New Marriott International hotels: JW Marriott Singapore

Marriott International Announces Record Year of Global Signings and Strong Net Rooms Growth

Marriott International, Inc. announced the company’s record year of global signings with 52 percent more organic rooms signed in 2023 than in 2022, as it continues to expand offerings for owners, franchisees, and guests. The company also announced that it achieved strong net rooms growth of 4.7 percent in 2023.

During 2023, the company signed a record number of organic management and franchise agreements—an average of nearly 2.5 deals a day—representing approximately 164,000 rooms globally.

In the United States & Canada, Marriott’s largest region, the company signed a record 91,000 rooms, 37,000 of which were the result of the company’s strategic licensing agreement with MGM Resorts International. The company also saw robust signings growth outside of the U.S. & Canada with a record of nearly 73,000 organic rooms signed across 74 countries and territories, with particularly strong signings in China, Vietnam, Japan, United Arab Emirates, Mexico, Turkey, Saudi Arabia, and India. At year-end 2023, Marriott’s global development pipeline totaled nearly 3,400 hotels and roughly 573,000 rooms, an increase of over 15 percent over a year ago.

At the end of 2023, Marriott’s worldwide system consisted of nearly 8,800 properties and more than 1,597,000 rooms in 139 countries and territories. Marriott added over 400 properties and nearly 64,000 organic gross rooms in 2023. The company also completed its acquisition of the City Express brand portfolio, bringing an additional 150 properties and approximately 17,500 rooms into Marriott’s system during the year.

Growing Marriott’s Global Leadership in Luxury

With 623 open properties spanning 70 countries and territories, Marriott’s luxury portfolio remains unmatched. In 2023, the company signed a record 58 deals for luxury hotels and resorts, bringing Marriott’s luxury portfolio in the global development pipeline to 245 hotels, including more than 20 hotels expected to open in 2024.

Busan city view from sea with skyscrapers, best destination for play, work, live

This past year also reflected W Hotels’ ambitious new chapter, as it continued its brand refresh and global expansion into new destinations, including the debut of W Budapest, the brand’s first hotel in Hungary, and W Edinburgh, the second W hotel in the United Kingdom.

W Budapest

Other highlights from the year include the opening of Rissai Valley, a Ritz-Carlton Reserve, marking the company’s 500th hotel in Greater China. The Ritz-Carlton brand debuted in the U.S. Pacific Northwest with The Ritz-Carlton Portland, the St. Regis brand debuted in the U.S. Midwest with The St. Regis Chicago, and three luxury hotels were signed in Vietnam (JW Marriott Trang An Resort & Spa, The Luxury Collection Resort, Hon Thom Island, and The Ritz-Carlton Reserve, Hon Thom Island).

Offering New Possibilities for Guests and Owners in Affordable Midscale

Marriott entered the high-growth affordable midscale segment in 2023 with the acquisition of the City Express brand portfolio in the Company’s Caribbean and Latin America (CALA) region. With approximately 17,500 rooms across Mexico, Costa Rica, Colombia, and Chile, the deal increased Marriott’s footprint in the CALA region by approximately 45 percent. In 2024, the City Express by Marriott brand is expected to expand to additional countries across CALA.

In September 2023, Marriott announced the launch of Four Points Express by Sheraton, a conversion-focused midscale brand designed in response to growing consumer demand for reliable and affordable accommodations in Marriott’s Europe, Middle East and Africa (EMEA) region. Through year end 2023, the company signed six Four Points Express by Sheraton deals in the United Kingdom and Turkey.

Strengthening Branded Residences Portfolio

With 134 open locations and 115 pipeline residential projects across 49 countries and territories and 16 brands, Marriott International is the industry leader in the branded residential segment.

In the past five years, the company has added 48 residential locations across 14 brands and continues to see growth in the segment. Recent highlights include the openings of The St. Regis Residences, Cairo, Egypt, The Residences at Sheraton Cebu Mactan Resort, Philippines, The Ritz-Carlton Residences, Portland, and The Ritz-Carlton Residences Mexico City.

Launching MGM Collection with Marriott Bonvoy

In July 2023, Marriott announced the signing of an exclusive long-term strategic licensing agreement with MGM Resorts International and the creation of the MGM Collection with Marriott Bonvoy, which is expected to launch in early 2024. The agreement encompasses 17 of MGM’s unrivaled resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S.

The deal is expected to increase Marriott’s global rooms distribution by 2.3 percent and position the company to provide even more options for group travel needs, while offering incredible entertainment, sports, and culinary experiences through Marriott Bonvoy Moments.

As Marriott continues to expand its offerings, the Company is uniquely positioned to capitalize on the breadth and depth of its portfolio, with investment and development opportunities for all types of real estate investors.

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