Ceremony marks milestone for Marriott's new
affordable midscale extended stay brand in U.S. and Canada
BETHESDA, Md., Jan. 17,
2024 /PRNewswire/ -- Today, Marriott International,
Inc. (NYSE: MAR) celebrated the groundbreaking of its
inaugural StudioRes brand hotel, as Concord Hospitality began
construction of its first property in Fort Myers, Florida. Announced in June 2023, the StudioRes brand is Marriott's new
affordable midscale extended stay brand in the U.S. &
Canada.
The StudioRes property in Fort
Myers is projected to open in Spring 2025 and is being
developed by Concord Hospitality with its long-time partner Whitman
Peterson. Concord expects to
develop around 50 StudioRes properties, spanning several dozen
submarkets in major U.S. cities, with several more slated to break
ground in the coming months.
Consistent with the company's approach to meeting the needs of
guests with regionally relevant lodging products for every stay
purpose, StudioRes seeks to deliver reasonably priced modern
comfort for guests seeking longer stay accommodations in the U.S.
& Canada. At 124 rooms and
54,000 square feet, the StudioRes prototype is expected to be
Marriott's most affordable cost-per-key product to develop and
build. Guests who are looking for an extended-stay option will have
the comfort of fully furnished studio rooms complete with kitchen
and queen beds. Public spaces will offer amenities such as daily
coffee service, a fitness center, laundry room, vending area,
communal table and covered patio.
"The groundbreaking of the first StudioRes hotel is a
significant milestone for Marriott International, as we continue to
work toward our goal of expanding offerings to meet the needs of
guests for every stay purpose," said Marriott International Global
Development Officer, U.S. & Canada Noah Silverman. "Taking a
new build brand from announcement in June to groundbreaking in
January is thrilling, and we're grateful for the longstanding
relationship we have with Concord Hospitality and Whitman Peterson
to bring the StudioRes vision to life."
Those who attended the groundbreaking ceremony included Marriott
International President & CEO Tony
Capuano and Group President, U.S. & Canada Liam Brown,
along with other senior leaders from the company. They joined
Concord Hospitality Co-Founder and CEO & President Mark Laport and Whitman Peterson Co-Founder and
Partner Bob Whitman, and Partner Paul Novak to celebrate this
significant moment in the development of the StudioRes brand.
"Concord Hospitality has enjoyed a longstanding, successful
relationship with Marriott. It has been a collaboration of trust,
quality, and strategic growth, which is why Marriott has welcomed
Concord as an active advisor in
the development and design standards of many of their current hotel
prototypes," said Mark Laport, CEO
& President, Concord Hospitality. "Today's groundbreaking on
Marriott's first StudioRes property is yet another milestone
achievement for us as Concord
continues to remain a top-choice developer and operator for hotels
in North America."
Over the company's nearly four decades, Concord Hospitality has
developed and operated a number of Marriott hotels across
North America, and currently
operates nearly 80 properties within the company's portfolio, with
its properties frequently receiving recognition for outstanding
service and hospitality excellence.
About Marriott International
Marriott
International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a
portfolio of nearly 8,700 properties across more than 30 leading
brands in 139 countries and territories. Marriott operates and
franchises hotels and licenses vacation ownership resorts all
around the world. The company offers Marriott Bonvoy, its highly
awarded travel program. For more information, please visit our
website at www.marriott.com, and for the latest company news, visit
www.marriottnewscenter.com. In addition, connect with us on
Facebook and @MarriottIntl on X and Instagram.
About Concord Hospitality
Concord Hospitality is
an award-winning hotel development and management company that has
grown over the past three decades to become the preferred partner
of leading hotel brands such as Hilton, Marriott, and Hyatt.
Concord Hospitality boasts a stellar reputation known for combining
the experience of a big company with the high-touch service of an
independent operation to every partner property. The company
specializes in developing and managing full-service and
select-service hotels across North
America. As part of the company's continued growth, it
recently launched Opus Collection by Concord, a lifestyle hotel management division
for full-service properties. With the brightest talent, the most
innovative processes, and a commitment to giving back to the
communities where associates live and work, Concord Hospitality is
committed to being a great place to work for all. Learn more
at concordhotels.com.
About Whitman Peterson
Whitman Peterson is a
real estate private equity company investing in and actively
managing opportunistic real estate investments of large
institutional investors. Since late 2010, Whitman Peterson has
raised five institutional funds and has invested in the acquisition
or development of more than 200 properties, in transactions with an
aggregate capitalization of more than $25
billion. The firm has investments across 30+ markets in the
US and has investments in London.
Whitman Peterson and Concord Hospitality have a long-standing,
strategic partnership, involving the development and acquisitions
of high-quality hotels across the country, as well as a
broad-based, national development strategy in the economy extended
stay (short-stay rental) segment. For more information, please
visit www.whitmanpeterson.com.
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SOURCE Marriott International, Inc.