Tim Sheldon, President of Caribbean and Latin America operations at Marriott International, announced an expected 75 percent increase in Marriott's Caribbean and Latin American distribution between 2015 and 2018 including a tripling of the company's presence in Brazil with the addition of 11 new hotels in that market.
"The northern part of our region is enjoying strong performance while the southern is faced with an economic slowdown, caused largely by the downfall of commodity prices and consequent devaluation;" said Laurent de Kousemaeker, Chief Development Officer of the Caribbean and Latin America for Marriott, "Notwithstanding, there remains 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."
Marriott has 93 hotels open today and more than 60 hotels under development in the Caribbean and Latin America, including 11 new hotels across 6 cities in Brazil. Marriott has plans to invest approximately $400 million Brazilian Reais (U.S. $100 million) in Brazil to launch 4 of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott and AC by Marriott. Seven of these eleven planned hotels are already under construction, which will be owned by Marriott or Brazilian partners. Over time, Marriott expects to sell its owned hotel assets, retaining long term management agreements.
"The northern part of our region is enjoying strong performance while the southern is faced with an economic slowdown, caused largely by the downfall of commodity prices and consequent devaluation;" said Laurent de Kousemaeker, Chief Development Officer of the Caribbean and Latin America for Marriott, "Notwithstanding, there remains 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."
Marriott has 93 hotels open today and more than 60 hotels under development in the Caribbean and Latin America, including 11 new hotels across 6 cities in Brazil. Marriott has plans to invest approximately $400 million Brazilian Reais (U.S. $100 million) in Brazil to launch 4 of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott and AC by Marriott. Seven of these eleven planned hotels are already under construction, which will be owned by Marriott or Brazilian partners. Over time, Marriott expects to sell its owned hotel assets, retaining long term management agreements.