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Share Name | Share Symbol | Market | Type |
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Marriott International Inc | NASDAQ:MAR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-5.69 | -1.97% | 283.75 | 276.00 | 284.00 | 291.25 | 277.53 | 289.50 | 1,861,455 | 01:00:00 |
Company Signs Founding Deals with Two Key Players in the Outdoor Segment to Enhance Experiential Travel Offerings, with Plans to Launch an Outdoor-Focused Collection in 2025
BETHESDA, Md., Dec. 12, 2024 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announces the expansion of its outdoor-focused lodging offerings through two founding deals with key players in the outdoor lodging segment. The deals include the acquisition of the Postcard Cabins brand, formerly known as Getaway Outposts, and the execution of a long-term agreement with Trailborn.
With these outdoor-focused deals, Marriott aims to offer guests and Marriott Bonvoy members more choice in traditional and alternative accommodations in nature-forward destinations, where consumers have shown growing interest in being immersed in nature without sacrificing comfort. Underscoring Marriott's focus on the outdoor lodging segment, the company plans to launch an outdoor-focused collection in 2025, anchored by these founding deals.
"Marriott has long been committed to offering incredible travel experiences for every trip purpose. As guests are increasingly interested in nature-immersive travel, we are excited to build on the incredible breadth of our portfolio and welcome the Postcard Cabins and Trailborn portfolios to Marriott Bonvoy as we deliver more accommodations and experiences in awe-inspiring destinations," said Leeny Oberg, Chief Financial Officer and Executive Vice President, Development, Marriott International. "Whether you're looking for bespoke lodging near natural wonders, an elevated camping experience, or off the beaten path excursions in nature, our planned outdoor-focused collection is expected to offer a broad array of options for seasoned adventurers and first-time explorers."
Immersive Lodging for Outdoor Adventures
The Postcard Cabins and Trailborn portfolios are set to enhance Marriott Bonvoy's already robust portfolio of exciting destinations across the globe with the addition of alternative accommodations such as tiny homes and cabins in natural destinations and unique lodging near outdoor wonders like national parks, deserts, ski areas and shorelines.
"In joining Marriott, we're excited to bring the Postcard Cabins experience to a global audience seeking exactly what we offer—a place to slow down, disconnect from the everyday and invest in the relationships that matter most. What started a decade ago with a small group of believers in the power of spending free time in nature, has grown into a national movement, which we expect will only gather steam with Marriott's expansive reach," said Jon Staff, Founder and CEO of Postcard Cabins.
"We are thrilled to announce Trailborn's agreement with Marriott, enhancing and underscoring our mission to provide travelers with exceptional access to the country's most extraordinary outdoor destinations, deliver experiences guests love, and maintain the unique character of Trailborn's independent spirit," said Mike Weiss and Ben Weinberg, Co-Founders and Co-CEOs of Trailborn. "Trailborn is excited to work alongside Marriott to provide guests with the perfect blend of comfort and adventure in stunning outdoor settings."
Exciting Development Opportunities for Franchisees and Owners
With a focus on upscale and upper-upscale accommodations in nature-forward destinations, Marriott's anticipated outdoor-focused collection is expected to be conversion friendly, providing exciting opportunities for franchisees, owners and developers looking to affiliate their outdoor-focused properties with Marriott's powerful portfolio and Marriott Bonvoy, with over 219 million members.
The terms of the transactions are not being disclosed.
To learn about development opportunities, please contact us here.
NOTE ON FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of federal securities laws, including statements related to the company's expectations and plans related to new brands, offerings and growth opportunities; expected transaction benefits; the anticipated integration of Postcard Cabins and Trailborn into the company's platforms; demand trends and expectations; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ABOUT MARRIOTT INTERNATIONAL, INC.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-explores-the-outdoors-with-postcard-cabins-and-trailborn-302330128.html
SOURCE Marriott International, Inc.
Copyright 2024 PR Newswire
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