Marriott International (NYSE: MAR) today bolstered its international hotel development strategy in the Americas by signing an agreement with Pulso Hotelero of Mexico to develop 36 Fairfield Inns in Mexico, which will triple the company's lodging portfolio there. It represents Marriott's largest multi-unit development agreement ever.
(Photo: http://www.newscom.com/cgi-bin/prnh/20091209/NE23656 )
(Logo: http://www.newscom.com/cgi-bin/prnh/20090217/MARRIOTTINTLLOGO )
Fairfield Inn & Suites becomes Marriott's first brand in the moderately priced lodging segment -- and the eighth brand in Marriott's lodging portfolio -- to be developed outside the U.S. With the addition of these new Fairfield Inns, Marriott's global portfolio will range from luxury to moderate segments, including The Ritz-Carlton, JW Marriott Hotels & Resorts, Marriott Hotels & Resorts, Renaissance Hotels, Courtyard by Marriott, Residence Inn and Marriott Executive Apartments.
The transaction is another example of Marriott's commitment to global growth. Already, one-third of Marriott's pipeline of hotels under development is outside of the United States, as well as three-fourths of its full service hotels.
"Introducing the Fairfield Inn & Suites brand in Mexico enhances our focus on expanding into new markets by offering a wider range of development opportunities for hotel owners, as well as lodging options for our guests. This is a brand that represents the ultimate in value for the customer," said J.W. Marriott Jr., chairman and chief executive officer of Marriott International. "We are excited to sign this agreement with Pulso Hotelero, which also demonstrates our continued long-term commitment to Mexico as a travel destination."
Speaking at a ceremony held today at Marriott's global headquarters in Maryland, Mexican Ambassador Arturo Sarukhan said, "Marriott has had a strong presence in Mexico for many years, providing travelers in our country with top notch accommodations. This has proven to be a win-win partnership for Mexico and Marriott, and underscores Mexico's competitiveness and attractiveness as a tourism and investment destination, and we are delighted that Marriott is further increasing their presence in our nation."
The 36 Fairfield Inn properties will operate under long-term franchise agreements, and are scheduled to open over the next ten years. The first two properties to open in 2011 will be a 120-room hotel in Cabo San Lucas and a 139-room hotel in Guadalajara, which will be Marriott's first hotels in those locations. The addition of 36 Fairfield Inn hotels increases Marriott's development pipeline in Mexico five fold from seven to 43.
"We are thrilled to partner with Marriott to open 36 Fairfield Inn hotels throughout Mexico," said Salomon Kamkhaji, chief executive officer of Pulso Hotelero. "We are confident that this unique brand will be a success in the Mexican market."
Today, Marriott's presence in Mexico is represented by 17 hotels, spanning five lodging brands: The Ritz-Carlton, JW Marriott Hotels & Resorts, Marriott Hotels & Resorts, Courtyard by Marriott Hotels, and Fairfield Inn.
Note: Statements about the locations and number of new hotels to be opened and their anticipated completion and opening dates are "forward looking statements" within the meaning of federal securities laws, and are subject to a number of risks and uncertainties, including those described in Marriott International, Inc.'s filings with the U.S. Securities and Exchange Commission, which could cause the actual number of new hotels or their completion or opening dates to be different than expected.
Launched in 1987, Fairfield Inn & Suites has become a leader in the moderate tier category. With more than 625 properties throughout the United States, Canada and Mexico, guests can rely on Fairfield Inn & Suites to meet their lodging needs wherever their travels take them. Fairfield Inn & Suites participates in the company's award-winning Marriott Rewards® frequent guest program. Members earn their choice of points toward free vacations or frequent flyer mileage for dollars spent at nearly 3,000 Marriott hotels worldwide. For more information or reservations, call, call the Fairfield Inn & Suites toll-free number at 800-228-2800 or visit the web site at www.fairfieldinn.com.
Visit Marriott International, Inc. ( MAR) for company information.
Pulso Hotelero is a subsidiary company of Promotora y Desarrolladora Pulso Inmobiliario, a wholly-owned privately held, real estate development company based in Mexico City, Mexico, with over 16 multi-million dollar hospitality, residential, corporate and industrial real estate projects. Promotora y Desarrolladora Pulso Inmobiliario is focused on identifying the most attractive locations for its developments, overcoming investor expectations, maintaining fair prices and promptly delivering on pre-determined deadlines. It is poised to become real estate development leaders within the next 10 years, by inspiring confidence in the market as the premier developer to exceed investor and client expectations.
Visit www.pulsoinmobiliario.com for company information.
SOURCE Marriott International, Inc.