Kolkata: Marriott International, Inc (NASDAQ: MAR) and Prestige Group today announced the signing of agreements to open six new hotels across India, underscoring both companies’ commitment to expanding in this dynamic country.
Under the agreement, Prestige Group would build new hotels across the W, JW Marriott, Tribute Portfolio and Moxy brands across India’s Southern belt, representing nearly 1,000 rooms across four brands, the company said in an emailed statement to UNI here.
One of India’s largest and most successful real estate developers, Prestige Group, plans to open the W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Moxy Chennai and Moxy Bengaluru, all of which are expected to open between 2021 and 2025.
“We are continuously striving to expand our market reach, strengthen our growth and set new hospitality benchmarks. Our portfolio of 120 hotels across 16 brands reinforces our commitment to India, which remains a key focus market for Marriott International. We are thrilled to be introducing Moxy, our 17th brand in South Asia with such an experienced and hotel developer like the Prestige Group”, said Mr. Rajeev Menon, President – Asia Pacific (excluding Greater China), Marriott International.
“India continues to be a critical growth engine for us in APAC. This country delivers strong results right from revenue and service, to some exceptional talent. At Marriott International, we are committed to deliver high standards of quality and service with our owners whom we share a very successful relationship with over the years. Prestige Group and Marriott International has built a strong relationship over the years, and we are confident that together we are poised to change the hospitality landscape in India,” added Mr. Menon.
Mr. Irfan Razack ? Chairman & Managing Director, Prestige Group said ? “There are not many industries in the world that have the resilience and optimism of the hospitality sector in India. The hotel industry has been one of the primary businesses driving the economic growth of the country. Projected to be worth INR 1,210.87 billion by 2023, the Indian hospitality sector today is witnessing an upward trend across mid-scale, upscale and luxury segments. Renewed interest in the sector from leading global investors and steady infrastructure development in metros as well as tier II and tier III cities are driving the demand. Similarly, industry-friendly government policies, including the GST reduction from 28 per cent to 18 per cent for premium and luxury hotels, reduction of corporate tax and UDAN, the regional airport development and Regional Connectivity Scheme (RCS) aimed at making air travel affordable and widespread, are paving the way for robust market demand. The future holds immense promise.”
“And the Prestige Group is excited about working together with Marriott to explore new opportunities in the ever-evolving industry. We believe that strategic collaborations with the right partners facilitate dynamic disruptions. Given the improving economic environment and positive market sentiment, there couldn’t be a better time to tap into the tremendous growth opportunities that the Indian hospitality industry has to offer. With this signing, the Prestige Group is poised to become one of the largest hospitality players in India.”, he added.
Set to debut in India, the Moxy brand targets Next-gen millennial travelers with its fun and playful service, buzzing social spaces, and stylish, tech-forward guest rooms. The agreement expects to see the anticipated opening of the 125-room Moxy Chennai and 200-room Moxy Bengaluru, which are both expected to open in 2024. Combining style and affordability, this brand is unique in its youthful design aesthetics, thereby bringing a freshness in this space.
With this signing, Marriott International is also expecting to open the W Bengaluru in 2025. With 185 rooms, this hotel will continue to deliver its signature brand promise of Whatever/Whenever and break the norms of ‘traditional’ luxury with its eclectic offerings. This will be the third ‘W’ branded property in India after Goa & W Mumbai, the release added.-UNI
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