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600th property in APEC, Adelaide Marriott Hotel – Image Credit Marriott International
Marriott International, Inc. reported a record-breaking year in 2024, with the signing of 109 deals across 11 markets in the Asia Pacific, excluding China (APEC) region, contributing to significant growth in its development pipeline.
Marriott International, Inc. announced an exceptional year of growth in 2024 in the Asia Pacific, excluding China (APEC) region. The company signed a record 109 deals across 11 markets, adding 21,439 rooms to its development pipeline and closing the year with 77,532 rooms in the region’s pipeline.
The company’s growth was primarily driven by strategic conversion and multi-unit agreement strategy. Marriott International’s APEC region, excluding China, experienced significant expansion across various market segments, including the midscale and luxury sectors. The company’s debut in the midscale segment and the expansion of its luxury portfolio further solidified Marriott’s leading position in the region’s evolving hospitality landscape.
India, Japan, and Indonesia were identified as the highest-growth markets in the region, contributing to 72% of the region’s deal signings in 2024. The luxury portfolio’s expansion, which accounted for 19% of signed deals in 2024, included more than 20 agreements representing 4,600 rooms across six Marriott International Luxury Group brands.
Conversion opportunities and multi-unit agreements were instrumental in the region’s pipeline growth, with conversions comprising 36% of 2024 signings. The company made a notable debut in the affordable midscale space with the launch of Four Points Flex by Sheraton in Japan.
Marriott International expanded into new destinations in 2024, including Papua New Guinea. The company celebrated significant milestones, including opening the 600th property in APEC, the 150th property in India, the 50th property in Malaysia, and the 100th property in Japan. By the end of 2024, Marriott International in APEC had 635 open properties across 25 brands in 22 countries and territories.
