The Buzz: Marriott on Growth Track
Marriot has announced plans to have 4,000 hotels in operation worldwide by 2014. A large share of the growth will be in China, where plans are to open more than 100 hotels across nine brands and hire 30,000 Chinese employees. Here in the U.S., the company plans to open 150 hotels and hire 10,000 workers.
In related news, Marriott has also announced that it will acquire the Gaylord Entertainment Company brand and hotel management business for $210 million. If approved by shareholders, Gaylord will continue to own the properties, which will be managed by Marriott. The four Gaylord properties are a favorite of meeting and event planners for their “everything under one roof” concept and outstanding service, according to a recent planner survey.
Gaylord will profit from Marriott’s economies of scale and strong sales revenue management, marketing and distribution system, while Marriott will use the acquisition to capture a larger share of the major meeting and event market.