© Reuters.
PLANTATION, Fla. – Marriott International (NASDAQ:) reported a year of significant growth in the Caribbean and Latin America (CALA) for 2023, with a nearly doubled number of organic deal signings compared to the previous year.
The hotel giant announced on Monday that it signed 57 transactions, adding nearly 7,300 rooms in 2023, contributing to a robust pipeline of 24,000 rooms across the region.
Last year, Marriott added more than 170 properties to its CALA portfolio, which now includes nearly 500 properties, such as hotels and residences, in 37 countries and territories. This expansion has cemented Marriott’s status as the largest hotel company in the region based on open rooms and pipeline.
The pipeline at the end of 2023 stood at 155 properties, promising to enhance Marriott’s luxury segment leadership and introduce new offerings in the affordable midscale segment and all-inclusive properties.
Laurent de Kousemaeker, Chief Development Officer for Marriott International in CALA, highlighted the growth in conversions and expansion across various segments, including the introduction of the City Express by Marriott brand.
This acquisition added 150 properties and approximately 17,500 rooms across Mexico, Costa Rica, Colombia, and Chile, increasing Marriott’s regional footprint by about 45 percent.
The luxury segment in CALA also saw growth, with notable openings like The Riviera Maya EDITION at Kanai and The St. Regis (NASDAQ:) Kanai Resort in Mexico. The region’s luxury pipeline includes 34 properties with over 5,000 rooms, with several anticipated openings in 2024.
Marriott’s all-inclusive resorts continue to meet consumer demand, with 31 open properties across nine markets and four brands, and 18 additional properties in the signed pipeline. The all-inclusive segment is set to grow further with upcoming openings and rebrandings in 2024.
The branded residences portfolio is also experiencing increased demand, with 15 open locations in 11 markets across CALA. Several residential openings are expected in 2024, contributing to a global pipeline of 115 residential projects.
Marriott Bonvoy, the company’s travel program, has over 6 million members in CALA and is expanding through strategic partnerships, like the one with Rappi, to enhance member experiences and reach Rappi’s 20 million users across multiple Latin American countries.
This announcement is based on a press release statement.
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This story originally appeared on Investing
