by Lacey Pfalz
Last updated: 10:35 AM ET, Mon January 22, 2024
Marriott International, Inc. saw a record year of global signings in 2023, with 52 percent more rooms signed from 2022 and a net room growth of 4.7 percent, signaling the pandemic’s trend of slow development is at its end.
The record numbers were shared at the Americas Lodging Investment Summit (ALIS). The corporation reported a record number of management and franchise agreements signed in 2023, representing 164,000 rooms.
Regionally, the United States and Canada saw 91,000 more rooms signed, 37,000 of which come from the new strategic licensing agreement with MGM Resorts International, which created the MGM Collection with Marriott Bonvoy, which includes seventeen of MGM Resorts, including the ones in Las Vegas. The collection will officially launch sometime in early 2024.
At the end of the year, Marriott’s global development pipeline totaled almost 3,400 hotels and around 573,000 rooms, an increase of over 15 percent from 2022. It welcomed over 400 properties with nearly 64,000 new rooms in 2023, and completed its acquisition of City Express, which added 150 hotels to its global portfolio.
Marriott signed a record 58 deals for luxury hotels and resorts in 2023, and its development pipeline is currently 245 hotels, with over 20 expected to open this year. The opening of The St. Regis Riyadh in December was also the 500th luxury hotel in Marriott's global portfolio.
Its affordable midscale segment included its acquisition of City Express, which increased Marriott’s offering in the Caribbean and Latin America region by 45 percent. Marriott also announced a new StudioRes brand, which just broke ground in Fort Myers, Florida and is expected to grow across the U.S. and Canada.
Twenty-five percent of the corporation’s room openings come from conversions. Last year, Marriott signed a record number of 184 conversions, which include MGM. It also expanded its all-inclusive resort offerings, with 49 open and in development properties across twelve destinations, with another six opening this year.
"Marriott remains focused on offering more best-in-class brands and experiences to meet the strong consumer demand for travel," said Marriott International President and CEO Anthony Capuano. "As we continue to expand our global brand portfolio, grow our Marriott Bonvoy loyalty platform, and provide innovative offerings to our owner and franchise community, we continue to meet the needs of guests across all stay purposes around the world. I am excited about our momentum as we strive to connect people through the power of travel."
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