NEW YORK, June 2, 2014 /PRNewswire/ -- Marriott International, (NASDAQ: MAR) today announced plans to significantly grow its global portfolio of luxury and lifestyle brands. Accounting for nearly 25 percent of the company's system-wide pipeline, Marriott expects to add more than 200 luxury and lifestyle hotel projects over the next several years, reflecting over $15 billion of investment by the company's owners and franchisees.
"The luxury and lifestyle category is stronger than ever and we see demand continuing to rise worldwide," said Arne Sorenson, president and CEO. "Next generation travelers are poised to comprise more than 60 percent of our business over the next four years, and already represent a broad spectrum of diverse cultures and lifestyles that view travel as an important way to enrich their lives. Our approach to the luxury and lifestyle segment embraces this trend and is shaping our development strategy."
"The company's current luxury and lifestyle portfolio totals 449 hotels across eight brands, each offering its own unique personality and distinctive guest experience. We have put the power of Marriott behind the growth of iconic brands such as The Ritz-Carlton and JW Marriott Hotels & Resorts, as well as newer brands including EDITION, Autograph Collection and AC Hotels by Marriott. At the same time, the company continues to introduce new brands such as Moxy Hotels, and continues to evolve its Renaissance Hotels brand globally. We are delighted with the success of these tremendous brands, part of our aggressive strategy to lead in the luxury and lifestyle category."