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Marriott Searches for New Opportunities in China
Marriott has announced a very interesting strategy concerning its development in China. The company searches for new opportunities and new investors in this country. The internationally famous hotelier calls China its second most important market after North America. Currently it represents approximately 5% of total fees. By the end of 2014 Marriott plans to have as many as 100 hotels in China. This means that the company will open approximately 1 hotel each month over the next three years.
Marriott, which is known as one of the largest hotel companies of the world, is close to open its 4000th hotel. The company has hotels working under 14 brands in 90 countries of the world. The company currently has 115,000 hotel rooms in pipeline and is to open from 90,000 to 105,000 new guestrooms until 2014.
In order to increase its popularity in China, Marriott announced its “Li Yu” welcome program. The word “Li Yu” means “Serve with Courtesy” in Mandarin. This new program features new customized services and amenities developed specially for Chinese travellers. Together with this news Marriott opened the 319-guestroom Guangzhou Marriott Hotel Tianhe.
Marriott also made a meeting with potential investors who are able to help the company to reach its goals. In 2012 – 2014 the hotelier plans to reach the growth of RevPAR of 608% globally. This means that shareholders’ earnings in 2014 may estimate US$2.45 – 2.85 per share. Total revenues of the hotelier may estimate between US$1.8 billion to US$1.9 billion in 2014. Investment spending of Marriott may reach US$2.6 - $2.8 billion for 2012-2014.
Ambitious plans of Marriott in China will create more than 30,000 new jobs for the country. Currently Marriott’s staff in China is 1 million of Chinese employees. The hotelier also has 38 million of members in its loyalty program.
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