Tim Sheldon, president of Caribbean and Latin America operations at Marriott International, has announced an expected 75 percent increase in Marriott’s Caribbean and Latin American distribution between 2015 and 2018 including a tripling of the company’s presence in Brazil with the addition of 11 new hotels in that market.
“The northern part of our region is enjoying strong performance while the southern is faced with an economic slowdown, caused largely by the downfall of commodity prices and consequent devaluation,” Laurent de Kousemaeker, CDO of the Caribbean and Latin America for Marriott, added in a statement. “Notwithstanding, there remains a strong opportunity for quality brand experiences in the sector.”
Marriott has 93 hotels open today and more than 60 hotels under development in the Caribbean and Latin America, including 11 new hotels across 6 cities in Brazil. Marriott has plans to invest approximately $400 million Brazilian Reais (U.S. $100 million) in Brazil to launch 4 of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott and AC by Marriott. Seven of these eleven planned hotels are already under construction, which will be owned by Marriott or Brazilian partners. Over time, Marriott expects to sell its owned hotel assets, retaining long term management agreements.
“Brazil’s economy, while it confronts structural and policy challenges, is still in the top right largest economies in the world and has excellent long term prospects,” said Sheldon, who was named president of Marriott’s Caribbean and Latin American region in May. “The lack of reliable domestic hotel product and services represents a large opportunity for our moderate-tier brands.”
Year to date, the Company has opened eight hotels in the Caribbean and Latin America, with another nine expected by year end, showcasing the company's broad portfolio of world renowned brands, including hotels like the Marriott Port-Au-Prince (Haiti), the Guyana Marriott Hotel, the re-launch of the iconic Renaissance Jaragua Santo Domingo hotel (Dominican Republic), the Sortis Hotel, Spa & Casino Autograph Collection hotel (Panama), the Courtyard by Marriott Santiago (Chile), the Courtyard by Marriott Lima Miraflores (Peru), the Courtyard by Marriott Bogota Airport (Colombia), the AC by Marriott Guadalajara (Mexico), the Fairfield Inn Queretaro (Mexico). The company is also scheduled to open its 100th hotel in the Caribbean and Latin America in November of this year, the JW Marriott Puerto Los Cabos in Mexico.