Marriott drives deeper into the experiential
The world’s largest luxury hotel group, Marriott International, has an ace up its sleeve when it comes to delivering the kind of high-quality service guests crave: a deeper understanding of what has become known as the “experiential”. This term denotes a focus on experiences rather than products, and opens the door to experimentation with new themes and approaches for the hospitality industry. Gone is the generic – now, uniquely curated experience is the name of the game. What Marriott’s doing with its Renaissance Hotels brand is a great example.
Marriott’s share price has appreciated by 25% year to date
Source: Yahoo Finance
Renaissance Hotels is pioneering a new approach to hospitality by creating a visual identity within each of its hotels that places emphasis on the local neighbourhood within which it exists. The result is an unexpected and exclusive experience that leverages local experts to create a theme and narrative for each location. The brand’s vice president of global brand marketing & management, George Fleck, recently sat down with reporters to discuss how it all works.
He said: “What are interesting hidden gems or experiences that define a specific neighbourhood? That's what we wanted to focus on. We think that destinations like New York, or Paris, or Shanghai are places that are not just defined by the character of the destination, but by how neighbourhood experiences define or make up a patchwork of experiences. We wanted to provide customers with more curated style and design, but still offer the consistency in service and quality of a full-service chain or mass brand hotel experience.”
Fleck also noted that the kind of experience Renaissance is devoted to delivering has grown up organically from the demands of a new type of traveller, saying: “our guests want to walk away with some story that's worth retelling. Whether that is for their social feeds, whether that's to share with friends and family or colleagues, they want something they can take away and show from that experience.” By catering to these needs, Marriott will look to find a way to defend the traditional hotelier business against home-sharing upstarts like Airbnb. If it can merge its traditional competence of quality and luxury with the kind of unique experiences currently in vogue, then the company may well be on to a winner.
Dominion holds Marriott international in its Global Trends Luxury Fund.
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