Marriott International Expands Branded Residences Portfolio in the Middle East & Africa Region
Marriott International (Marriott website) (Nasdaq: MAR, “Marriott”) announced accelerated growth in its branded residential portfolio in the Middle East and Africa (MEA) region, with a total of 41 projects, including 29 contracted projects and 12 Open property.
The global hospitality leader has signed 19 deals in the Middle East and Africa over the past two years to bring branded residences to iconic destinations in the region, more than double the number in the previous two years. Locations range from luxury addresses to highly anticipated projects, Nujuma, The Ritz-Carlton Residences, Travel to major city destinations such as W Residence Hotel Dubai Harbor, The company’s product line has products for every type of home buyer.
Dana Jacobsohn said: “As Marriott continues to meet the growing global demand for branded residences and world-class luxury experiences, the Middle East and Africa region is home to some of the world’s most coveted and iconic destinations , has been a key driver of our accelerated growth”, Chief Development Officer, Global Mixed Use Development. “We continue to strengthen our industry-leading position in this area by delivering extraordinary benefits to developers and residential owners, and I am incredibly proud of the work the company has done to realize such an extraordinary residential project.”
Marriott Branded Residences has 16 luxury and high-end branded products, 11 of which have residential properties open or under contract in EMEA, providing development licensees with the opportunity to leverage strong brand recognition and lead generation platform, which has Potentially leading to higher sales velocity and increased sales value for developers. In addition to the world-renowned service guests have come to expect from the Marriott brand, residence owners have the opportunity to receive additional benefits from the recently launched owner recognition platform ONVIA, which offers exclusive products within the Marriott Bonvoy® portfolio.
“Marriott is proud to partner with some of the industry’s top developers in the Middle East and Africa region, who are an important part of our company’s continued success,” said Jaidev Menezes, regional vice president of mixed-use development in Europe, the Middle East and Africa. “Through a combination of best-in-class developers, renowned design experts, iconic destinations and people-centric service, Marriott’s industry-leading value proposition is well-positioned to continue delivering a best-in-class luxury lifestyle to its owners.”
From stunning landscapes to luxury urban residences, recent projects signed and/or launched by the company include:
- this Al Jazi First JW Marriott Apartments, New Cairo This is JW Marriott Hotel Group’s first branded residence in Africa. The project has 277 residences and is part of the Al Jazi Egypt destination located in the heart of New Cairo
- The Ritz-Carlton, Palm Hill, Cairo There will be 150 unique residences, each carefully designed to provide an exceptional living experience amidst lush greenery, harmoniously blending nature with urban living. Residents will enjoy stunning views of the Great Pyramids of Giza and Palm Hills Golf Course.
- W Residence Cairo This is the first W Hotels branded hotel in Africa and will be located at One Ninety, which will become Cairo’s premier lifestyle destination.
- The Ritz-Carlton Residences, Dubai, Creekside, The project, which has just begun construction, will provide 200 residences in seven towers and 12 luxury homes, each with exclusive yacht berths for residents.
- The Ritz-Carlton Residence Diriyah Recently launched for sale, the project is inspired by the rich Najdi heritage and features beautifully designed villas, apartments and duplexes that capture the essence of elegance and tradition. Prior to this launch, the first batch of 106 independent villas at the Ritz-Carlton Diriyah, also in the Kingdom’s northern district, was successfully sold out within a year of its launch.
- St. Regis Residences, Financial Center Road, Dubai, The company sold 70% of its units in the first hour of sales, indicating the potential sales velocity developers may experience when partnering with the Marriott brand.
- Other products launched in the UAE include Dubai Marriott Residences at Jumeirah Lakes Towers; W Residences Abu Dhabi – Al Maria Island; W Residences Dubai – Jumeirah Lakes Towers; JW Marriott Residences Al Mariya Island and The Ritz-Carlton Residences, Ras Al Khaimah, Al Wadi Desert.
By the end of 2024, Marriott expects to celebrate the opening of highly anticipated projects in the region, including:
- Nujuma, The Ritz-Carlton Residences, The first Ritz-Carlton boutique hotel in Europe, the Middle East and Africa, it will provide owners with a rare immersive vacation experience to explore the culture of Saudi Arabia and the unexplored wonders of the Red Sea.
- Located in the heart of Al Mouj, one of the most exclusive neighborhoods in Oman, The St. Regis Al Mujji Resort Apartments Muscat Offering an exquisite gateway to Oman’s fascinating cultural wonders.
- Dubai Marriott Apartments Al Barsha South Quality living with contemporary design and service embodying the Marriott brand. Spread across three towers, each residence offers exquisite spaces and stunning views of iconic landmarks, including the Burj Khalifa and Burj Al Arab.
For more information about Marriott branded residences, please visit https://MarriottResidences.com/.
Distributed by APO Group on behalf of Marriott International.
Cautionary Note on Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements related to anticipated future project openings and portfolio growth; our development pipeline; anticipated earnings to developers and residential property owners; potential sales to developers velocity and sales value; and similar statements regarding anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or evaluate, including the risk factors identified in our SEC filings, Includes our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from our expectations expressed or implied in this release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Marriott International:
Marriott International (Nasdaq: MAR), headquartered in Bethesda, Maryland, USA, has nearly 9,100 hotels under more than 30 leading brands in 142 countries and territories. Marriott operates and franchises hotels and licensed resorts around the world. The company offers Marriott Bonvoy®, the award-winning travel program. For more information, please visit our website: Marriott websitefor the latest company news, please visit www.MarriottNewsCenter.com. Also, connect with us on Facebook and @MarriottIntl on Instagram.
