Marriott Hits Half-Million Room Mark - Expects to Add Up to 95,000 Rooms Over The Next Three Years
WASHINGTON, May 18, 2004 /PRNewswire-FirstCall via COMTEX/ -- Marriott International, Inc. (NYSE: MAR) will break the half-million guest room mark as the new London Marriott West India Quay in the city's trendy Canary Wharf area opens on June 1. Offering travelers across the globe 18 brands to choose from and 2,700 properties in 69 countries, Marriott expects to open up to 95,000 additional rooms through the next three years. And in 2004, Marriott's hotel property owners plan to invest more than $1 billion in hotel upgrades, renovations and conversions worldwide.
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"As over the past 77 years, we continue to focus on growth," said J.W. Marriott, Jr., chairman and chief executive officer. "Reaching 500,000 rooms is the result of great partnerships with our owners and franchisees and the dedication of thousands of associates all over the world. Working together, we continue to combine quality and innovation with the industry's best people and service, and we look forward to adding even more rooms and great locations in the years to come."
Marriott's market share in the United States has increased from 3 percent in 1990 to more than 8 percent today. As the largest hotel management company in the world, more than a quarter of Marriott's recent growth has been outside the United States. Since 1990, the company's portfolio of properties outside the U.S. has grown from 15 to nearly 550.
Across Marriott's portfolio of brands, new color schemes and residential touches are being added to create stylish and inviting guest rooms, lobbies and restaurants that feature a wide range of both classical and contemporary designs. While specific design components vary by brand and property location, many include new decor packages, contemporary colors, enhanced bedding, and more comfortable work areas.
Many of these touches can already be found at new properties, including the JW Marriott Grande Lakes in Orlando, the JW Marriott Desert Ridge Resort and Spa in Phoenix, the Renaissance Grand in St. Louis and the Renaissance Arts Hotel in New Orleans. Other new properties include the 157-room Marriott Park Lane on London's Hyde Park, which appeals to travelers who appreciate boutique hotels yet expect five-star service and amenities, and the Berlin Marriott, standing across the street from the Ritz-Carlton Berlin Potsdamer Platz.
In Beijing, in time for the 2008 Olympics, Marriott plans to open Ritz- Carlton and JW Marriott hotels, to be located on the eastern edge of the Central Business District on Changan Avenue, Beijing's most famous thoroughfare.
From the very beginnings of the company, Marriott has focused on innovation, service and product leadership. Marriott was the first lodging company to introduce an integrated guest room work station and to broadly deploy high-speed and wireless internet access in guest rooms and public spaces. Marriott also was the first to embrace consistent pricing (single image inventory) and the only lodging company to offer an all-channel comprehensive rate guarantee. In addition, the company created a specialized wedding certification program that has graduated more than 1,200 Marriott event wedding planners.
In 1983, Marriott launched the world's most successful hotel guest loyalty program. Today, Marriott Rewards leads the industry by a large margin with 20 million members, and is now offered in 65 countries outside the United States. After joining the program, Marriott Rewards members double and often triple their number of stays. Members also earn free stays 30 percent faster than with any other major hotel program, and Marriott Rewards offers more resorts, spas and golf than any of its competitors.
Marriott properties across its portfolio undergo both regular internal and independent quality checks and inspection. Each property undergoes scheduled upgrades and renovation based on wear and tear; product lifespan for carpet, bedding, upholstered items and furniture; and the introduction of new design elements, special features and technology.
In 2004, a range of significant properties is being refurbished, renovated or converted, from the famed Grosvenor House in London and the historic Shelbourne in Dublin, to the Renaissance Battle House in Mobile on Alabama's Gulf Coast. Other major renovations include the JW Marriott Houston, New York Marriott Marquis, Chicago Marriott Downtown, New Orleans Marriott and the Renaissance Mayflower Hotel in Washington, D.C. Hotels outside of the United States undergoing major renovation include the Amsterdam Marriott, Cairo Marriott and Surfers Paradise Marriott Resort in Australia.
Marriott led the industry in product segmentation, introducing Courtyard by Marriott, the first hotel designed and built specifically for business travelers, in 1983. The company also met growing market demand for extended- stay lodging with the acquisition of Residence Inn in 1987. Marriott introduced TownePlace Suites, the first moderately priced extended-stay brand, in 1997, and SpringHill Suites, one of the fastest-growing upper-moderate-tier all-suite brands, in 1998. Both brands now have over 110 hotels each.
Today, Courtyard has an aggressive reinvention program underway, which includes fresh, crisp designs for guest rooms, lobbies and public spaces. Residence Inns are also being refreshed, with new bedding, upgraded kitchens and fresh colors.
Courtyards being reinvented this year include the San Francisco Airport, Chicago Lincolnshire, Dearborn, Mich., and Tampa Westshore. Residence Inn hotels are being newly renovated at such locations as Atlanta Buckhead, Seattle East, Richmond, Va., and Silicon Valley.
The Courtyard portfolio today encompasses 630 hotels, most having opened in the last 10 years. Of the oldest 200 company-operated hotels, approximately 80 have already been renovated or reinvented. Another 50 are expected to be reinvented by the end of the year, with the remainder scheduled for completion in 2005. About two-thirds of the earliest Residence Inns are expected to be refreshed by the end of this year. Fairfield Inn, Marriott's lower-moderate-tier brand launched in 1987, will also see significant updating over the next several years. The brand currently has more than 500 hotels.
Note: This press release contains "forward-looking statements" within the meaning of federal securities laws, including statements concerning the number of lodging properties we expect to add in future years, expected investment spending by hotel owners, and similar statements concerning 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 risks and uncertainties, including supply and demand changes for hotel rooms, competitive conditions in the lodging industry, relationships with clients and property owners, and the availability of capital to finance hotel growth and refurbishment, any of which could cause actual results to differ materially from those expressed in or implied by the statements herein. These statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide hospitality company with over 2,700 lodging properties in the United States and 68 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. Marriott is also in the synthetic fuel business. The company is headquartered in Washington, D.C., and has approximately 128,000 employees and was ranked as the lodging industry's most admired company and one of the best places to work for by FORTUNE(R). In fiscal year 2003, Marriott International reported sales from continuing operations of $9 billion. For more information or reservations, please visit the web site at www.marriott.com.
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SOURCE Marriott International, Inc.
Tom Marder of Marriott International, Inc., +1-301-380-2553, or thomas.marder@marriott.com /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030605/MARRIOTTLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840 /Company News On-Call: http://www.prnewswire.com/comp/532963.html
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