Marriott International is set to open 11 new hotels in Brazil, marking a 75% increase in the groups Caribbean and Latin American distribution between 2015 and 2018.
The company is planning to invest approximately $100m to launch four of its modern essential brands in Brazil. The brands include Courtyard, Residence Inn, Fairfield Inn, and AC.
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Marriott International Caribbean and Latin America operations president Tim Sheldon said: "Brazil’s economy, while it confronts structural and policy challenges, is still in the top eight largest economies in the world and has excellent long term prospects.
"The lack of reliable domestic hotel product and services represents a large opportunity for our moderate-tier brands, which we have adapted to the tastes of the Brazilian travellers – providing them both value and options."
Currently, seven of these eleven planned hotels are already under construction, the company stated.
Including these properties, Marriott has 93 hotels open today and more than 60 hotels under development in the Caribbean and Latin America.
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By GlobalDataMarriott Caribbean and Latin America chief development officer Laurent de Kousemaeker said: "The northern part of our region is enjoying strong performance while the southern is faced with an economic slowdown, caused largely by the downfall of commodity prices and consequent devaluation.
"Notwithstanding, there remains a strong opportunity for quality brand experiences in the sector, and savvy investors with a long-term perspective are taking advantage of the reduced price of assets, land and construction to acquire, develop and brand hotels."
The company has already opened eight hotels in the region, while another nine are scheduled to be opened by this year end.
Recently, Marriott opened Marriott Executive Apartments in Addis Ababa, Ethiopia, marking the brand’s first property in Africa.
Opened in collaboration with Sunshine Business, Marriott Executive Apartments Addis Ababa features 108 fully serviced apartments.
Image: Marriott is planning to invest around $100m to launch four of its modern essential brands in Brazil. Photo: courtesy of Marriott International.
