The hospitality industry is booming and likely to only grow as the global population increases. Marriott Corp, one of the world’s largest hotel chains, has outlined its outlook for 2022 predictions that are shaping the future of this sprawling sector.
The “hospitality news 2021” is a great article that discusses the future of the hospitality industry. It has some really interesting trends that are shaping the future of this industry.
Despite the devastation caused by the COVID-19 epidemic to the hospitality industry, Marriott International said on Thursday that 2021 was a great year for the firm in terms of room growth and signings. Marriott also provided insight into several major themes that look set to affect the industry in 2022, in addition to an update on the health of its company.
“Marriott has the advantage of being at the crossroads of information and insights from a global community of developers, properties, owners, and franchisees, as well as the more than 160 million members of our Marriott Bonvoy travel program,” said Stephanie Linnartz, President, Marriott International, in a statement.
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She went on to say, “As we work to recover from the worldwide pandemic, our understanding of current global development patterns is very useful. Throughout these extraordinary circumstances, we have remained focused on working closely with our valued community of owners and franchisees. We are thrilled with our excellent development results for 2021, and we look forward to continue to provide value for our owners and franchisees with our great brands, extensive business support systems, and industry-leading loyalty network during the recovery and beyond.”
Luxury Travel Continues to Gain Popularity
The desire for luxury travel experiences in both well-known, famous sites and far-flung, less-explored areas continues to be strong among leisure travelers. Marriott owns and operates seven premium brands in 69 countries and territories, making it the largest luxury hotel company in the world. The firm increased the net volume of luxury hotel rooms in its portfolio by 4.8 percent in 2021, and it continues to grow its luxury footprint with approximately 50,000 rooms in the pipeline for this high-earning sector. In 2022, Marriott expects to open more than 30 premium hotels.
Costa Rica’s El Mangrove is part of the Autograph Collection. (Marriott International provided the image.)
Leisure Travel Retains Its Leading Position
Leisure travelers are expected to carry on leading the industry’s post-pandemic (well, sort of) rebound throughout 2022. According to Marriott’s news release, “Leisure transient global room nights were the first to recover to 2019 pre-pandemic levels in the second quarter of 2021.” Even prior to the pandemic, the leisure travel market had been growing faster than business travel and, according to the World Travel & Tourism Council (WTTC), this segment is set to continue leading the way.
— All-Inclusive Package The Allure Continues to Grow
The all-inclusive resort market continues to develop at a rapid pace, with customer demand growing even faster. Marriott, for one, plans to grow its all-inclusive portfolio, which now comprises 28 hotels in the Caribbean, Mexico, and Central America. It set a corporate record by signing 22 new all-inclusive resort deals last year.
—Extended Stay Is Getting More Popular
Due to the continued remote-working trend and the better integration of work time into leisure trips, extended stay possibilities have grown even more popular among leisure travelers. In 2021, extended stay offerings accounted for 37% of Marriott’s room registrations in North America. More than 1,400 of its hotel facilities are under the Element Hotels, Residence Inn by Marriott, and TownePlace Suites by Marriott extended-stay brands. Element City Center Doha, Residence Inn by Marriott The Hague City Center, and TownePlace Suites Cape Canaveral Cocoa Beach are among the notable openings expected this year.
Moxy South Beach from the outside. (Marriott International provided the image.)
Conversions are still driving growth.
During the pandemic’s interruption, hotel conversions have been a particularly key driver of room increase. With almost 18,000 conversion rooms added last year, Marriott’s conversions contributed for 27% of its 2021 room signings. The JW Marriott Hotel So Paulo in Brazil, The Brix, Autograph Collection in Trinidad & Tobago, The Serangoon House in Singapore, A Tribute Portfolio Hotel, and a Delta Hotels by Marriott City Center Doha in Qatar are among the scheduled conversion openings in 2022.
International expansion continues apace.
— Increased International Market Expansion
Marriott continues its rapid expansion into new international markets, having signed 256 agreements representing close to 51,000 rooms in international locations outside the U.S. and Canada in 2021. Last year, the company’s global expansion brought its brands to Antigua and Barbuda, Belize, Bermuda, Grenada, St. Lucia, and Turks & Caicos; and it plans to also make its entrance into Albania and Honduras in 2022.
—An Internationally Recognized Service
Marriott noted that further development of its well-known select-service brands would continue to be a major growth driver, particularly in foreign markets where its select brands are increasingly resonating with customers. Courtyard by Marriott, Fairfield by Marriott, Four Points by Sheraton, Aloft Hotels, and Moxy Hotels are among the company’s select-service brands. In 2021, it will open 107 select-service hotels in 29 countries, totaling 19,000 rooms.
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