Marriott Corp. says it will spend $1 billion over the next five years to expand its Residence Inn by Marriott hotel line.
The company plans to have 300 Residence Inn by Marriott properties open by the early 1990s. Growth is targeted nationwide, with primary emphasis in the Northeast, Midwest and West Coast markets. Currently, there are 123 Residence Inn hotels.Residence Inn by Marriott hotels offer moderately priced, all-suite accommodations geared to the extended-stay customer, a growing segment that has different lodging needs than the typical business traveler. This market makes up over 50 percent of the business at Residence Inn hotels, where the average length of stay is more than 10 nights.
"The extended stay traveler who is on the road much of the time is looking for a place that looks and feels like home," explained David H. Rolston, executive vice president and general manager of Residence Inn by Marriott Inc. "This means having a private entrance, having separate living and sleeping areas, and having a kitchen that's large enough to cook in."
Residence Inn by Marriott Inc. is a subsidiary of Marriott Corp. purchased by Marriott in 1987.