New deal to help Marriott grow by 5 hotels to 25,000 rooms in India [Infographic]
Marriott plans to have five new hotels in India by the end of 2019.
Marriott and Prestige Group together launch the Moxy brand in India to diversify their portfolios.
In a bid to expand their portfolios in southern India, Marriott International and Prestige Group have partnered on five new hotel projects.
These four- and five-star projects are due to launch between 2021 and 2025.
Growing the Marriott portfolio in India
Indian real estate firm Prestige Group and Marriott have signed an agreement which will see hotel launches across multiple brands and bring Marriott’s room count to 25,000 in India.
New properties set to open as part of this partnership include the W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu. The opening of the Moxy Chennai and Moxy Bengaluru will mark the debut of the Moxy brand, a mid-scale brand targeting millennial travellers, in India.
Four of these five openings will be part of mixed-use projects which will also include shopping malls and office spaces.
“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,” said Rajeev Menon, President – Asia Pacific (excluding Greater China), Marriott International.
A promising partnership
Partnering with Marriott will give Bengaluru-based Prestige the chance to diversify its asset base and grow its rental portfolio. Apart from hotels, this also includes shopping malls and offices. Within four years, Prestige aims to have a portfolio of 3,100 hotel rooms.
“We believe that strategic collaborations with the right partners facilitate dynamic disruptions. With this signing, the Prestige Group is poised to become one of the largest hospitality players in India,” said Irfan Razack, chairman and managing director, Prestige Group.
Razack went on to explain how hotel assets add value to developments like shopping malls or mixed-use projects: “They allow developers to cash in on the additional FSI (floor space ratio) in the upper floors.”
According to the TOPHOTELCONSTRUCTION online database, 155 hotel projects are currently in the pipeline in India:
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