Marriott Plans Growth in Mexico
Marriott International is partnering with Mexican lodging real-estate investment trust FibraHotel to develop, open and operate 20 new hotels in Mexico by 2016. The first six properties have been signed already and will add about 800 rooms to Marriott's Mexican inventory. "In the past five years we have seen a strong emerging Mexican middle class that is eager to travel," said Marriott's president of the Caribbean and Latin America region, Craig S. Smith, "and the world's financial industry predicts that by 2020, Mexico's economy will be among the 10 largest in the world." Marriott currently has 23 hotels in the country, representing five of its brands. The announced properties currently in Marriott's pipeline are the 124-room Los Cabos, a Ritz-Carlton Reserve; 300-room JW Marriott Cabo San Lucas Resort; 130-room Courtyard by Marriott Hermosillo; 130-room Courtyard by Marriott Los Cabos; 120-room Fairfield Inn Querétaro; 140-room Courtyard by Marriott Querétaro, and 160-room AC Hotel Mexico City.