Following its recent foray into the sector with City Express by Marriott in Latin America, luxury hotel Marriott International says it plans to further expand in the affordable midscale lodging segment in conjunction with the 2023 NYU International Hospitality Industry Investment Conference.
In a press statement, Marriott made official its plans to develop a new brand currently known as Project MidX Studios, in keeping with the company’s strategy of providing visitors with locally relevant lodging options for every stay purpose. The affordable midscale extended stay brand aims to provide guests looking for longer stay accommodations in the United States and Canada with competitively priced modern comfort.
“Marriott has long believed in having the right accommodations in compelling destinations at the right price point. Whether our guests are traveling for business, leisure or a mix of both, our portfolio of 31 brands offers something for everyone. As consumers look for new, flexible accommodation solutions, we are thrilled to announce our plans to launch an affordable midscale extended stay offering to meet the needs of guests seeking long-term comforts at a moderate price point,” says Marriott International President and CEO Anthony Capuano.
The company says that its Project MidX Studios reflects the company’s rich experience and lessons learned from its guests, owners, and franchisees as the industry leader in extended stay lodging with brands like Residence Inn by Marriott, Element by Westin, TownePlace Suites by Marriott, Marriott Executive Apartments, and most recently, Apartments by Marriott Bonvoy. The statement adds that this feedback has been employed by Marriott to develop a brand that offers excellent guest experiences while lowering construction and operating expenses for franchisees and owners, adds the statement.
“Based on everything we’ve seen and heard, our team is excited about Marriott’s entry into the affordable midscale segment, where Concord has been engaged for many years. In collaboration with Whitman Peterson, we expect to break ground on three Project MidX Studios this year, with anticipated openings in late 2024 or early 2025. Marriott’s
track record in extended stay and strong owner value proposition are compelling and driving our interest in growing this brand within our portfolio,” says Mark Laport, President and Chief Executive Officer, Concord Hospitality.
“With Project MidX Studios, we are focussed on enhancing the breadth of our portfolio through the creation of a product specially designed for the affordable midscale extended stay tier—from the physical product to the operating model. The team created Project MidX Studios to reach both new customers and new markets. We are excited to join forces with Concord Hospitality and Whitman Peterson on our first three projects and are in discussions with owners for more than 250 new development opportunities under this brand,” says Leeny Oberg, Chief Financial Officer and Executive Vice President, Development for Marriott International.