The company signed an average of two deals per day, resulting in 726 management and franchise agreements total
Words by: Will Speros • Photos courtesy of Marriott International The W Costa Navarino resort in Greece The W Costa Navarino resort in Greece The company signed an average of two deals per day, resulting in 726 management and franchise agreements total
Words by: Will Speros • Photos courtesy of Marriott International Marriott International saw strong acceleration in signings in 2022. Today, at the Americas Lodging Investment Summit (ALIS), the company revealed that it signed an average of two deals per day for a total of 726 management and franchise agreements. The total reflects a 21-percent increase of 2021 signings, representing nearly 108,000 guestrooms. Marriott's leading global development pipeline tallied more than 3,000 properties and 496,000 guestrooms by the end of 2022 as well.
'We were pleased with the accelerating pace of development activity in 2022 as the global recovery continued,' said Marriott CEO Anthony Capuano. 'The proven resilience of travel is powerful and energizing. Given the attractiveness of our portfolio of global brands, top-ranked Marriott Bonvoy loyalty program, momentum around conversions, and commitment to innovation, we are excited to continue to help lead in the growth of travel.'
Conversions were a key catalyst, contributing nearly 20 percent to last year's signings with 80 conversion properties and 20,500 guestrooms. Half of the rooms signed in 2022 were in international markets, including the Caribbean, India, Mexico, and Saudi Arabia. Marriott also added 394 properties and more than 65,000 guestrooms last year on a gross basis that grew the overall system 4.4 percent.
Expansion into the midscale and all-inclusive segments further boosted Marriott's 2022 signings. Marriott is also set to acquire the City Express brand, which includes 152 hotels and 17,000 guestrooms in 75 cities across Mexico and Latin America. A trio of all-inclusive properties in Brazil, Mexico, and the Dominican Republic were opened last year and will be joined by another three Mexico units in the segment as well. While the All-Inclusive by Marriott Bonvoy portfolio totals 33 properties in the Caribbean and Latin America, the company expects to expand its presence globally, with sights set on Southeast Asia in addition to European and Middle Eastern markets.
Development in the select service segment remained strong, accounting for nearly 75 percent of global deal signings and nearly half of signings across international regions. Extended stay offerings, including brands like Residence Inn by Marriott, Element by Westin, and TownePlace Suites by Marriott, accounted for a record 30 percent of the company's signings as well. Apartments by Marriott Bonvoy also launched near the end of last year, further solidifying the company's extension into the upper-upscale and luxury segments.
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