Marriott International signs a five-hotel deal with SAMHI Hotels
Marriott International, the world’s largest hospitality company, signed a five-hotel conversion deal with SAMHI Hotels for its Fairfield by Marriott brand in India. The brand expects to add a combined total of 583 new rooms to its existing portfolio, making Fairfield by Marriott one of the fastest-growing brands for Marriott International in the Asia-Pacific region. The addition of these hotels, located in exciting destinations across Chennai, Pune, Goa, Delhi and Bengaluru, will significantly increase Marriott International’s presence in the upper-midscale tier in India.
“We are extremely excited about this venture with SAMHI Hotels, one of our leading and longstanding partners in India. With the conversion of these five hotels to Fairfield by Marriott, SAMHI Hotels will now have 14 hotels managed by Marriott International across a range of our brands in India as we look at further expanding across the country,” said Paul Foskey, Marriott International’s Chief Development Officer in Asia-Pacific.
Ashish Jakhanwala, Managing Director and CEO of SAMHI Hotels said, “We have had a strong and fruitful association with Marriott International in India and are happy to further strengthen this relationship with the signing of the five hotel conversion deal to Fairfield by Marriott. Our research and observations have concluded that the Indian market is extremely cost sensitive with a great affinity for midscale brands and we see great growth potential in the coming years.”
The Indian tourism and hospitality industry has seen a paradigm shift in recent years where an increasing number of travelers are opting for upper-midscale hotels. Marriott International has embraced this opportunity through its aggressive expansion of the Fairfield by Marriott brand across the region.
Fairfield by Marriott is an established leader in the upper-midscale tier that is specifically tailored to meet the needs of value-seeking travelers who don’t want to compromise on quality and the high standards provided by an international brand. The Fairfield by Marriott brand has created its niche in the Indian hospitality industry, with nine hotels currently open across the country since it debuted in 2013. Last year, Marriott International debuted in Nepal with the opening of Fairfield by Marriott Kathmandu. In addition to these 10 operational Fairfield Hotels in South Asia, there are an additional 13 in the pipeline, including these -five conversions with SAMHI, that we expect to open, taking the total count to 23 Fairfield by Marriott hotels in the region.
Neeraj Govil, Area Vice President, South Asia for Marriott International said, “The medium- and long-term outlook for the Indian hospitality business continues to be positive, across all segments. We continue to focus on growing our portfolio of upper-midscale hotels in India as we foresee immense growth opportunity in this segment, fueled by an increasing number of travelers opting for hotels positioned in this tier to cater to their business and leisure needs.”
With a global portfolio of more than 6,400 hotels across 30 brands in 126 countries, Marriott International is the world’s largest hotel company. Fairfield by Marriott was introduced in 1987 and is the company’s answer to the industry’s rapidly growing moderate-tier segment. It offers travelers a combination of elegance and affordability, endorsed by the quality and consistency of the Marriott brand. Apart from being the ideal lodging option for travelers looking for an affordable and reliable stay, Fairfield by Marriott also offers a highly appealing investment opportunity for owners and franchisees.
Note on Forward-Looking Statements: This news release contains “forward-looking statements” within the meaning of federal securities laws, including the number of lodging properties the company may add in future years and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including changes in market conditions; changes in global and regional economies; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth and refurbishment; and other risk factors that the company identifies in its most recent quarterly report on Form 10-Q or annual report on Form 10-K; any of which could cause actual results to differ materially from the expectations we express or imply here. We make these statements as of the date of this press release, and we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.