Marriott International, Inc. (NASDAQ: MAR) today announced it has signed contracts with hotel developers to open two all-inclusive, oceanfront resorts in the Caribbean ā an 800-room Marriott Hotel in Jamaica and a 283-room Autograph Collection on CuraƧao.
The 800-room Marriott Hotel Al Amaterra is planned on a beachfront site within the Amaterra Resort, a mixed-use development along the North coast of Trelawney, Jamaica. The site features about three miles of pristine beachfront. The hotelās owner/developer, Amaterra Group, expects to commence construction in early 2020.
āThe signings for these two incredible, all-inclusive resorts in Jamaica and Curacao underscore the tremendous momentum for our all-inclusive platform, which leverages Marriott Internationalās iconic brands, leading business support systems and Marriott Bonvoy travel program,ā said Laurent de Kousemaeker, Chief Development Officer, Marriott International Caribbean and Latin America.
āThe Amaterra Group is excited to sign the first Marriott Hotels-branded all-inclusive resort and work with Marriott International to manage the property,ā said Amaterra Group Chairman Keith Russell. āThis is a great step not only for Amaterra but also the Jamaican tourism industry.ā
In CuraƧao, Marriott International signed an agreement to open a 283-room, all-inclusive Autograph Collection resort on an oceanfront site, marking its first contract for a franchised all-inclusive resort. To rise in the historical Pietermaai district of Willemstad, the capital of CuraƧao, construction is expected to begin in June 2020, with completion by 2024.
The signings of the Marriott Hotel Al Amaterra and the Autograph Collection in CuraƧao are the latest deals that Marriott International has signed since launching in August an all-inclusive platform with the goal of growing a global portfolio of resorts in popular vacation destinations by leveraging the companyās operational and development expertise, its Marriott Bonvoy travel program with roughly 137 million members and seven of its iconic hotel brands.
Since launching its all-inclusive platform to hotel developers, owners and franchisees worldwide, the company has contracts for seven all-inclusive resorts representing nearly 3,200 rooms across four countries. Marriott Internationalās other all-inclusive projects in the works:
- Mexico ā Four newly build all-inclusive resorts comprised of about 2,000 rooms under four brands, planned for Riviera Nayarit near Cancun. The resorts, expected to open between 2022 and 2025, are poised to fly The Ritz-Carlton, Autograph Collection, Westin Hotels and Marriott Hotels brands.
- Dominican Republic ā A 650-room Autograph Collection is expected to open in 2022.
Earlier this month, the company announced it had made an offer to acquire Elegant Hotels, which owns and operates seven hotels in Barbados with 588 rooms and a beachfront restaurant; the majority of the properties are operated as all-inclusive resorts. Completion of the transaction is subject to satisfaction or waiver of the offer conditions set out in the offer announcement, including approval by Elegant shareholders.
Note on Forward-Looking Statements:
This news release contains āforward-looking statementsā within the meaning of federal securities laws, including with respect to the companyās plans for renovating and repositioning certain lodging properties, the number of lodging properties the company may add in the future, the potential for growth and success of certain brands, amounts expected to be invested by hotel owners, and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including changes in market conditions; changes in global and regional economies; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance property growth and refurbishment; and other risk factors that the company identifies in its most recent annual report on Form 10-K or quarterly report on Form 10-Q; any of which could cause actual results to differ materially from the expectations we express or imply here. We make these statements as of the date of this press release, and we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
