Marriott Worldwide, Inc. introduced a 12 months of world development, with a report 123,000 gross rooms openings, web rooms development of 6.8 % for the total 12 months 2024, and over 577,000 rooms within the firm’s growth pipeline at year-end. Marriott continued to broaden its product choices throughout journey functions and segments.
“2024 was a 12 months of unbelievable development for Marriott, as we celebrated regional milestones, phase entries, model expansions, market debuts, and extra,” mentioned Anthony Capuano, president and CEO, Marriott Worldwide. “As we preserve our give attention to the corporate’s objective of connecting folks by the facility of journey, I couldn’t be extra excited in regards to the work our international groups are doing to drive development and innovation, create best-in-class experiences for our company, and ship robust outcomes for our house owners and franchisees.”
In 2024, the corporate signed a report of over 1,200 offers with house owners, franchisees, and builders—a mean of over three offers a day—representing almost 162,000 rooms globally. Marriott continued to have momentum round conversions, with 34 % of 2024 rooms signings ensuing from conversion alternatives.
“We’re thrilled to proceed our innovation journey with world-class house owners, franchisees, and builders to satisfy the wants of each traveler and journey objective,” mentioned Leeny Oberg, chief monetary officer and govt vice chairman, growth, Marriott Worldwide. “As we proceed increasing and enhancing choices for our growth stakeholders and company, we’re immensely happy with the breadth and depth of our industry-leading portfolio that delivers new journey alternatives around the globe.”
Luxurious
Marriott’s luxurious portfolio of seven manufacturers now includes 658 motels, resorts, and branded residential properties, spanning 74 nations and territories. In 2024, the corporate signed a report variety of 61 offers for luxurious motels and resorts, closing the 12 months with 266 within the pipeline. W Inns expanded its international footprint and skilled portfolio development, seeing momentum in its ongoing evolution in 2024, together with the opening of W Prague and the reimagined W Hollywood and W Union Sq. in New York. St. Regis opened its sixtieth lodge worldwide, with the opening of The St. Regis on the Bund, Shanghai in October 2024. The Luxurious Assortment introduced the opening of Koenigshof, a Luxurious Assortment Lodge, Munich, marking the model’s entry in Germany. EDITION debuted in Saudi Arabia with The Jeddah EDITION. The just lately introduced JW Marriott Crete Resort and Spa is anticipated to open in 2025, marking the model’s debut in Greece. The Ritz-Carlton Yacht Assortment launched Ilma, its second superyacht, on its inaugural voyage by the Mediterranean, with its third vessel, Luminara, anticipated to embark on its inaugural voyage in the summertime of 2025 with itineraries within the Mediterranean and Asia.
Reasonably priced Midscale
Following its entry into the phase, Marriott grew its presence in reasonably priced midscale in 2024, specializing in providing regionally related lodging choices. Metropolis Categorical by Marriott is now anticipated to broaden into Nicaragua, Bolivia, Argentina, and Peru, with plans to additionally broaden into Brazil. In October 2024, the corporate introduced this conversion-friendly model’s deliberate debut in the US and Canada, marking Marriott’s introduction of a transient midscale providing within the area. The model at the moment has 153 open properties (17,777 rooms), with 53 within the pipeline (5,673 rooms). StudioRes, an extended-stay midscale model in the US and Canada, celebrated its first groundbreaking final January and closed 2024 with 35 properties (4,037 whole rooms) within the pipeline, anticipating its first opening later this 12 months. 4 Factors Flex by Sheraton, a conversion-friendly midscale model in Marriott’s Europe, Center East and Africa (EMEA), and Asia Pacific excluding China (APEC) areas, had a number of additions and signings, closing the 12 months with 28 open properties (5,037 rooms) and 33 within the pipeline (4,003 rooms).
Branded Residential
Marriott is coming into its twenty fifth 12 months within the phase, persevering with to see momentum and portfolio development. The corporate has grown its open portfolio by over 50 % since year-end 2019, closing 2024 with 142 open residential places and a pipeline of 138 places (28 % of that are standalone tasks) throughout 16 distinct manufacturers. In 2024, the Marriott Branded Residences portfolio generated $2.1 billion in residential gross sales income for third-party builders.
Lately signed and upcoming portfolio additions embody: the Westin Residences Gurugram; The Ritz-Carlton Residences, Boston, South Station Tower; the Almare, a Luxurious Assortment Residence; and The St. Regis Residences, Al Maryah Island, Abu Dhabi.
