THE PULSE: Marriott adds Atlantis Paradise Island to its Autograph Collection.
WHY IT RATES: This is simply a move to help the ever-popular resort stay relevant as it preps to face its first true level-playing-ground competition on Nassau. The $3.6 billion Baha Mar resort is scheduled to open in December and has been grabbing all the headlines as of late. There's some logistics that are important here, as the resort's owners, Brookfield Asset Management, reorganized the company's debt and management.
Brookfield will have its own management company run the resort starting in September, completing the phase-out of former owner and founder Sol Kerzner's involvement at Atlantis. Being part of Marriott gives the independent resort some booking power and newfound exposure, and ultimately, could lead to better pricing for middle-class travelers looking to get into the swanky island playground. - Tim Wood, TravelPulse editor-in-chief
Marriott International, Inc. announced today that the iconic Atlantis, Paradise Island resort will become part of its Autograph Collection, a rapidly growing exclusive portfolio of over 60 independent hotels in key locations across the globe. Regarded as the premier destination resort in The Bahamas and Caribbean, the 3,400 room Atlantis, Paradise Island will operate under a franchise agreement with Marriott and benefit from the company's global sales and reservations organization, 45-million member Marriott Rewards loyalty program and Marriott.com which generates more than $9.6 billion in gross room bookings annually.
Atlantis marks the collection's first member resort in The Bahamas and will be the largest hotel in the portfolio. The property, owned by Brookfield Asset Management and independently managed, is expected to officially join the Autograph Collection in the fall.
"Having Atlantis, Paradise Island join our Autograph Collection is a milestone achievement for the brand and the company," said Arne Sorenson, president and CEO of Marriott International, Inc. "We are excited to partner with Brookfield and put the full power of Marriott behind one of the world's most spectacular and popular resorts, while adding to our global resort portfolio in a key destination where we know our guests want to travel."
"This is a significant milestone for us today as Marriott International not only marks its entry into the Bahamas, but also celebrates our 80th hotel in the Caribbean and Latin America's rapidly growing portfolio," said Craig Smith, president of the Caribbean and Latin America region for Marriott International. "This is an exciting time for hotel development in the region, where we have over 50 hotels under development and expect to offer more than 150 hotels by 2017 across ten lodging brands in 27 countries and territories".
"This agreement to partner with the Autograph Collection could arguably be the single most significant tourism stimulus for The Bahamas in this decade. This strategic and beneficial partnership will help grow visitation of Marriott International loyalists to the country and open a broader channel for guests to visit Atlantis from around the world," said George Markantonis, president and managing director of Brookfield Hospitality and Atlantis, Paradise Island.
Atlantis is a unique, ocean-themed destination offering a variety of guest accommodations; 40 restaurants, bars and lounges to satisfy any palate; the largest and most exciting casino in The Bahamas; extensive meeting facilities; and a marina capable of handling yachts of any size, all built around a 141-acre waterscape comprised of fresh and saltwater lagoons, pools and habitats. Atlantis rises magically from the turquoise lagoons and blue Atlantic of The Bahamas, and is known worldwide as a resort destination that has truly redefined entertainment and gaming in the tropics.
The addition of Atlantis, Paradise Island is the latest example of Marriott's aggressive strategy to grow its lifestyle portfolio and inspire many of the world's premier properties to partner with Autograph Collection. Across all its brands in 2013, Marriott International opened nearly 26,000 new rooms, signed a record 387 projects with 67,000 rooms, and at year end had more than 195,000 rooms under development across five continents. Fueling this success is Marriott's extensive portfolio of 18 brands, the broadest in the lodging industry. Nearly 25 percent of the company's overall development pipeline is in the luxury and lifestyle category, with plans to add more than 200 hotels over the next several years reflecting more than $15 billion of investment by owners and franchisees.
Atlantis will operate under a long term franchise agreement and Marriott will provide a $100 million mezzanine loan to the project.
The vision behind the Autograph Collection is to offer an evolving group of passionately independent hotel experiences ranging from a 15-room boutique hunting lodge in the mountains of Colorado to a 19th-century neoclassical palace in the majestic city of Prague. Exactly like nothing else, each hotel is thoughtfully chosen for its quality, originality, bold character and capacity to offer today's modern traveler a range of unique experiences suited to their individual sense of style and adventure. While still relatively new, the distinct portfolio has proven to be a highly successful venture due to its discerning selection process and unique ability to create memories through enriching travel experiences.
SOURCE: Marriott press release
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