Marriott, the international hotel chain, is to launch a new global brand called Marriott Executive Residences, offering fully-serviced apartments targeted at executives posted abroad for medium to long periods.
A deal is thought to be close on the first acquisition in Budapest, and the company has active requirements for suitable properties in London and Prague, along with Jakarta, Kuala Lumpur, Sydney, Seoul, Singapore, Cairo, Mexico City, and New York.
The residences will ideally be located close to existing Marriott hotels and room rates will be equivalent to five-star hotels with discounts for stays of more than 30 days. Marriott plans to open four or five branches each year over the next five years, with the eventual aim of gaining representation in all of the world’s major business cities.
