Marriott Reports Record Global Signings in 2023, Signals End of Pandemic Slowdown

Marriott International, Inc. announced a record-breaking year of global signings in 2023, marking a significant uptick in room signings and net room growth compared to the previous year. The company shared these achievements at the Americas Lodging Investment Summit (ALIS).

In 2023, Marriott signed management and franchise agreements representing 164,000 rooms, a substantial increase from the previous year. The United States and Canada saw a particularly strong growth, with 91,000 more rooms signed. This included 37,000 rooms from a strategic licensing agreement with MGM Resorts International, forming the MGM Collection within Marriott Bonvoy. This collection, comprising seventeen MGM Resorts properties, is set to launch in early 2024.

Marriott’s global development pipeline also saw significant growth, totaling nearly 3,400 hotels and around 573,000 rooms by the end of 2023. The company welcomed over 400 properties with nearly 64,000 new rooms in 2023, including the acquisition of City Express, which added 150 hotels to its portfolio.

The luxury segment was a standout performer for Marriott, with a record 58 deals signed for luxury hotels and resorts in 2023. The development pipeline for luxury properties currently stands at 245 hotels, with over 20 expected to open in 2024. The opening of The St. Regis Riyadh in December marked a milestone as the 500th luxury hotel in Marriott’s global portfolio.

Marriott’s midscale segment also saw growth, including the acquisition of City Express, which expanded its presence in the Caribbean and Latin America region by 45 percent. The company also announced the launch of a new StudioRes brand, with the first property breaking ground in Fort Myers, Florida, and plans for further expansion across the U.S. and Canada.

A significant portion of Marriott’s room openings in 2023 came from conversions, with 25 percent of new rooms being converted properties. The company signed a record 184 conversions last year, including those from the MGM agreement. Marriott also expanded its all-inclusive resort offerings, with 49 properties open or in development across twelve destinations, and plans for six more openings in 2024.

Marriott International President and CEO Anthony Capuano expressed optimism about the company’s momentum, stating, “Marriott remains focused on offering more best-in-class brands and experiences to meet the strong consumer demand for travel.” He emphasized the company’s commitment to expanding its global brand portfolio, growing the Marriott Bonvoy loyalty platform, and providing innovative offerings to its owner and franchise community.