Marriott International Expands Branded Residences Portfolio in Europe, Middle East & Africa Region

Rhea-AI Summary

Marriott International announces significant expansion of its branded residences portfolio in the EMEA region, with 70 projects including 43 in pipeline and 27 open properties. The company has signed 26 agreements in the past two years, more than double the previous two-year period. Notable upcoming projects include The St. Regis Residences in Costa del Sol, Spain, and W Residences at Dubai Harbour. The portfolio spans 13 luxury and premium brands across EMEA, offering enhanced benefits through the ONVIA owner recognition platform. Key developments set to open by end of 2024 include Nujuma, The St. Regis Al Mouj Muscat Resort, and The Ritz-Carlton Residences in Baku.

Positive

• Strong portfolio expansion with 70 total projects (43 pipeline, 27 open)
• Significant growth with 26 new agreements in past two years
• High sales velocity demonstrated (W Residences Manchester - 98% sold in 6 months)
• Strong market demand (St. Regis Residences Dubai - 70% units sold in first hour)

Negative

• None.

Insights

Market Research Analyst

The expansion of Marriott's branded residences portfolio in EMEA represents a significant strategic move with tangible business implications. The 70 total projects (43 pipeline, 27 operating) and 26 new agreements in two years demonstrate robust market demand and execution capability. Key performance indicators like the 70% units sold in first hour at St. Regis Dubai and 98% units sold in six months at W Residences Manchester validate the strong market reception.

The diversification across luxury urban and resort locations, coupled with the ONVIA benefits program, strengthens Marriott's competitive position in the high-margin branded residence sector. This expansion provides multiple revenue streams through licensing fees, management contracts and brand premiums. The focus on luxury brands like St. Regis and Ritz-Carlton positions Marriott to capture high-net-worth buyers in premium markets.

Underscoring the company's global leadership in branded residences and luxury development, Marriott International announces a strong residential pipeline in the EMEA region.

ATHENS, Greece, Nov. 19, 2024 /PRNewswire/ -- Today at the Resort and Residential Forum, Marriott International (NASDAQ: MAR, "Marriott") announces its accelerated growth in its branded residential portfolio in the Europe, Middle East & Africa ("EMEA") region, with 70 projects in the portfolio, including 43 projects in its signed pipeline and 27 open properties.    

In the past two years, the global hospitality leader has signed 26 agreements to bring branded residences to iconic destinations in the region, more than double the amount from the preceding two years. With locations ranging from luxurious resort addresses, such as The St. Regis Residences, Casares – Costa del Sol, a highly anticipated project announced last month, to premier urban destinations like the W Residences at Dubai Harbour, there is something for every type of home buyer in the company's pipeline.

"As Marriott continues to meet the increasing global demand for branded residences and world-class luxury experiences, the EMEA region, home to some of the world's most coveted and iconic destinations, has been a key driver of our accelerated growth," said Dana Jacobsohn, Chief Development Officer, Global Mixed-Use Development. "Through providing extraordinary benefits for both developers and Residence Owners, we continue to strengthen our industry-leading position in the segment, and I couldn't be prouder of the work the company is doing to bring such extraordinary residential projects to life."

With 16 luxury and premium brand offerings, 13 of which have an open or signed residential property in the EMEA region, Marriott Branded Residences offer development licensees the opportunity to leverage strong brand recognition and lead generation platforms, which have the potential to result in higher sales velocity and increased sales value for developers. Along with the world-renowned service that guests expect from Marriott brands, Residence Owners also have the opportunity to receive enhanced benefits from the recently announced owner recognition platform, ONVIA, which provides exclusive offerings within the Marriott Bonvoy® portfolio.

"Marriott is proud to work with some of the industry's top developers across EMEA, who are an essential part of our company's continued success," said Jaidev Menezes, Regional Vice President, Mixed-Use Development, EMEA. "Through the combination of best-in-class developers, renowned design experts, iconic destinations, and people-first service, Marriott's industry-leading value proposition is well-positioned to continue bringing premier and luxury lifestyle offerings to Residence Owners."

From breathtaking Mediterranean Sea views to luxury urban residences, recent projects for which the company has signed agreements and/or launched include:

• Announced this fall, The St. Regis Residences, Casares, Costa del Sol, is a standalone residential property poised to redefine luxury living in Spain as Marriott's first branded residence in the country.
• The Ritz-Carlton Residences, Dubai, Creekside, which just began construction, will offer 200 residences across 7 seven buildings and 12 mansions, each featuring exclusive yacht berthing for residents.
• Highgate, in collaboration with Marriott, announced plans to rebrand several of its properties in the Algarve, Portugal to co-located hotel and residences expected to open in mid-2025: The Residences at The Westin Salgados Beach Resort, Algarve and Marriott Residences Salgados Resort, Algarve.
• The Ritz-Carlton Residences, Diriyah, which recently launched sales, feature designs inspired by the rich Najdi heritage, with exquisitely designed villas, apartments and duplexes that capture the essence of elegance and tradition. This launch follows the successful sell-out of the initial standalone 106 villas also located at The Ritz-Carlton Residences, Diriyah in the North District of the Kingdom, which sold out within a year of launch.
• The St. Regis Residences, Financial Center Road, Dubai, which sold 70% of its units in the first hour of sales launch, and the W Residences Manchester, whose developer recently announced that it sold 98% of units in under six months, both of which demonstrate the potential sales velocity that developers may experience when working with Marriott brands.

By the end of 2024, Marriott expects to celebrate the opening of highly anticipated projects across the region, including:  

• Nujuma, a Ritz-Carlton Reserve Residence, which marks the first Ritz-Carlton Reserve in the EMEA region, will offer Residence Owners a rare and immersive escape to discover Saudi Arabian culture and the untapped wonders of the Red Sea.
• Located in the heart of Al Mouj, one of Oman's most exclusive neighborhoods, The Residences at the St. Regis Al Mouj Muscat Resort offer an exquisite gateway to the captivating cultural wonders of Oman.
• As the first St. Regis Residences in Southeast Europe, The Residences at the St. Regis Belgrade will offer a bespoke residential experience with incredible views of the Belgrade skyline.
• The Ritz-Carlton Residences, Baku, with a design drawing inspiration from the diverse influences of the city's history, culture, language, and religion, will offer residents distinct service and luxury living in a vibrant district in Baku, Azerbaijan.

For more information on Marriott Branded Residences, visit https://marriottresidences.com/.

Note of 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; expected benefits for developers and Residence Owners; potential sales velocity and sales value for developers; 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.

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 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 X and Instagram.

 

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SOURCE Marriott International, Inc.

FAQ

How many branded residence projects does Marriott (MAR) have in EMEA region?

Marriott International has 70 projects in the EMEA region, consisting of 43 projects in the signed pipeline and 27 open properties.

How many new agreements has Marriott (MAR) signed for branded residences in EMEA in the past two years?

Marriott has signed 26 new agreements in the past two years, more than double the amount from the preceding two years.

What is Marriott's (MAR) first branded residence project in Spain?

The St. Regis Residences, Casares, Costa del Sol is Marriott's first branded residence in Spain.

Which Marriott (MAR) branded residences are scheduled to open by end of 2024?

By end of 2024, Marriott plans to open Nujuma (a Ritz-Carlton Reserve Residence), The Residences at the St. Regis Al Mouj Muscat Resort, The Residences at the St. Regis Belgrade, and The Ritz-Carlton Residences, Baku.