Marriott's Next New Midscale Brand
Skift Take
- Marriott International, Sonesta International Hotel Corporation, and Pyramid Global Hospitality, announced plans for expansion and introduced new brands in different locations, including Latin America, Canada, and several U.S. states.
- Accor highlighted the progress of its branded residences business, with numerous projects under development worldwide, including Dubai, Australia, and South Korea.
- The Plasencia Group facilitated the sale of The Westin Tampa Bay, and Dan Hansen returned from retirement to lead Hyatt's new mid-market extended-stay brand, Hyatt Studios, with a significant development pipeline.
The DJIA fell 200 points while Nasdaq was down 11, the S&P 500 fell 9 points and the 10-year treasury yield was nearly flat at 3.69%. Lodging stocks were lower despite what seemed like optimism from the NYU show. SOND was down -10% and SHCO was down -6% to top the big movers.
Marriott International, Inc. plans to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America. Marriott’s new brand, now more formally announced, has not been named yet but is currently being referred to as Project MidX Studios. The affordable midscale extended stay brand is intended to deliver reasonably priced modern comfort for guests seeking to stay 20+ nights or more in the U.S. & Canada and will cost about $80 a night. Project MidX Studios, expected to be Marriott’s most affordable cost-per-room project in the U.S. & Canada, is
