Press release
Marriott International Announces Plans to Expand in Affordable Midscale Segment with New Extended Stay Lodging Brand
Building Off Industry Leadership in Extended Stay, Marriott International Plans to Launch Affordable Midscale Extended Stay Offering in U.S. & Canada
About this update from Marriott International
[{"type":"text","content":"Building Off Industry Leadership in Extended Stay, Marriott International Plans to Launch Affordable Midscale Extended Stay Offering in U.S. & Canada\nBETHESDA, Md., June 5, 2023 /PRNewswire/ -- Marriott International, Inc. (Nasdaq:MAR) announced today, in connection with the 2023 NYU International Hospitality Industry Investment Conference, its plans to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America. Consistent with the company's approach to meeting the needs of guests with regionally relevant lodging products for every stay purpose, Marriott is announcing its plans to launch a new brand, which has not yet been named, but is currently being referred to as Project MidX Studios. The affordable midscale extended stay brand is intended to deliver reasonably priced modern comfort for guests seeking longer stay accommodations in the U.S. & Canada.\n\n \n \n \n \n \n \n\n \n\"Marriott has long believed in having the right accommodations in compelling destinations at the right price point. Whether our guests are traveling for business, leisure or a mix of both, our portfolio of 31 brands offers something for everyone. As consumers look for new, flexible accommodation solutions, we are thrilled to announce our plans to launch an affordable midscale extended stay offering to meet the needs of guests seeking long-term comforts at a moderate price point,\" said Marriott International President and CEO Anthony Capuano. \nAs the leader in extended stay lodging with brands like Residence Inn by Marriott, Element by Westin, TownePlace Suites by Marriott, Marriott Executive Apartments and more recently, Apartments by Marriott Bonvoy, Project MidX Studios reflects the company's deep experience and learnings from its guests, owners, and franchisees. Marriott incorporated this input to create a brand that will deliver a great guest experience while reducing building and operating costs for owners and franchisees.\n\"Based on everything we've seen and heard, our team is excited about Marriott's entry into the affordable midscale segment, where Concord has been engaged for many years,\" said Mark Laport, President and Chief Executive Officer, Concord Hospitality. \"In collaboration with Whitman Peterson, we expect to break ground on three Project M...