Marriott is planning to open 17 new hotels in China over the
next five years, a move which would bring its portfolio to 52
properties and more than 22,000 rooms.
All of the new hotels
will be operated under long-term management contracts and will span the
company’s luxury JW Marriott, upscale Marriott and Renaissance, upper
moderately priced Courtyard brand and its Marriott Executive Apartments
brand for extended stay travelers.
China has shifted, from being
one of the biggest recipients of foreign direct investment, to becoming
a major investor according to the U.S. – China Business Council. Its
economy will continue to outperform other major players on the global
market and by 2050, China’s economy promises to be twice the size of
that of the United States.Marriott International-branded hotels opening
this year in China include:
– 320-room JW Marriott Hotel Hangzhou
– 340-room Courtyard by Marriott Hangzhou City Center
– 160-unit Sandalwood Marriott Executive Apartments Beijing
– 501-room Shanghai Marriott Changfeng Park
China granted approved destination status to 134 countries and regions
in the beginning of last year, business and tourism traffic have grown
tremendously, opening up investment opportunities inside China as well
as paving the way for increased prospects outside of the country.
In 2008, the United States was the second fastest growing destination for Chinese outbound travel after Asia.