Marriott International (MAR) reports developments across a global lodging portfolio that spans luxury, premium, select, midscale, extended stay and all-inclusive brands. The company franchises, operates and licenses hotel, residential, timeshare, yacht, outdoor and other lodging products, and supports its brands through the Marriott Bonvoy travel platform.
Recurring news includes earnings releases, dividend actions, hotel openings, brand conversions, management agreements, regional development activity and executive appearances at lodging and leisure industry events. Updates also cover brand-specific expansion such as W Hotels and St. Regis, as well as growth across markets including the Caribbean, Latin America, Italy and Hawai'i.
Marriott International (NASDAQ: MAR) and Rakuten Group (JASDAQ: 4755) announced a strategic partnership aimed at enhancing travel experiences for Japanese customers. This collaboration will merge Rakuten's digital expertise with Marriott Bonvoy's global reach, offering seamless travel benefits to Rakuten members. The initiative enables easy enrollment in Marriott Bonvoy and access to various exclusive experiences. Set to launch in late-November 2021, this alliance targets Japan's growing digital economy and aims to capture a larger share of the domestic travel market.
Marriott International announces the opening of W Nashville in the Gulch neighborhood, a luxury hotel with 286 rooms and 60 suites, designed to reflect local culture. The 14-story structure features distinct architectural elements, including six street-level entrances, 26,000 square feet of outdoor space, and a large rooftop bar. The hotel offers unique amenities, including a Welcome Den for guests, and is designed with input from local artisans. It aims to create a vibrant social scene, blending the hotel experience with Nashville's local culture.
Marriott International (NASDAQ: MAR) has announced a cash tender offer to purchase up to $1 billion of its outstanding notes, including the 5.750% Series EE Notes, 3.750% Series P Notes, and 3.750% Series V Notes, all due in 2025. The Early Tender Time is set for September 21, 2021, with the Early Settlement Date expected to occur on September 23, 2021. Due to the high demand, only Series EE Notes will be accepted on a prorated basis. The offer will expire on October 5, 2021.
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Marriott International, Inc. (NASDAQ: MAR) has increased the maximum principal amount of its cash tender offer for certain notes from $800 million to $1 billion as of September 22, 2021. The company intends to purchase validly tendered Series EE Notes on a prorated basis due to the overwhelming response, with approximately 89.4% expected to be accepted. The Offer is set to expire at 11:59 p.m. on October 5, 2021, with early settlement anticipated on September 23, 2021.
Marriott International has announced an agreement with Progetto Majestic S.r.l. to open the first W Hotel in Tuscany, called W Florence, set to welcome guests in 2023. The hotel will boast 120 guest rooms, including 20 suites, and is strategically located near Florence's renowned art and dining. The project, which revitalizes a historical building, is part of Marriott's expansion of its luxury portfolio in Italy, aligning with the growing demand for the W brand.
Marriott International (NASDAQ: MAR) announces that Leeny Oberg, CFO, will speak at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on September 14, 2021, at approximately 11:45 a.m. ET. The event will be webcast live and accessible via the Marriott investor website. The webcast will remain available until October 14, 2021. With a portfolio of around 7,800 properties across 138 countries, Marriott continues to be a leader in the hospitality industry.
On September 8, 2021, Marriott International (NASDAQ: MAR) announced a cash offer to purchase up to $800 million in aggregate principal amount of its notes as part of a strategic debt management effort. The company expects to issue new notes to finance this offer. Acceptance of the notes will be prioritized by various levels, and holders must submit their notes by the Early Tender Time set for September 21, 2021. This move aims to extend the maturity profile of Marriott's debt portfolio, enhancing financial flexibility.
Tony Capuano, CEO of Marriott International (NASDAQ: MAR), will present at the 2021 Bank of America Securities Gaming and Lodging Conference on September 9, at 9:00 a.m. Eastern Time. The event will be webcast live, allowing investors and interested parties to tune in. Access the webcast via Marriott's investor relations page, and it will remain available until October 9, 2021. Marriott International operates approximately 7,800 properties under 30 brands across 138 countries, providing a comprehensive travel program through Marriott Bonvoy.
The Ritz-Carlton Orlando, Grande Lakes has partnered with Corsa HQ to offer luxury car rentals, enhancing its guest experience. Available vehicles include brands like Rolls-Royce and Lamborghini, with rental prices ranging from $395 to $1,195. Guests receive gift cards worth $50 or $100 based on their rental choice. This partnership follows a $30 million renovation of the hotel, which includes upgraded guest rooms and new amenities. Corsa HQ promises a seamless rental experience with professional detailing and concierge service, available for diverse occasions.