In 2023, Marriott International, Inc. (Nasdaq: MAR) experienced notable growth in the Asia Pacific region, excluding China. The company successfully inked more than 80 deals, contributing approximately 18,000 rooms to its regional pipeline. This surge in hotel and residence signings and openings was particularly prominent in key travel markets like Japan, India, and Vietnam. By the close of 2023, Marriott had expanded its portfolio in the Asia Pacific by adding over 60 properties, bringing the total count of operating hotels and residences in the region to surpass 560. This marked a remarkable net room growth of over 10% compared to the previous year. Additionally, the company concluded more than 80 deals across 13 markets.
Focusing on strategic offerings to owners, franchisees, and guests, Marriott adapted to the evolving travel landscape and recovering tourism industry. As of the end of 2023, the Asia Pacific development pipeline boasted over 320 hotels, featuring more than 69,000 rooms. This reflects Marriott’s dedication to providing diverse experiences to meet the changing preferences of travelers.
Luxury played a pivotal role in Marriott’s growth, with 25% of the global luxury room pipeline represented in the APEC region. In 2023, 15% of the signed deals in APEC were in the luxury segment. Noteworthy openings included The Ritz-Carlton, Melbourne, marking Marriott’s 1,000th hotel in the Asia Pacific. The debut of JW Marriott Goa in Goa marked the company’s 150th hotel in South Asia, and The Singapore Edition became the first edition in Southeast Asia.
Rajeev Menon, President of Marriott International, APEC, emphasized the commitment to meeting the demands of modern travelers with a diverse portfolio of brands and a strategic presence in new destinations.
Marriott Bonvoy, the company’s travel program, contributed to the increased interest in the regional portfolio. In APEC, the Marriott Bonvoy membership base grew by 50% since 2019. The growth is attributed to the unique experiences the program offers, including exclusive access to events such as the Australian Open and Formula 1. Marriott Bonvoy continues to reshape the regional travel landscape through strategic partnerships with Singapore Airlines, Rakuten, and co-branded credit cards in Japan, Korea, and India. Marriott’s dedication to delivering exceptional experiences, coupled with the strength of Marriott Bonvoy, establishes the company as a leader in shaping the future of travel and hospitality across the APEC region.
