Published on : Friday, March 24, 2017
MarriottThe renowned hotel chain Marriott International has announced on Tuesday that it would very soon accelerate its global growth strategy by adding 300,000 brand new rooms all across the world within the year 2019.
This declaration comes immediately after it had completed the acquisition of its rival Starwood Hotels.
The company has also mentioned that its series of new hotels would speed up from 5% annually over the last three years while it includes the Starwood brand to 6.5% over the following three years.
And, Marriott has also declared that the additional rooms be adding about $675 million in terms of annual fees. The openings amount to nearly one new hotel every 14 hours and it is a part of a plan to keep ahead with a projected 7% annual growth rate in international travel over the next 10 years.
The hotel brand has also forecast the earnings –per-share growth of $5.25 to $5.80 over the results of the year 2016.
Marriott said that it would have 8% market share on global hotels and this makes it the world’s largest hotel chain especially after the Starwood acquisition. The company went on to add that its loyalty programs would now have over 10 million members.