- 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
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