Marriott International Celebrates Outstanding Development Year With 6.8% Net Rooms Growth and Record Number of Gross Openings in 2024

Core Insights - Marriott International achieved record growth in 2024, with 123,000 gross room openings and a net rooms growth of 6.8%, ending the year with 3,766 properties and 577,265 rooms in the development pipeline [1][3][4] Development Highlights - The company signed over 1,200 deals in 2024, averaging more than 3 deals per day, representing nearly 162,000 rooms globally [4] - 34% of the room signings in 2024 were from conversion opportunities, showcasing strong momentum in this area [4] Luxury Segment Growth - Marriott's luxury portfolio now includes 658 hotels and resorts across 74 countries, with 61 new deals signed in 2024, resulting in 266 luxury properties in the pipeline [6] - Notable openings included W Prague and The St. Regis on the Bund, Shanghai, marking significant brand expansions [6] Affordable Midscale Segment Expansion - Marriott strengthened its presence in the affordable midscale segment, with City Express by Marriott planning expansions into multiple Latin American countries and a debut in the U.S. and Canada [7] - The brand currently has 153 open properties and 53 in the pipeline, while StudioRes celebrated its first groundbreaking [7] Branded Residential Portfolio Growth - Marriott's branded residences portfolio grew by over 50% since 2019, closing 2024 with 142 open locations and a pipeline of 138 [8] - The portfolio generated $2.1 billion in residential sales revenue for third-party developers in 2024, nearly double the previous year's total [8] Non-Traditional Hospitality Offerings - The company announced its entry into outdoor-focused lodging with the acquisition of Postcard Cabins and a long-term agreement with Trailborn [10][11] - This expansion aims to provide more choices in traditional and alternative accommodations for guests [11] Regional Growth Highlights - In the U.S. and Canada, Marriott's portfolio totaled over 1 million open rooms across 6,307 properties, with nearly 263,000 rooms in the pipeline [13] - The APEC region saw record signings of 109 deals, representing 21,439 rooms, with a 12% increase in the pipeline [14] - Greater China had 463 properties in the pipeline, with 161 deals signed in 2024, marking significant growth [15] - The CALA region closed the year with 183 properties in the pipeline, a 15% increase from the previous year [16] - EMEA region's pipeline grew to 596 properties, with 291 deals signed, representing a 10% increase [17]