Marriott International, Inc. Plans for International Growth
Based in Bethesda, Maryland, Marriott International has spent the past several decades growing its American presence. Now, under the leadership of new Chief Executive Arne Sorenson, Marriott will look overseas to continue its growth. Marriott brands include Courtyard, Residence and Ritz-Carlton and J.W. Marriott. Marriott’s Chief Development Officer, Tony Capuano, confirmed that the company plans to invest $2 billion over the next three years to open new hotels globally — going from 70 to 100 countries — and investing an additional $600 million to renovate existing locations and technologies.
According to an article in today’s Wall Street Journal, the company plans 27% of its new openings in Asia, including 14% of those in China. According to Mr. Capuano, China’s combined domestic and international tourism revenue is expected to increase roughly 14% annually for the next 8 years. As a result, Marriott plans to more than double its number of properties in China, and increase its employees by 30,000. Marriott is also hoping to take advantage of China’s growing middle-class with with a selection of mid-priced hotels.
In addition to China, Marriott plans to expand in Vietnam and Indonesia as well as the Caribbean and Latin America. It will also continue to develop its budget and boutique brands across North America.