Marriott International has announced its intentions to expand its portfolio in Turkey, with 10 new hotels set to open by the end of 2022. Company's portfolio in Turkey is also planned to consist of 43 hotels with approximately 7,000 rooms spread across eight markets. The group also announced two recent transaction signings under the Four Points by Sheraton brand, reinforcing its long-term emphasis on the market.
Growing demand on branded residences
Consumers seeking residential property in communities that offer a convenient lifestyle and an array of on-demand amenities and services, as well as developers seeking to differentiate and elevate their products with trusted brands, continue to show interest in the company's branded residential business in Turkey. Marriott International currently has three branded residential properties in Turkey, including the Le Méridien Residences, Bodrum and The Ritz-Carlton Residences, Bodrum, which were the company's first standalone branded residences in Europe, the Middle East, and Africa. The Ritz-Carlton Residences, Istanbul, and The Residences at the Sheraton Istanbul Esenyurt are also planned to open in 2022.
Select accommodations continue to grow strongly across the country
The firm is scheduled to debut its extended stay brand, Residence Inn by Marriott, with the planned inauguration of Residence Inn by Marriott Istanbul Atasehir later this year, to fulfill the demand for longer-stay hotels in the country. Modern, adaptable apartments with complete kitchens and separate living and sleeping spaces are suitable for visitors seeking the comforts of home, providing the perfect solution for travelers mixing business and leisure travel.
Owner desire for Marriott’s Premium brands
The company's well-known premium brands continue to be a key growth engine in the Turkish market. Following the recent inauguration of the Orientbank Hotel Istanbul, Autograph Collection, two additional Autograph Collection hotels are set to open in Istanbul in 2021 and 2022 : The Burdock, Autograph Collection and Orient Occident Hotel, Autograph Collection. Autograph Collection hotels celebrate originality while benefiting from Marriott International's size, allowing independent hoteliers to use the company's distribution, sales, and loyalty network while preserving their independent character.
Delta Hotels by Marriott, which provides guests with exactly what they need for a seamless travel experience, made its debut in the country in 2019 with the opening of Delta Hotels by Marriott Istanbul Halic. The brand is slated to open Delta Hotels by Marriott Istanbul Levent by the end of 2021.
Sheraton Hotels & Resorts remains a popular brand in Turkey, despite undergoing a much-anticipated design makeover. Sheraton Istanbul Esenyurt is expected to open next year, following the recent launches of Sheraton Istanbul City Center and Sheraton Istanbul Levent. The new Sheraton experience delivers services and design that promote sociability, productivity, and customization, drawing on its heritage as a community hub for locals and visitors. With the recent inauguration of the Izmir Marriott Hotel, the company's flagship brand continues to expand its portfolio in Turkey.
Growth in conversion opportunities
While a large majority of the company's previous growth in Turkey has come from new-build initiatives, conversion prospects have increased. The business has inked six conversion deals throughout the country in the last two years. Since then, Marriott International has launched five of the conversion transactions, including Sheraton Istanbul City Centre and Sheraton Istanbul Levent. There has also been a surge in interest in the adaptive re-use sector, as developers are trying to transform old structures into hotel rooms.
In the past three years, the company has also signed four adaptive re-use conversions in Turkey including JW Marriott Istanbul Bosphorus and The Burdock, Autograph Collection.