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- Marriott International Inc (NASDAQ: MAR) plans to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America.
- Marriott is in the process of launching a new brand, yet to be named, but is currently being referred to as Project MidX Studios.
- The affordable midscale extended stay brand is intended to deliver reasonably priced modern comfort for guests seeking longer stay accommodations in the U.S. & Canada.
- Expected to be Marriott's most affordable cost-per-room product in the U.S. & Canada, the prototype model targets a build cost of $13 million to $14 million, requiring about 54,000 square feet of total building area for 124 studios.
- "With trends towards longer-stay travel and increased work flexibility, Marriott is utilizing its experience in extended stay to deliver a fresh solution to meet the needs of a growing customer base, backed by Marriott's powerful demand engines and revenue systems," said Noah Silverman, Marriott International's Global Development Officer for U.S. & Canada.
- The project will cater to guests seeking an extended stay, typically 20+ nights or more, for around $80 per night.
- MAR reported a Q1 revenue growth of 34% year-on-year to $5.62 billion, beating the consensus of $5.41 billion.
- Price action: MAR shares are trading higher by 0.70% at $178.46 in premarket on the last check Monday.
- Photo Via Company
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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