Marriott International, Inc. (NASDAQ: MAR), a global leader in the hospitality industry, has announced significant growth in its branded residences portfolio, alongside the launch of ONVIA, a comprehensive Owner recognition platform. This strategic move underscores Marriott's commitment to enhancing the value proposition for developers and elevating the experience for residence owners. With nearly 25 years in the branded residences segment, Marriott continues to set the benchmark for luxury living.
Expanding the Branded Residences Portfolio
Marriott International's branded residences have experienced remarkable growth, with the portfolio expanding by nearly 50% since the end of 2019. Today, Marriott boasts 138 open residential locations and a robust pipeline of 123 projects, representing a 90% increase in its existing footprint. The company offers 16 distinct residential brands, including iconic names such as The Ritz-Carlton, St. Regis, JW Marriott, Autograph Collection, EDITION, and W Hotels. This diverse portfolio provides an array of lifestyle and location choices, catering to the varied preferences of luxury homeowners.
A Leader in the Branded Residential Segment
"Since Marriott opened its first branded residence property in 2000, we have seen the space continuously grow and evolve in exciting ways, expanding opportunities for developers, brands, and residents," said Dana Jacobsohn, Marriott International Chief Development Officer, U.S. Luxury Brands & Global Mixed-Use. "With our wide-reaching brand portfolio, loyal customer base, and global recognition platform, we have not only created an exceptional product offering for prospective developers, but we are well-positioned for continued leadership in the segment."
Value Proposition for Developers
Marriott Branded Residences offer a compelling value proposition for developers. The company's renowned hospitality expertise, powerful brands, and long-term agreements instill buyer confidence, driving residential sales revenue. Marriott's branded residences are projected to generate $1.7 billion in residential sales revenue for third-party developers. Key benefits for developers include:
- Strong brand affinity and buyer confidence from potential residence owners across the Marriott Bonvoy® portfolio.
- Dedicated team of residential experts providing support across development, operations, sales, and marketing.
- Expert technical services and pre-opening guidance.
- Support from a best-in-class global design team and established partnerships with some of the world's most preeminent design firms.
- Seamless integration with hotel systems and programs for co-located projects.
Introducing ONVIA: Elevating Owner Experiences
In a bid to enhance the experience for residence owners, Marriott has launched ONVIA, a fully integrated and comprehensive Owner recognition platform. ONVIA is designed to provide elevated experiences for residence owners, whether they are staying at a Marriott Bonvoy hotel, enjoying the views aboard The Ritz-Carlton Yacht Collection, or living in their residence."We understand that Marriott Branded Residences Owners are not only purchasing a unique and beautiful home, but they're also buying into a lifestyle and brand promise," said John Hearns, Marriott International Senior Vice President, Global Residential Operations. "To enhance our Owner experience, we recently launched ONVIA, Marriott's integrated and comprehensive Owner recognition platform. ONVIA is designed to not only build on the current Residence Owner benefits but also introduce a host of additional offerings that have been specifically tailored for Residence Owners."
Exclusive Offerings for Residence Owners
ONVIA, developed after extensive research and feedback from residence owners and developers, offers a range of exclusive benefits, including:
- Elevated Marriott Bonvoy status for residence owners.
- Preferred residence owner rates for select hotels within the global Marriott Bonvoy portfolio.
- Special offerings and preferred access on voyages with The Ritz-Carlton Yacht Collection.
- Exclusive offers on culinary experiences at home and within the local community.
- A focus on wellness, including spa and treatment offerings.
- Access to a world-class accredited concierge service.
Global Expansion of Marriott Branded Residences
Marriott's branded residences portfolio has expanded to new and exciting markets around the world, driven by strong consumer demand. The company recently announced new open and pipeline projects across various regions:
Europe, Middle East, and Africa (27 open, 41 in pipeline)
- The St. Regis Residences, Cairo, Egypt
- The Residences at The St. Regis Al Mouj Muscat Resort
- The Ritz-Carlton Residences, Limassol, Cyprus
- The Ritz-Carlton Residences Dubai, Creekside
- The Residences at The St. Regis Belgrade
- Nujuma, a Ritz-Carlton Reserve Residence
- The Ritz-Carlton Residences, Diriyah, Riyadh
- The Lucan, an Autograph Collection Residence, London
- The Ritz-Carlton Residences, Baku
- Marriott Residences Al Barsha South, Dubai
- W Residences Manchester
Asia Pacific excluding China (17 open, 11 in pipeline)
- The Ritz-Carlton Residences, Hanoi
- JW Marriott Residences Jeju
- Marriott Residences Grand Marina, Saigon
- JW Marriott Residences Grand Marina Saigon
- The Residences at The St. Regis Jakarta
- JW Marriott Residences Panglao Island
- The Residences at The Tokyo EDITION, Toranomon
- Marriott Residences Penang
- W Residences Singapore – Marina View
- The Residences at Arbora, a Luxury Collection Resort & Spa, Quangnam, Da Nang
United States and Canada (76 open, 35 in pipeline)
- The Ritz-Carlton Residences, The Woodlands
- The Ritz-Carlton Residences, Portland
- The Ritz-Carlton Residences, Boston South Station Tower
- The Ritz-Carlton Residences, Newport Beach
- The St. Regis Residences, Houston
- The St. Regis Residences, Boston
- EDITION Residences, Miami Edgewater
- The Residences at The EDITION Nashville
- The St. Regis Residences, Sunny Isles Beach
- The St. Regis Residences, Miami
- Hotel Bozeman, Autograph Collection Residences
- Renaissance Residences Honolulu
- The Ritz-Carlton Residences, Predator Ridge
Caribbean and Latin America (16 open, 35 in pipeline)
- The Ritz-Carlton Residences, Riviera Maya
- The Residences at The St. Regis Costa Mujeres Resort
- The Residences at The St. Regis Kanai Resort
- Nekajui, a Ritz-Carlton Reserve Residence
- Siari, a Ritz-Carlton Reserve Residence
- The Residences at The St. Regis Cap Cana Resort
- The Residences at The St. Regis Los Cabos Resort
- W Residences Sao Paulo
- El Mangroove Autograph Collection Residences
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of United States federal securities laws, including statements related to expected future project openings and portfolio growth; our development pipeline; future growth opportunities; demand trends and expectations; 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, 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 these statements, whether as a result of new information, future events, or otherwise.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,900 properties across more than 30 leading brands in 141 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. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Conclusion
Marriott International's continued growth in the branded residences segment, coupled with the launch of the ONVIA Owner recognition platform, highlights the company's dedication to providing unparalleled value to developers and exceptional experiences for residence owners. As Marriott expands its global footprint, it remains at the forefront of luxury living, setting new standards in the branded residential market.