Marriott, Concord, and Whitman Peterson break ground on first StudioRes in Fort Myers, Florida

Thursday, January 18, 2024

Today marked the groundbreaking ceremony for the inaugural StudioRes brand hotel by Marriott International, Inc. (NYSE: MAR), as Concord Hospitality initiated the construction of its first property in Fort Myers, Florida. The StudioRes brand, introduced in June 2023, represents Marriott’s new affordable midscale extended stay offering in the U.S. & Canada.

Projected to open in Spring 2025, the StudioRes property in Fort Myers is a collaborative effort between Concord Hospitality and its longtime partner Whitman Peterson. Concord envisions the development of approximately 50 StudioRes properties, spanning numerous submarkets in major U.S. cities, with additional projects expected to commence construction in the coming months.

Aligned with Marriott’s commitment to providing regionally relevant lodging options for diverse stay purposes, StudioRes aims to offer modern comfort at a reasonable price for guests seeking extended stay accommodations in the U.S. & Canada. With 124 rooms and 54,000 square feet, the StudioRes prototype is anticipated to be Marriott’s most cost-effective product to develop and build per key. Extended-stay guests will enjoy fully furnished studio rooms equipped with kitchens and queen beds, while public spaces will feature amenities like daily coffee service, a fitness center, laundry facilities, vending areas, communal tables, and covered patios.

Noah Silverman, Marriott International’s Global Development Officer for the U.S. & Canada, expressed, “The groundbreaking of the first StudioRes hotel is a significant milestone for Marriott International, as we continue to work toward our goal of expanding offerings to meet the needs of guests for every stay purpose.” Silverman praised the swift progress from the brand’s announcement in June to the groundbreaking in January, highlighting the enduring partnership with Concord Hospitality and Whitman Peterson in bringing the StudioRes vision to fruition.

The groundbreaking ceremony was attended by key figures, including Marriott International President & CEO Tony Capuano, Group President for the U.S. & Canada Liam Brown, Concord Hospitality Co-Founder and CEO & President Mark Laport, and Whitman Peterson Co-Founder and Partner Bob Whitman, along with Partner Paul Novak. This momentous occasion was celebrated as a significant step in the development of the StudioRes brand.

Mark Laport, CEO & President of Concord Hospitality, emphasized the enduring and successful partnership between Concord and Marriott, describing it as a collaboration rooted in trust, quality, and strategic growth. Laport highlighted Concord’s role as an active advisor in the development and design standards of Marriott’s current hotel prototypes. The groundbreaking of Marriott’s first StudioRes property further solidifies Concord Hospitality’s position as a top-choice developer and operator for hotels in North America, building on its nearly four-decade history of operating numerous Marriott properties recognized for outstanding service and hospitality excellence.

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