Non-Conventional Choices
Up to now 12 months, Marriott continued to reinforce its choices by exploring segments outdoors of conventional hospitality choices. In December 2024, Marriott introduced the growth of its outdoor-focused lodging choices by two offers within the outside lodging phase. The offers embody the acquisition of the Postcard Cabins model, previously referred to as Getaway Outposts, and the execution of a long-term settlement with Trailborn. With plans to launch an outdoor-focused assortment this 12 months, the corporate goals to supply company and Marriott Bonvoy members extra alternative in conventional and various lodging in nature-forward locations. Individually, as proprietor and shopper curiosity in apartment-style lodging continues to develop, Marriott introduced a long-term licensing settlement with Sonder Holdings in August 2024. Including over 9,000 rooms to Marriott’s open portfolio and roughly 1,700 rooms to its growth pipeline at year-end, this settlement underscores the corporate’s rising presence on this phase.
Milestones and Pipeline Development
Closing 2024 with over 9,300 properties throughout 144 nations and territories, Marriott had milestone development in areas around the globe this previous 12 months:
United States and Canada
In its largest area, the US and Canada, Marriott’s portfolio at year-end 2024 totaled over a million open rooms throughout 6,307 properties, with almost 263,000 rooms (representing 2,161 properties) within the pipeline. The corporate additionally signed a report 608 offers within the area in 2024. In June 2024, the corporate introduced three signed agreements for properties to hitch manufacturers inside the firm’s luxurious—The Resort at Pelican Hill underneath the St. Regis model; The Ritz-Carlton O‘ahu, Turtle Bay; and the Luxurious Assortment Midtown Manhattan. The long-term license settlement with MGM additionally continued to gas development, with MGM Assortment by Marriott Bonvoy encompassing 16 locations as of year-end 2024, together with the just lately transformed W Las Vegas on the Mandalay Bay Campus.
Asia Pacific excluding China (APEC)
In 2024, Marriott signed a record-breaking 109 offers representing 21,439 rooms (19 % of that are luxurious tasks) within the APEC area, rising the corporate’s pipeline within the area to 363 properties and 77,532 rooms, a 12 % improve from the earlier 12 months. Strategic multi-unit offers fueled Marriott’s pipeline development in APEC. Along with a 4 Factors Flex multi-unit signing with KKR in Japan, the corporate signed a multi-unit settlement with PT Pakuwon Jati to develop 5 properties in Indonesia. The corporate additionally celebrated milestones in APEC, together with its 600th property within the area with the opening of the Adelaide Marriott Lodge, the a hundred and fiftieth property in India with the Katra Marriott Resort & Spa, the fiftieth property in Malaysia with the Penang Marriott Complicated, and the a hundredth property in Japan with the 4 Factors Flex by Sheraton Osaka Umeda.
Higher China (GC)
Marriott noticed development in GC, with 463 properties representing 104,539 rooms within the area’s pipeline at year-end. In 2024, the corporate signed a report 161 offers representing almost 31,000 rooms. Following the launch of a long-term cooperation settlement with Delonix Group at the start of the 12 months, the 2 firms introduced a complete of eight signings and two lodge openings for the Tribute Portfolio model in Mainland China. Different signings that marked model debuts included an settlement to deliver The Luxurious Assortment and AC Inns to Shenzhen, a signing to debut The Ritz-Carlton in Xiamen Island in Fujian Province, a signed settlement to deliver the W Inns model to Sanya, and a signing for The Park Lane Hong Kong, Autograph Assortment.
Caribbean and Latin American (CALA)
The corporate closed the 12 months with 183 properties representing 27,817 rooms within the pipeline within the CALA area (a 15 % improve from the earlier 12 months) with a report 67 deal signings in 2024. In 2024, Marriott celebrated the five hundredth property in CALA, with the opening of Almare, a Luxurious Assortment Resort, Isla Mujeres, Grownup All-Inclusive. All-inclusive remained a high-growth phase, accounting for 21 % of the corporate’s CALA pipeline rooms. In July 2024, the corporate introduced the opening of Marriott Cancun, An All-Inclusive Resort, marking the primary all-inclusive property for the model. The corporate additionally introduced milestone signings in 2024, together with an settlement to debut the Tribute Portfolio model in Manaus, Amazonas, Brazil, in addition to an settlement for The Ritz-Carlton, Cancun, Punta Nizuc, anticipated to open in 2027.
Europe, Center East and Africa (EMEA)
Marriott continued to strengthen its footprint throughout the EMEA area, rising its pipeline to 596 properties representing 104,731 rooms at year-end (a ten % improve from the earlier 12 months), following a record-breaking variety of annual signings within the area of 291 offers representing over 34,000 rooms. Conversions drove development throughout segments and chain scales, representing 45 % of the area’s rooms signings within the 12 months. The corporate introduced signings in 2024, together with a multi-unit settlement with Information Financial Metropolis to open three motels inside the Holy Metropolis of Madinah in Saudi Arabia and a signed settlement to deliver The Ritz-Carlton model to Serbia. The area additionally celebrated a number of model debuts, together with the opening of Nujuma, a Ritz-Carlton Reserve and the Fairfield by Marriott Copenhagen Nordhavn.
