MARRIOTT INTERNATIONAL SIGNS AGREEMENT WITH BEEKAY GROUP TO BRING FIVE NEW HOTELS TO JHARKHAND & WEST BENGAL

This strategic collaboration further strengthens Marriott International's presence in India with the addition of 700 rooms to its existing portfolio.

MUMBAI, India, July 18, 2022 /PRNewswire/ -- Marriott International, Inc. today announced it has signed an agreement with Beekay Group to bring five new hotels to Jharkhand and West Bengal, India. Slated to open between 2024 and 2026, the agreement is expected to add more than 700 rooms to Marriott International's existing portfolio in the country. The Le Méridien brand is expected to debut in East India with the opening of Le Méridien Ranchi. Other planned openings include Courtyard by Marriott Asansol, Fairfield by Marriott Maithon, Fairfield by Marriott Ranchi, and Fairfield by Marriott Deoghar.

"We are thrilled to be working with the Beekay Group again to bring five new hotels to Jharkhand and West Bengal," said Rajeev Menon, President Asia Pacific (excluding Greater China), Marriott International. "With this multi-agreement signing, we are looking to urbanize and enter emerging business locations, in some of the most commercially and culturally important cities of the East. This strategic collaboration in the state encompasses properties spanning our premium lifestyle segment to select service brands that will enable us to better cater to our guests' needs, while further strengthening our presence in India."

Sharing his thoughts on this momentous occasion – Mr. Bishnu Kumar Agarwal – CMD Beekay Group said, "It is my pleasure to have forged this strategic collaboration with Marriott International and we are thrilled to welcome them to the Beekay family. May this mark the start of a collaboration that grows from strength to strength in the near future. We are eagerly looking forward to the opening of the first Courtyard by Marriott in Ranchi, followed by the other Marriott International hotels set to open in quick succession across Ranchi and the state of Jharkhand. These hotels will provide world-class service & hospitality to travellers arriving in Jharkhand and are a testament to our belief and confidence in the market and our commitment towards the overall development of our beloved state and the country. It will also help put our state on the tourism map of India"

Le Méridien Ranchi

Bringing the Paris-born Le Méridien brand to Ranchi, an unexplored jewel of East India, the hotel will inspire travellers to explore Ranchi in style, savor the good life and enjoy experiences that enrichen and broaden horizons. Located in the north-eastern part of Ranchi, the 175 key hotel forms part of a mixed-use project that combines residential, retail and office development. The hotel is conveniently located a 10 kilometres drive from the Birsa Munda airport and allows for quick and easy access to business hubs and tourist attractions in the city. The hotel is expected to open in 2025.

Courtyard by Marriott Asansol

Located along Purulia Road, a prime arterial road that is well-connected to the city, Courtyard by Marriott Asansol is part of a mixed-use development project that comprises a retail mall and hotel. With 140 modern, well-designed rooms and facilities, Courtyard by Marriott Asansol will offer travellers an elevated experience to relax and recharge, whether traveling for work or pleasure. The hotel is expected to open in 2026.

Fairfield by Marriott Maithon

Fairfield by Marriott Maithon is located within a four-kilometre drive away from the popular Maithon Dam and from a walking distance to the Barakar River. Guests can immerse themselves in the natural surroundings of the destination and enjoy breath-taking views of the Maithon Dam. The hotel is anticipated to feature 130 thoughtfully designed guestrooms and is expected to open in 2026.

Fairfield by Marriott Ranchi

Fairfield by Marriott Ranchi is located in the Southwestern part of the city and is only four kilometres away from the Birsa Munda Airport. The hotel is anticipated to feature 128 thoughtfully designed guestrooms and suites and is expected to open in 2025. The city's pride, the Jharkhand State Cricket Association Stadium (JSCA), an international cricket stadium, and the famous Jharkhand Urban Planning & Management Institute (JUPMI) are both situated in the immediate vicinity of the hotel.

Fairfield by Marriott Deoghar

Expected to open in 2025, Fairfield by Marriott Deoghar is located eight minutes away from the new Deoghar airport, which is slated to open this year. Guests staying at Fairfield by Marriott Deoghar will enjoy the warm hospitality signature of Fairfield, paired with the beauty of simplicity inspired by the locale. The property will be in close proximity to cultural and historical landmarks in the city including the Naulakha Temple & the Baba Baidyanath Temple.

The Indian tourism and hospitality industry has seen a paradigm shift in recent years where an increasing number of travelers are opting for upper-midscale hotels. The addition of these five hotels further highlights Marriott Internationals' commitment in expanding its footprint in India. Marriott International currently operates 131 hotels in India cross 16 brands.

Beekay Group was established in 1999 and is a well-diversified conglomerate in East India with interests in real estate, infrastructure, retail, and hospitality. The Beekay Group also owns the 112-key Courtyard by Marriott Ranchi, signed, and announced earlier in 2021.

Note on Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of United States federal securities laws, including statements related to unit and rooms growth; our growth pipeline; expected hotel and other project openings and brand debuts in certain markets; growth and demand trends and expectations for certain product types and in certain markets; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 8,000 properties under 30 leading brands spanning 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

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