Marriott International (www.Marriott.com) (NASDAQ: MAR, “Marriott”) announces its accelerated growth in its branded residential portfolio in the Middle East & Africa (MEA) region, with 41 projects in the portfolio, including 29 projects in its signed pipeline and 12 open properties.
In the past two years, the global hospitality leader has signed 19 agreements in the Middle East and Africa to bring branded residences to iconic destinations in the region, more than double the amount from the preceding two years. With locations ranging from luxurious addresses, such as the highly anticipated project, Nujuma, a Ritz-Carlton Reserve Residence, to premier urban destinations like the W Residences at Dubai Harbour, there is something for every type of home buyer in the company’s pipeline.
“As Marriott continues to meet the increasing global demand for branded residences and world-class luxury experiences, the MEA region, home to some of the world’s most coveted and iconic destinations, has been a key driver of our accelerated growth,” said Dana Jacobsohn, Chief Development Officer, Global Mixed-Use Development. “Through providing extraordinary benefits for both developers and Residence Owners, we continue to strengthen our industry-leading position in the segment, and I couldn’t be prouder of the work the company is doing to bring such extraordinary residential projects to life.”
With 16 luxury and premium brand offerings, 11 of which have an open or signed residential property in the EMEA region, Marriott Branded Residences offer development licensees the opportunity to leverage strong brand recognition and lead generation platforms, which have the potential to result in higher sales velocity and increased sales value for developers. Along with the world-renowned service that guests expect from Marriott brands, Residence Owners also have the opportunity to receive enhanced benefits from the recently announced owner recognition platform, ONVIA, which provides exclusive offerings within the Marriott Bonvoy® portfolio.
“Marriott is proud to work with some of the industry’s top developers across MEA, who are an essential part of our company’s continued success,” said Jaidev Menezes, Regional Vice President, Mixed-Use Development, EMEA. “Through the combination of best-in-class developers, renowned design experts, iconic destinations, and people-first service, Marriott’s industry-leading value proposition is well-positioned to continue bringing premier and luxury lifestyle offerings to Residence Owners.”
From breathtaking views to luxury urban residences, recent projects for which the company has signed agreements and/or launched include:
- The JW Marriott Residences New Cairo, Al Jazi First marks the first branded residences under JW Marriott in Africa. The 277-residences project is part of the Al Jazi Egypt destination located in the heart of New Cairo
- The Ritz-Carlton Residences, Cairo, Palm Hills will feature 150 exclusive residences, each meticulously designed to offer an exceptional living experience amidst lush greenery, harmoniously blending nature and urban life. Residents will enjoy breathtaking views of the Great Pyramids of Giza and the Palm Hills Golf Course.
- W Residences Cairo marks the first W Hotels branded residence in Africa and will be situated One Ninety, which is set to become a premier lifestyle destination in Cairo.
- The Ritz-Carlton Residences, Dubai, Creekside, which just began construction, will offer 200 residences across 7 seven buildings and 12 mansions, each featuring exclusive yacht berthing for residents.
- The Ritz-Carlton Residences, Diriyah, which recently launched sales, feature designs inspired by the rich Najdi heritage, with exquisitely designed villas, apartments and duplexes that capture the essence of elegance and tradition. This launch follows the successful sell-out of the initial standalone 106 villas also located at The Ritz-Carlton Residences, Diriyah in the North District of the Kingdom, which sold out within a year of launch.
- The St. Regis Residences, Financial Center Road, Dubai, which sold 70% of its units in the first hour of sales launch, which demonstrates the potential sales velocity that developers may experience when working with Marriott brands.
- Other launches in the UAE include Marriott Residences Jumeirah Lakes Towers, Dubai; W Residences Abu Dhabi – Al Maryah Island; W Residences Dubai – Jumeirah Lakes Towers; JW Marriott Residences Al Marjan 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 across the region, including:
- Nujuma, a Ritz-Carlton Reserve Residence, which marks the first Ritz-Carlton Reserve in the EMEA region, will offer Residence Owners a rare and immersive escape to discover Saudi Arabian culture and the untapped wonders of the Red Sea.
- Located in the heart of Al Mouj, one of Oman’s most exclusive neighborhoods, The Residences at the St. Regis Al Mouj Muscat Resort offer an exquisite gateway to the captivating cultural wonders of Oman.
- Marriott Residences Al Barsha South, Dubai offers premium living with modern design and services reflective of the Marriott brand. Spread across three towers, each of the residences offer sophisticated spaces and breathtaking views of iconic landmarks, including the Burj Khalifa and Burj Al Arab.
For more information on Marriott Branded Residences, visit https://MarriottResidences.com/.
Distributed by APO Group on behalf of Marriott International, Inc..
Note of Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of United States federal securities laws, including statements related to expected future project openings and portfolio growth; our development pipeline; expected benefits for developers and Residence Owners; potential sales velocity and sales value for developers; and similar statements concerning 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 assess, including the risk factors that we identify in our U.S. Securities and Exchange Commission filings, including 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 the expectations we express or imply in this press 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, Inc.:
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.Marriott.com, and for the latest company news, visit www.MarriottNewsCenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
