Marriott to Grow Russia and CIS Portfolio by Over 50 Percent to More Than 30 Hotels by 2015
MOSCOW and BETHESDA, Md., Oct. 18, 2012 /PRNewswire/ -- Leading global hotel operator Marriott International, Inc. (NYSE: MAR) is on track to double its portfolio in Europe from 40,000 rooms to 80,000 rooms by 2015. Marriott is fueling much of its growth in Europe with a strong focus on new development in Russia & CIS and today announced it will grow its existing portfolio in the region by more than 50 percent to more than 30 hotels open by 2015.
Amy McPherson, president and managing director for Marriott International in Europe, speaking from the Russia & CIS Hotel Investment Conference in Moscow today said, "Over the past 15 years we have developed a strong presence in Russia and CIS and are excited about the continued growth opportunities throughout the region for our expanding portfolio of brands."
McPherson added, "Russia also represents a tremendous opportunity for the travel sector. One of the world's fastest growing outbound travel markets, the country is now Marriott's fourth largest source market for travel in Europe fueled by a rising middle class with growing discretionary income. And with the robust growth here, we expect to see strong demand for travel in to Russia as well for both business and leisure travelers alike."
Marriott International currently operates 19 hotels in Russia & CIS across six lodging brands and has committed to opening an additional 11 hotels over the next three years including the:
- The Ritz-Carlton, Almaty, Kazakhstan
- Krasnodar Marriott Hotel, Russia
- Tsaghkadzor Marriott Hotel, Armenia
- Baku Marriott Amburan Beach Resort, Azerbaijan
- Renaissance Kiev Hotel, Ukraine
- Marriott Krasnaya Polyana Hotel, Russia
- JW Marriott Sochi Golf Resort, Russia
- Courtyard by Marriott Sochi Plaza Hotel, Russia
- Krasnoyarsk Marriott Hotel, Russia
- Voronezh Marriott Hotel, Russia
- Moscow Marriott Novy Arbat Hotel, Russia
Highlighting Marriott International's commitment to the Russia & CIS market, Carlton Ervin, chief development officer for Marriott in Europe, said, "We are very focused on our development here and have augmented our development resources to enable us to meet our ambitious growth objectives for Russia and CIS. We see particular opportunity in the capital cities for our luxury and lifestyle brands including The Ritz-Carlton, EDITION and Autograph Collection, as well as great potential in the mid-tier segment for our Courtyard by Marriott brand in regional cities across Russia. "
Marriott International operates six brands across Russia & CIS -- The Ritz-Carlton, JW Marriott, Marriott Hotels & Resorts, Renaissance Hotels, Courtyard by Marriott and Marriott Executive Apartments.
NOTE: The statements about the number and opening dates for the new hotels in Russia and the CIS are "forward looking statements" within the meaning of federal securities laws, not historical facts, and are subject to a number of risks and uncertainties, including supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth; and other risk factors identified in Marriott International, Inc.'s most recent quarterly report on Form 10-Q; any of which could cause actual results to differ materially from those expressed in or implied by our statements. These statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Marriott International, Inc.