by Lacey Pfalz
Last updated: 11:08 AM ET, Mon June 6, 2022
Marriott International is launching a new $50 million development program to address barriers that underrepresented groups typically face in owning and developing hotels in North America with its "Marriott's Bridging The Gap" program, announced at the 44th Annual NYU International Hospitality Investment Conference on June 6.
The program will offer financial incentives as well as a range of other benefits to qualified, historically underrepresented owners and franchisees. Over the next three years, development projects built or converted with the program are anticipated to reach $1 billion in total asset value.
"At the heart of what we do every day is welcome all," said Anthony Capuano, CEO, Marriott International. "Whether that's people who stay with us, work in our hotels, meet our supply needs or develop hotels that fly one of our brand flags - all are welcome. With the establishment of Marriott's Bridging The Gap, we are creating an on-ramp to help propel historically underrepresented groups in the journey to hotel ownership more frequently and more successfully. We are excited to launch Marriott's Bridging The Gap and to continue building a more diverse owner and franchisee community."
"As an investor in hotel projects and long-time advocate for creating more diversity, equity and inclusion within the hotel ownership community, I appreciated the advice Marriott sought from me and other industry experts in creating Marriott's Bridging The Gap, which I hope others will emulate," said Tracy Prigmore, Founder, She Has A Deal. "Providing access to capital is a big step in knocking down the highest barrier to entry underrepresented groups face when attempting to build or acquire a hotel."
The Bridging The Gap program is the latest of Marriott's efforts for diversity, equity and inclusion across the corporation. It's a founding sponsor of the National Association of Black Hotel Owners, Operators and Developers (NABHOOD), She Has a Deal (SHaD) and the Latino Hotel Association.
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