Published on 19 Jan 2024 on Zacks via Yahoo Finance

Marriott (MAR) Plans Expansion of Apartments by Marriott Bonvoy

Marriott International, Inc. MAR opened doors of its debut brand, Apartments by Marriott Bonvoy, in December 2023, with the intention of expanding its product portfolio with premium and luxury apartment-style accommodations. The positive approach toward its first property launch, Casa Costera, Isla Verde Beach, in San Juan, Puerto Rico encouraged the announcement of the upcoming property openings under this brand.Marriott is all set to bring Apartments by Marriott Bonvoy in the United States, Italy and the Kingdom of Saudi Arabia, signing development agreements for the respective new openings.The properties under this brand offer homely experience to its guests, housing amenities comprising private bedrooms, a separate living room, full kitchen, and in-unit washer and dryer. From an owner’s point of view, these properties offer residential and hotel developers a distinctive opportunity to transform an existing building, pursue a new build or integrate as part of such a multi-use property. Furthermore, every project will be leveraging Marriott’s brand image and offer benefits under the loyalty program, Marriott Bonvoy.Apartments by Marriott Bonvoy is subject to further expansion opportunities, with the company expecting to expand the global presence through 2024 and beyond.

Details on the Upcoming Openings

In the US, Mariott signed development agreements in Detroit, MI, and St. Louis, MO. The Detroit location’s development agreement is inked with Roxbury Group. The construction will be made by converting The Plaza Apartments in Midtown Detroit. This property is expected to open in the third quarter of 2024. The St. Louis location’s development agreement is anticipated to be made with Midas Hospitality.In Italy, the company signed development agreements in Courmayeur, Aosta Valley, with Castello Sgr for the opening of Le Géant, an Apartments by Marriott Bonvoy property.In Saudi Arabia, MAR inked a development agreement with NEOM for the brand’s debut in Sindalah, an island located on the northwest coast of the country among the Red Sea. This marks the fourth collaboration between Marriott and NEOM for the construction of property on the island. The opening is expected in 2024.