Marriott International (MAR - Get Report) will dramatically increase the size of its portfolio in Europe, the hotel conglomerate announced today.

The expansion will take place across all of the company's segments within Europe.

Marriott has set "ambitious" goals for 2020, President of Marriott International, Europe Amy McPherson said. "We plan to expand our lead in the luxury and full-service segments, to have the largest portfolio in the upscale tier and to win with Millennials in the affordable lifestyle category."

Marriott intends to triple the number of signed deals for design brand W Hotels in Europe by 2020.

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