Marriott International is reportedly intensifying its focus on India, currently its fourth-largest market, with plans to open 12 new hotels this year.
The US-based hospitality giant has recently inaugurated its 150th establishment in Katra, Jammu and Kashmir.
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It is on track to reach a portfolio of 250 properties by 2025, including those under development and in the pipeline, reported Moneycontrol.
Marriott International South Asia area vice-president Ranju Alex said: “We are opening 12 hotels in India this year, and, more or less, this will be the number of hotel openings in the coming years. We had a record signing in 2023 and Q1 2024.”
The company’s revenue per available room (RevPAR), a key performance metric, surged by over 30% in the 2022-2023 period, with a growth of 12%-13% projected for the first quarter of 2024.
Marriott currently has 83 new hotels in the pipeline that are set to add around 12,300 rooms, set to open over the next three to four years.
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By GlobalDataThis would increase the hospitality giant’s current Indian inventory of over 28,000 rooms across 17 brands to more than 40,000 rooms, reported The Times of India.
Alex was quoted by Moneycontrol as saying: “India is the fourth-largest market, preceded by the US, China and Canada for Marriott. There is a huge focus on India.
“After Covid, India was the one market which bounced back the fastest and strongest among all peers in Asia-Pacific. The domestic travellers fuelled the demand, instead of waiting for foreign tourists. Strong domestic demand helps to have better control on business.”
The strategy involves penetrating tier II and III cities, as well as monitoring urban areas with rising investment activity such as Gujarat.
Despite high land and construction costs dampening investment enthusiasm in metropolitan regions, Mumbai remains a key focus for Marriott.
The company is eyeing opportunities in Navi Mumbai, buoyed by the prospects of the upcoming airport.
Additionally, Marriott is witnessing a surge in enrolments for its Bonvoy loyalty programme, with Bonvoy members currently constituting 70% of its total membership base, a figure anticipated to climb to 75% within the year.
