Excerpt from CoStar
In an interview at the Americas Lodging Investment Summit, Marriott International CEO Tony Capuano said the accelerated signings seen in 2022 set up the company for significant growth opportunities, particularly outside of the U.S.
The level of demand seen over the last two years should erase any doubts about the resiliency of travel, Marriott International CEO Tony Capuano said.In a video interview with HNN during the Americas Lodging Investment Summit, Capuano said the company continues to see strong and growing demand in most of its markets. Forward-booking data is showing encouraging signs for a strong 2023, even if the booking window remains somewhat short.
The hotel industry receives no exceptions from economic headwinds, but Marriott is more geographically diverse than it used to be and it has a lower reliance on incentive management fees as its portfolio has shifted toward a higher percentage of franchised hotels.
"We still have the benefit of what appears to us to be deep pools of pent-up demand as a result of the events of the last couple of years, and we don't see that slowing down," he said.
Ahead of the conference, Marriott announced that its signings in 2022 accelerated, as the company signed an average of two deals a day for a total of 726 management and franchise agreements last year, which is a 21% increase over total signings in 2021. That figure represents almost 108,000 rooms added to Marriott's pipeline. The company's acquisition of the City Express brand will add another 17,000 rooms.
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