Marriott International (MAR) is doubling down on branded residential projects - that is, taking legacy hotel brands to the real estate space.
"It's been an increasing and important part of our business," said Tony Capuano, chief global development officer at Marriott. "We actually have 80 branded residential projects around the world and another 40 in the pipeline."
Marriott earns a licensing fee on the sale of the residential product and earns fees from managing the property and ensuring the amenities and concierge are up to par with the brand's standards.
Marriott International owns Ritz-Carlton, W Hotels and St. Regis, among a host of other brands.
Marriott shares are up 2% since the start of the year.