Marriott International, Inc. MAR unveiled The St. Regis Longboat Key Resort in Florida, which marks its 9,000th property. This expansion underscores MAR’s continued global growth and its extensive luxury portfolio.
The new resort, developed by Unicorp National Developments and designed by SB Architects, Hirsch Bedner Associates (HBA Miami) and Dutch East Design, is the largest development on Longboat Key in more than 50 years. It strengthens Marriott's position with its extensive portfolio of seven brands, 522 hotels and resorts across 72 countries and a robust pipeline of 233 signed projects in 57 countries.
Nestled on 18 acres in the town of Longboat Key, the St. Regis resort features 168 luxurious guestrooms, including 26 suites. The property offers ocean views, dining facilities and several amenities.
The resort will include 69 private branded residences, all of which sold out in under a year. These residences offer spacious outdoor terraces and private elevator access. Marriott International currently manages 139 branded residential properties in 32 countries, with 122 additional projects planned across 38 countries.
Focus on Expansion
Marriott is consistently trying to expand its presence worldwide and capitalize on the demand for hotels in international markets, especially in Asia, Latin America, the Middle East and Africa.
At the end of the 2024 second quarter, the company had a total of 8,969 properties (or 1,658,659 rooms) worldwide, up 4.4% year over year from 8,590 properties (or 1,565,258 rooms). In the first six months of 2024, Marriott added approximately 61,300 net rooms, including 37,000 rooms, under its agreement with MGM Resorts International.
During second-quarter 2024, global signing activity also remained robust. Record signings in APEC and Greater China increased the pipeline to more than 559,000 rooms worldwide. Conversions, including multi-unit deals, continued to drive growth as owners valued the extensive brand portfolio and revenue potential. Conversions made up 37% of openings and 32% of signings in the quarter, with hotels switching to 23 different brands in the past year.
In June, the company signed three notable luxury conversion deals in the United States. The Resort at Pelican Hill in Newport Beach, California and The Luxury Collection Hotel Manhattan Midtown have already joined the system.
MAR is pleased with the strong signing and opening activity across its global portfolio. This success highlights continued confidence from owners and franchisees in the brand’s performance. It remains focused on driving robust growth. At the end of the second quarter, Marriott's worldwide development pipeline totaled 3,509 hotels, with more than 559,000 rooms. As of the quarter's end, about 1,127 properties with more than 209,000 rooms were under construction.
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Shares of this global hospitality company have increased 10.4% in the past year compared with the Zacks Hotels and Motels industry’s 14.9% growth. It is likely to benefit from solid leisure demand and recovery in business transient and group demand accompanied by its focus on the compelling loyalty program, The Marriott Bonvoy. Also, substantial RevPAR growth in international markets is a positive.
Zacks Rank & Key Picks
Marriott currently carries a Zacks Rank #3 (Hold).
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