Marriott’s Rajeev Menon.
At the close of 2023, Marriott set a milestone in APEC with over 60
properties added to its portfolio during the year, bringing the
company’s presence in the APEC region to more than 560 operating hotels
and residences, and exceeding 10% net rooms growth compared to 2022.
The company also signed a record of over 80 deals across 13 markets,
around 18,000 rooms.
At the end of 2023, Marriott’s APEC development pipeline stood at
over 320 hotels with over 69,000 rooms. Luxury continues to play a key
role in its growth, and 25% of Marriott’s global luxury rooms pipeline
is represented in APEC.
In 2023, 15% of the deals signed in APEC were in the luxury segment,
with nine opened in the region, including The Ritz-Carlton, Melbourne,
JW Marriott Goa, and The Singapore EDITION.
“With our record year of growth at Marriott International in APEC, we
remain committed to meeting the demands of modern travelers underscored
by our diverse portfolio of brands and strategic presence in new
destinations,” said Rajeev Menon, president, Marriott International,
APEC.
What to expect for MICE in 2024
There is strong momentum across all segments, including MICE, with
increased inquiries up 22% for 2024, driven by organisations who are
planning customer, partner, and staff engagements, said Menon.
While popular event destinations include Seoul, Kuala Lumpur, Sydney,
and Ho Hi Minh City, there are positive forward-looking bookings in
India, Singapore, and Vietnam. Notably, planners are choosing newer
destinations such as Vietnam, where Marriott expanded its footprint with
a milestone number of openings last year, including Nha Trang Marriott
Resort & Spa, Hon Tre Island - the country's largest hotel with 829
keys. These resort destinations are becoming increasingly popular as
corporate event planners seek to create an immersive experience with
one-of-a-kind locations that introduce them to the local culture and
community, added Menon.
In APEC, the Marriott Bonvoy membership base has risen by 50% since
2019. This momentum is attributed to the fresh experiences the programme
offers, including exclusive access to prestigious events such as the
Australian Open and Formula 1. Beyond hotel stays, Marriott Bonvoy has
partnerships with Singapore Airlines, Rakuten and co-branded credit
cards in Japan, Korea, and India.