by Donald Wood
Last updated: 9:00 PM ET, Wed October 7, 2015
PHOTO: AC by Marriott Barra da Tijuca in Rio de Janeiro, Brazil. (Courtesy of Marriott International)
Officials from Marriott International announced Tuesday that the company would be expanding its hotel portfolio in the Caribbean and Latin America by 75 percent between 2015 and 2018.
Marriott president Tim Sheldon stated that the company already has 93 hotels open and another 60 more under development in the Caribbean and Latin America, including 11 new hotels across six cities in Brazil.
The company announced that it will invest 100 million into the Brazilian market with the long-term goal of selling the properties to local owners while still maintaining management agreements.
Marriott has opened eight hotels in the Caribbean and Latin America this year already, and it plans to complete nine more by the start of 2016. Some of the locations include the Marriott Port-Au-Prince in Haiti, Renaissance Jaragua Santo Domingo hotel in the Dominican Republic, Courtyard by Marriott Santiago in Chile, Fairfield Inn Queretaro in Mexico and more.
The company will also be opening its 100th hotel in the Caribbean and Latin America in November, called the JW Marriott Puerto Los Cabos in Mexico.
Sheldon released a statement about the company's focus on expanding into the Caribbean, Latin America and beyond:
"Brazil's economy, while it confronts structural and policy challenges, is still in the top 8 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 travelers - providing them both value and options."
"In 2015 our company's theme in the region has been 'crossing new borders' as we open hotels in exiting developing markets like Haiti and Guyana. The large middle class throughout the region is eager to travel to new places and do business on the road. This, when combined with the strong performance and preference of our brands in the gateway markets, provides tremendous opportunity for Marriott's world class brands and service."
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