miami County Post