Marriott International, Inc. (Nasdaq: MAR), recently reported a phenomenal year in 2023 with unprecedented growth in the Asia Pacific (Excluding China) region. The company signed over 80 deals, adding around 18,000 rooms to its pipeline in the region. This growth marked a significant milestone, with more than 560 hotels and residences operating in the region by the end of 2023, reflecting a net rooms growth of over 10% compared to 2022. Marriott also achieved a record by signing deals in 13 markets, highlighting its commitment to strategic expansion.
As travel resumes in the Asia Pacific region, Marriott focuses on delivering top-notch experiences to owners, franchisees, and guests. By the close of 2023, Marriott’s development pipeline included over 320 hotels with more than 69,000 rooms, showcasing its dedication to offering world-renowned brands and diverse experiences that align with evolving traveler preferences.
Luxury remains a key driver of Marriott’s growth, with 25% of the global luxury rooms pipeline situated in the Asia Pacific. In 2023, 15% of the deals signed in the region were in the luxury segment, including the opening of nine luxury hotels, such as The Ritz-Carlton, Melbourne—Marriott’s 1,000th hotel in the Asia Pacific region.
Rajeev Menon, President, Marriott International, APEC, expressed enthusiasm, stating, “With our record year of growth in APEC, we remain committed to meeting the demands of modern travelers. Our diverse portfolio and strategic presence in new destinations position us as a thriving region in the global landscape. I am excited about our momentum as we focus on connecting people through the power of travel.”
Marriott Bonvoy, the company’s travel program, has played a crucial role in driving interest in the regional portfolio. The Marriott Bonvoy membership base in APEC has surged by 50% since 2019, fueled by exclusive experiences and strategic partnerships with entities like Singapore Airlines, Rakuten, and co-branded credit cards in Japan, Korea, and India.
For more information on Marriott’s latest developments, visit the Marriott News Center at news.marriott.com.
