Marriott plans big Asia Pacific push over next 12 months
The coming year will see the world’s largest hotelier, Marriott International, increase its Asia Pacific footprint considerably. The company plans to open 16 new resorts in the region, across 7 brands in 10 countries. Currently, it has 130 “upper-upscale and luxury” resorts in Asia Pacific in countries including China, Malaysia, Vietnam, and Thailand. Marriott says the new resorts will give travelers “more choices when booking holidays, business events or special occasions.”
Marriott’s share price has appreciated by 44% year to date
SOURCE: Yahoo Finance
Peggy Fang Roe, Marriott’s chief sales and marketing officer for Asia Pacific, said: “This is an exciting year for Marriott International in the Asia Pacific region as we deliver innovative, new ways to cater to today's and tomorrow's travelers. Our new openings demonstrate our promise to be where our guests want to be and provide them with everything they need to relax, recharge or celebrate a special milestone."
The company is expecting to benefit from Chinese travel trends in the region. The country is already the world’s largest source of outbound travellers, and rising incomes mean this trend is likely to continue. The China National Tourism Administration predicts that Chinese travellers will take 700 million trips over the next five years. With more disposable income, many of those trips will be focused on new luxury experiences – like staying in upmarket hotels.
Paul Foskey, Marriott’s chief development officer for the region, said: "Marriott International is proud to offer picture-perfect paradises for every occasion. We continue to cater to its ever-expanding customer base by introducing new brands, exciting destinations and unique experiences to its resorts portfolio."
Dominion holds Marriott International in its Global Trends Luxury Fund.
If you would you like to receive the Newsfeeds daily, please click here to sign up now!Help us make this Newsfeed better by rating this article. 1 star = Poor and 5 stars = Excellent
- Click here to print this story: Print
The views expressed in this article are those of the author at the date of publication and not necessarily those of Dominion Fund Management Limited. The content of this article is not intended as investment advice and will not be updated after publication. Images, video, quotations from literature and any such material which may be subject to copyright is reproduced in whole or in part in this article on the basis of Fair use as applied to news reporting and journalistic comment on events.