Marriott to Triple Mexican Interests
JULY 18, 2008. Marriott has signed four agreements that will nearly triple its lodging presence in Mexico over the next five years. The agreements involve plans to add 29 branded Marriott hotels in Mexico, create an estimated 3,000 new jobs and represent a total investment of more than US$1 billion.
Currently, Marriott's portfolio in Mexico consists of 16 hotels and resorts including the JW Marriott, Marriott, Courtyard, Residence Inn and Fairfield Inn brands.
The four new deals include:
o A multi-unit development agreement with Caribe Hospitality that will result in 20 upper-moderately-priced Courtyard.
o A management agreement with Grupo Questro for the upscale 250-room Puerto Penasco Marriott Resort on Mexico's Pacific coast.
o A management agreement with Desarrollos Turisticos Paso Victoria S.A. for the luxurious 450-room JW Marriott Milla de Oro Resort & Spa and the upscale 150-room Renaissance Milla de Oro Resort. o A development agreement with Grupo Diestra for at least five and up to 10 franchised hotels over the next five years under the full-service, upscale Marriott brand.
Ed Fuller, president & managing director of international lodging for Marriott International, said, "As a destination, Mexico accounts for almost 16% of tourism activity in the Americas, second only to the United States. Mexico also is the primary destination for foreign tourists within Latin America and today ranks eighth for international tourist arrivals worldwide. We are thrilled to be part of these visionary plans that will help Mexico achieve its goal of becoming the fifth most visited destination in the world."
Marriott has been operating in Mexico for nearly 20 years. "We have watched Mexican tourism evolve into the vibrant, appealing product it is today and are delighted to see Mexico's growing middle class spurring national tourism as well. In fact, the domestic Mexican market accounts for nearly 40% of all our guests at our hotels within Mexico," Mr Fuller added.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
