Marriott International is expanding its holdings in the Caribbean and Latin America. Between 2015 and 2018 the company plans to significantly increase its presence in the region, adding 11 new hotels in Brazil alone.
Caribbean and Latin American Market
Marriott currently operates 93 hotels in the Caribbean and Latin America, with more than 60 in the pipeline. This includes 11 new properties in six Brazilian cities, 7 of which are already under construction. Marriott is investing approximately $100 million in the Brazilian market, launching 4 new brands there: Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn by Marriott and AC by Marriott.
Although Brazil’s economy faces challenges, “it is still in the top 8 largest economies in the world, and has excellent long term prospects,” said Tim Sheldon, president of Marriott’s Caribbean and Latin American region, in a press release. “The lack of reliable domestic hotel product and services represents a large opportunity for our moderate-tier brands, which we have adapted to the tastes of the Brazilian travelers—providing them both value and options.”
Marriott has already opened 8 hotels in the Caribbean and Latin America in 2015, with 9 more expected by year’s end. The company is on track to unveil its 100th hotel in the region this November—the JW Marriott Puerto Los Cabos in Mexico.
Current Portfolio
The company’s current portfolio in the Caribbean and Latin America includes many prominent properties, including Marriott Port-Au-Prince in Haiti, Guyana Marriott Hotel, the re-launch of Renaissance Jaragua Santo Domingo in the Dominican Republic, Sortis Hotel, Spa & Casino Autograph Collection hotel in Panama, Courtyard by Marriott Santiago in Chile, Courtyard by Marriott Lima Miraflores in Peru, Courtyard by Marriott Bogota Airport in Colombia, AC by Marriott Guadalajara in Mexico and the Fairfield Inn Queretaro in Mexico.
“In 2015 our company’s theme in the region has been ‘crossing new borders’ as we open hotels in exiting developing markets like Haiti and Guyana,” said Sheldon in the release. “The large middle class throughout the region is eager to travel to new places and do business on the road. This, when combined with the strong performance and preference of our brands in the gateway markets, provides tremendous opportunity for Marriott’s world class brands and service.”
Laurent de Kousemaeker, chief development officer of the Caribbean and Latin America for Marriott, adds that there is “a strong opportunity for quality brand experiences in the sector and savvy investors with a long-term perspective are taking advantage of the reduced price of assets, land and construction to acquire, develop and brand hotels.”
