Marriott International Expands in China With Ritz-Carlton Deal

Core Insights - Marriott International, Inc. is expanding its luxury portfolio in China by partnering with Xiamen Green Development Investment Group to introduce The Ritz-Carlton brand to Xiamen Island, highlighting its commitment to high-demand destinations [4][12] - The Ritz-Carlton, Xiamen will be part of a mixed-use development featuring retail spaces and a 340-meter office tower, enhancing its appeal to both corporate and leisure guests [8] - Marriott's shares have increased by 15.5% over the past three months, outperforming the industry growth of 11.5%, driven by strong global travel demand and improved group bookings [9] Company Developments - The new Marriott Executive Apartments in Xiamen will offer 144 fully furnished units for long-term stays, with access to shared facilities and exclusive amenities [1] - The Ritz-Carlton, Xiamen will feature world-class amenities, including a grand ballroom, multiple meeting spaces, and fine dining options, aimed at enhancing guest experiences [15] Market Performance - The company has seen a year-over-year growth of 10% in group RevPAR during the third quarter, attributed to higher room nights and increased average daily rates [9] - Business transient demand has improved, and leisure transient RevPAR has continued to exceed pre-pandemic levels, indicating a robust recovery in the hospitality sector [9]