Marriott International still plans to increase its number of locations in Brazil nearly threefold by 2018.
Vice president of development Guilherme Cesari said that he believes these economic issues are short term. Cesari noted that Brazil still has a strong domestic market, not only with international travellers, but also with many local business and other professionals travelling nationally and needing professional-level hotels.
He also noted that Brazil has more than 15 cities with more than 1 million residents, which he calls gateway cities with a strong and growing middle class and domestic market.
Marriott’s first hotel in Latin America was in Mexico in 1990, and over the next 20 years Marriott added 50 hotels in the region. However, from there, development exploded, and that number doubled in the next five years from 50 to 100. Now Marriott says it will add another 60 in the region over the next three years.
Those 60 hotels are spread throughout the Latin American region, but Brazil seems to be the country with the biggest increase. The company now has six locations in Brazil, with 11 more in the pipeline to open by 2018.
Source Motley Fool