Marriott International, the world's largest hospitality company by number of rooms, expects a sharp growth surge in India, currently the company's fifth-biggest market.
Speaking to ET, David S Marriott, chairman of Marriott International, said there is strong potential to expand the company's operations across India, especially in untapped markets.
Marriott has 153 operational hotels totalling more than 29,000 rooms spanning 17 brands in India. It is now planning to launch its luxury lifestyle brand EDITION in India with the first hotel in Mumbai's Bandra Kurla Complex.
David S Marriott is only the third chairman in the company's 97-year history, preceded by his father JW Marriott, Jr. (Bill) and grandfather JW Marriott. "The team is on track to double the number of signings they've ever had in India. Growing up in the 80s, I saw the company grow at an incredible pace in the US. A few years ago, we saw that same kind of explosive growth in China, and now we're witnessing it here in India," said Marriott in an interview. "When you consider that India has 1.4 billion people and a middle class the size of the entire population of the US, it's ripe for growth."
Travel Boom
"We feel fortunate to have gotten in early and established strong brands like JW Marriott in India. It's exciting, but not entirely surprising that India has such great potential," he added.
Marriott said the chain's market share is 'strong' in India, claiming that it has more hotel rooms than any other hospitality company. "In India, we've even got more hotel rooms than Taj. They may have more properties, but we have a larger room count," he said.
On prospects of the Indian market, Marriott said, "I think you're at the beginning of a growth phase of quality hospitality. There's tremendous potential for growth, and, in my opinion, we haven't even scratched the surface in India."
"There's a huge blank canvas for us in secondary and tertiary markets, as well as many other locations across the country where we aren't present yet," he added.
Globally, Marriott International has 9,000 properties comprising nearly 1.66 million rooms. The company reported total revenues of $23.7 billion in 2023, up 14% from 2022.
Rajeev Menon, president of Asia Pacific (excluding China) at Marriott International, said 2024 has been a record year of growth in India, especially from a property signing perspective. "In just the first nine months, our team has signed over 5,000 rooms in India. What's even more telling is that 80% of those signings are in the luxury and premium space, highlighting the strong desire for high-end brands in the market," he added.
Sustainability Benefits
Discussing the sustained post-pandemic travel boom, Marriott said, "I believe we're entering the true golden age of travel, partly due to increased accessibility to destinations worldwide. People are now choosing to spend their money on experiences rather than big homes or luxury goods - they seek memories that last."
Marriott highlighted two key milestones that were crucial for the company in the last 7-10 years: the acquisition of Starwood Hotels & Resorts and a strategic shift toward leisure. "Now, I believe we're heading into a third, which involves upgrading our reservation system, property management system, and the technology that supports our loyalty programme," he said.
Speaking to ET, David S Marriott, chairman of Marriott International, said there is strong potential to expand the company's operations across India, especially in untapped markets.
Marriott has 153 operational hotels totalling more than 29,000 rooms spanning 17 brands in India. It is now planning to launch its luxury lifestyle brand EDITION in India with the first hotel in Mumbai's Bandra Kurla Complex.
David S Marriott is only the third chairman in the company's 97-year history, preceded by his father JW Marriott, Jr. (Bill) and grandfather JW Marriott. "The team is on track to double the number of signings they've ever had in India. Growing up in the 80s, I saw the company grow at an incredible pace in the US. A few years ago, we saw that same kind of explosive growth in China, and now we're witnessing it here in India," said Marriott in an interview. "When you consider that India has 1.4 billion people and a middle class the size of the entire population of the US, it's ripe for growth."
Travel Boom
"We feel fortunate to have gotten in early and established strong brands like JW Marriott in India. It's exciting, but not entirely surprising that India has such great potential," he added.
Marriott said the chain's market share is 'strong' in India, claiming that it has more hotel rooms than any other hospitality company. "In India, we've even got more hotel rooms than Taj. They may have more properties, but we have a larger room count," he said.
On prospects of the Indian market, Marriott said, "I think you're at the beginning of a growth phase of quality hospitality. There's tremendous potential for growth, and, in my opinion, we haven't even scratched the surface in India."
"There's a huge blank canvas for us in secondary and tertiary markets, as well as many other locations across the country where we aren't present yet," he added.
Globally, Marriott International has 9,000 properties comprising nearly 1.66 million rooms. The company reported total revenues of $23.7 billion in 2023, up 14% from 2022.
Rajeev Menon, president of Asia Pacific (excluding China) at Marriott International, said 2024 has been a record year of growth in India, especially from a property signing perspective. "In just the first nine months, our team has signed over 5,000 rooms in India. What's even more telling is that 80% of those signings are in the luxury and premium space, highlighting the strong desire for high-end brands in the market," he added.
Sustainability Benefits
Discussing the sustained post-pandemic travel boom, Marriott said, "I believe we're entering the true golden age of travel, partly due to increased accessibility to destinations worldwide. People are now choosing to spend their money on experiences rather than big homes or luxury goods - they seek memories that last."
Marriott highlighted two key milestones that were crucial for the company in the last 7-10 years: the acquisition of Starwood Hotels & Resorts and a strategic shift toward leisure. "Now, I believe we're heading into a third, which involves upgrading our reservation system, property management system, and the technology that supports our loyalty programme," he said.
