Marriott International closed 2024 with record-breaking expansion, adding 123,000 new rooms globally and achieving net room growth of 6.8%. The company’s development pipeline reached 577,000 rooms by the end of the year, reinforcing its position as one of the hospitality giants.
Marriott signed more than 1,200 deals in 2024, averaging over three deals per day, totaling nearly 162,000 rooms worldwide. Conversion opportunities accounted for 34% of these signings, reflecting a strong demand for Marriott’s brand portfolio.
“2024 was a year of incredible growth for Marriott, as we celebrated regional milestones, segment entries, brand expansions, market debuts and more,” said Anthony Capuano, president and CEO of Marriott International. “As we maintain our focus on the company’s purpose of connecting people through the power of travel, I couldn’t be more excited about the work our global teams are doing to drive growth and innovation, create best-in-class experiences for our guests and deliver strong results for our owners and franchisees.”
Expanding Luxury Offerings
Marriott’s luxury portfolio, now comprising 658 properties across 74 countries, added a record number of 61 new hotel and resort deals and ending the year with 266 properties in the pipeline.
Notable openings included W Prague, the reimagined W Hollywood and W Union Square in the U.S., The St. Regis on the Bund in Shanghai and Koenigshof, a Luxury Collection Hotel in Munich. EDITION forayed into Saudi Arabia with the opening of The Jeddah EDITION.
The Ritz-Carlton Yacht Collection also expanded with the launch of its second superyacht, Ilma, and plans for a third vessel, Luminara, in 2025.
Midscale Segment
Marriott’s midscale expansion gained traction in 2024. City Express by Marriott announced plans to enter Nicaragua, Bolivia, Argentina and Peru, with further expansion into Brazil. In the U.S. and Canada, the brand’s conversion-friendly model is expected to strengthen Marriott’s presence in the transient midscale market. The brand currently has 153 open properties (totaling 17,777 rooms), with 53 in the pipeline (5,673 rooms).
Extended-stay brand StudioRes celebrated its first groundbreaking in January 2024 and closed the year with 35 properties (totaling 4,037 rooms) in its pipeline. The brand is expected to open its inaugural hotel in 2025.
Four Points Flex by Sheraton, the conversion-friendly brand, expanded across Europe, the Middle East and Asia and closed 2024 with 28 open properties (5,037 rooms) and 33 in the pipeline (4,003 rooms).
Branded Residences
As one of the world’s largest branded residential operator, Marriott is entering its 25th year in the segment and has grown this portfolio by more than 50% since year-end 2019. Marriott closed 2024 with 142 open residential locations and 138 more in development under 16 brands. In 2024, the Marriott Branded Residences portfolio generated $2.1 billion in residential sales revenue for third-party developers, nearly double the previous year’s total.
Highlights include Westin Residences Gurugram (slated to be India’s largest branded residences and Marriott’s first branded standalone residences in the country), The Ritz-Carlton Residences in Boston and Almare, a Luxury Collection Residence in Isla Mujeres.
Diversification
Marriott continued diversifying its offerings in 2024. In December, the company expanded its outdoor-focused offerings with the acquisition of the Postcard Cabins brand (formerly known as Getaway Outposts) and partnered with Trailborn.
Marriott also inked a long-term licensing deal with Sonder Holdings in August, adding over 9,000 apartment-style rooms to its open portfolio and 1,700 rooms to its development pipeline.
Global Growth Highlights
Marriott ended 2024 with more than 9,300 properties across 144 countries. Key regional developments included:
U.S. & Canada: In its largest region, Marriott’s portfolio stood at more than 1 million open rooms across 6,307 properties and around 263,000 rooms (representing 2,161 properties) in the pipeline. The company also signed a record 608 rooms in the region.
Asia Pacific: Marriott signed a record 109 deals representing 21,439 rooms (19% of which are luxury projects), growing the company’s pipeline in the region to 363 properties and 77,532 rooms, a 12% jump from the previous year.
Greater China: Marriott’s portfolio grew to 463 properties, representing 104,539 rooms in the pipeline. Through the year, Marriott signed a record 161 deals totaling roughly 31,000 rooms.
Caribbean & Latin America: Marriott closed the year with 183 properties representing 27,817 rooms in the pipeline (a 15% increase from the previous year) with a record 67 deal signings in 2024.
Europe, Middle East & Africa: Marriott grew its pipeline to 596 properties representing 104,731 rooms (up by 10% from the previous year), following a record-breaking number of annual signings in the region of 291 deals representing over 34,000 rooms.
