WASHINGTON, Jan. 12 /PRNewswire/ — Marriott International, Inc.’s (NYSE:MAR) Residence Inn brand, which pioneered the extended-stay category, today announced the official opening of its 500th hotel in the heart of New York City. The Manhattan/Times Square Residence Inn features elements of the brand’s new Innfusion decor, reflecting the comforts and luxuries of a modern American home. It is the first Residence Inn in New York City.
Representing the new urban emphasis of the brand, the Manhattan/Times Square Residence Inn is part of a 45-story mixed-use development on the corner of Sixth Avenue and 39th Street, overlooking Bryant Park. Its state-of-the- art guest rooms feature five “zones” for cooking, dining, working, relaxing and sleeping to ensure maximum comfort and convenience. Highlights include stainless steel appliances, granite countertops, luxurious bedding, and a multi-functional living area with a 27-inch flat-screen LCD TV. The hotel is entirely smoke-free.
“The new Innfusion decor redefines the extended-stay experience and we’re delighted to report that the response from our guests, owners and franchisees has been overwhelmingly positive,” said Laura Bates, senior vice president of extended-stay brands, Marriott International. Extended-stay guests who evaluated the new decor gave it high marks for being stylish, sophisticated, distinctive and innovative. The suite was rated “good” or “excellent” by 98 percent of guests, who also indicated they would be willing, on average, to pay more than a 15 percent premium for the experience.
Commanding nearly a 30 percent revenue per available room (RevPAR) premium over the competition, Residence Inn by Marriott has dominated extended-stay innovation for 30 years by reinventing itself as customer needs have changed, and today remains one of the lodging industry’s most powerful brands, with $1.7 billion in sales. The brand expects to add 25 to 30 hotels each year from 2006 to 2008.
“Residence Inn is one of Marriott’s strongest performing brands with tremendous growth potential,” said Ms. Bates. “The extended-stay product represents just 8 percent of the lodging market, while customer demand is upwards of 30 percent. Outstanding development opportunities exist in traditional locations, as well as in urban markets and with mixed-use developments.”
Residence Inn introduced the term “extended-stay” to serve the needs of business travelers seeking apartment-style accommodations for their longer stays. The brand’s home-like suites provide spaciousness, flexibility and comfort with a relaxing, social community that enriches life away from home. Residence Inn participates in the company’s award-winning Marriott Rewards(R) frequent-guest program, which enables guests to earn their choice of points toward free vacations or frequent flyer mileage in their preferred airline program. For more information or reservations, call the Residence Inn toll- free number at (800) 331-3131, or visit the web site at http://www.residenceinn.com/.
Note: This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements concerning the number of lodging properties we expect to add in future years. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the pace and extent of the current recovery in both the economy and the lodging industry; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance hotel growth and refurbishment; any of which could cause actual results to differ materially from those expressed in or implied by the statements herein. These statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with more than 2,700 lodging properties in the United States and 65 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, Renaissance, Bulgari, The Ritz-Carlton, Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites, and Fairfield Inn brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, The Ritz-Carlton Club, Grand Residences by Marriott, and Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; operates conference centers; and manages golf courses. The company is headquartered in metropolitan Washington, D.C. It is ranked as the lodging industry’s most admired company and one of the best places to work for by Fortune(R) magazine. In fiscal year 2004, Marriott International reported sales from continuing operations of $10 billion, and the company had approximately 133,000 employees at year-end 2004. For more information or reservations, please visit our web site at http://www.marriott.com/.