Marriott International has reached the milestone of operating 700,000 hotel rooms worldwide.
The company announced the figure as part of its third quarter results, which showed continued growth for the US hotel group both in terms of portfolio and profits.
For the July-September 2014 period, Marriott’s net profits surged 20% to US$192 million, as revenues climbed 9% to US$3.46 billion.
But it was Marriott’s development efforts that grabbed the headlines. Globally, the company added 244 new hotels and resorts in Q3 2014, taking it to a total portfolio of 4,127 properties. And its room inventory rose above 700,000 for the first time in the company’s history, reaching 702,254. This was helped by the acquisition of South Africa’s Protea Hotels, which contributed 112 hotels and more than 10,000 rooms.
“Our development pipeline grew to nearly 225,000 rooms, approximately 40% of which are under construction,” said Arne Sorenson, Marriott’s president & CEO. “We’re on a record-setting pace for room signings with 80,000 to 90,000 room signings expected during 2014.
“We opened our first Moxy hotel in Milan in September. We expect to introduce the AC Hotels brand to the US in November when the first property opens in New Orleans. Our newest Edition hotel also arrives in the US next month with the opening of the Miami Edition and Residences,” he added.
In terms of brand, Marriott Hotels & Resorts has the largest number of rooms worldwide, with just over 209,000, followed by Courtyard by Marriott (145,000), Residence Inn (81,000), Fairfield Inns & Suites (67,000) and Renaissance Hotels (53,000).
For the full year 2014, Marriott said it expects its room inventory will increase by approximately 6% compared to 2013.