Marriott is on track to have 4,000 hotels in 90 countries across its 14-brand portfolio by 2014 at a cost of up to $2.8 billion.
With 115,000 hotel rooms in its development pipeline, it could open between 90,000 and 105,000 new rooms around the world in the next two years.
The company expects to have more than 100 hotels across nine brands in China by 2014.
Marriott could generate between $1.8 billion and $1.9 billion in worldwide fee revenue through to 2014, assuming compound revenue per available room (RevPAR) growth of 6% to 8%.
Speaking to investors in China, Marriott International president and chief executive Arne Sorenson, said: “China is a fitting place to present our tremendous global growth story and discuss our outstanding financial prospects.
“Even today, China is our second most important market after North America, representing roughly 5% of total fees. On average we expect to open a hotel a month in this country over the next three years.”
He added: “Beyond our major expansion here, China also represents extraordinary opportunities for the travel sector globally.
“The country is now the third-largest source market for international travel behind the US and Germany, with 70 million travellers annually, fueled by a dramatically growing middle class.
“Chinese arrivals in the US were one million in 2011 and are expected to grow to three million by 2016. We are working with our industry to smooth the visa process in the US and we look forward to welcoming more visitors from around the world,” said Sorenson.
Marriott plans to hire 30,000 staff in China by the end of 2015.
“We are excited about our future, here in China, elsewhere in Asia and around the world,” added Sorenson. “Our core values are led by putting people first.
“That, combined with a strong brand portfolio, hotels in outstanding locations, and operations and development closely aligned with local markets, will enable us to grow market share, enhance guest loyalty and drive long-term profitability for both our hotel owners and shareholders.”
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.