Marriott targeting 1,700 new hotels over next three years
Marriott International plans to accelerate the pace of global expansion with more than 500 new hotels a year through 2021.
The company is targeting more than 1,700 hotels over the next three years, adding up to 295,000 rooms.
That could bring in up to $400 million in fees.
The company said at an investor conference this week it will return about $11 billion to shareholders by 2021.
This will come through $2 billion in dividends and buying back up to $9 billion worth of shares.
During the three-year period Marriott expects revenue per available room (RevPAR) growth to remain steady at 1-3% through 2021.
Marriott CEO Arne Sorenson revealed Marriott’s newly combined and rebranded loyalty program has been picking up about 50,000 new members daily.
Bonvoy now has over 125 million members.
"Starwood has made us a more formidable competitor providing a more valuable loyalty program, and brands with strong appeal to loyalty members and owners," Sorenson said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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