Latest news with #LeenyOberg
Hospitality Net
3 days ago
- Business
- Hospitality Net
Marriott Opens First-Ever StudioRes Branded Hotel in Fort Myers, Florida
Today, Marriott International, Inc. (Nasdaq: MAR), announced the landmark opening of StudioRes Fort Myers, the first-ever StudioRes hotel and the company's debut in the midscale extended stay segment. The all-studios hotel is now accepting reservations for stays, almost two years to the day since Marriott unveiled the concept. A newly created brand within the Marriott Bonvoy portfolio, StudioRes was thoughtfully designed to cater to a wide variety of travelers, including those on long-term work trips and assignments, construction projects, relocations, and more. StudioRes marks Marriott's strategic entry into the dynamic midscale extended stay market, and Marriott anticipates strong growth for StudioRes in the coming years, with over 40 properties across the U.S. and Canada anticipated to open by the end of 2027. With a pioneering, fast-to-market construction prototype, StudioRes offers owners and developers a compelling turnkey opportunity with a bundled fee model, and is expected to become Marriott's most affordable cost-per-key product to develop and build. "Since unveiling StudioRes only two years ago, we have been thrilled by the reception among owners and franchisees, and we are proud to celebrate this milestone with Concord Hospitality and Whitman Peterson," said Marriott International Chief Financial Officer and EVP, Development Leeny Oberg. "We designed StudioRes to provide terrific value for customers with an innovative room design and highly efficient operating model for long-term stays. The fast adoption of the brand also demonstrates the power of the Marriott Bonvoy ecosystem and the importance of our strong developer relationships, while underscoring our continued commitment to providing lodging options for every traveler, price point and trip purpose." Consistent with the brand's approach to long-term stays with modern comfort, StudioRes Fort Myers offers a smart extended stay experience for independent travelers seeking comfort, routine, and flexibility. This 124-key property offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop, microwave, and full-sized refrigerator. Guests can also enjoy communal spaces, outdoor patios, and fitness centers. Convenient food and beverage vending, fast Wi-Fi, streaming access, and casual workspaces also allow guests to stay connected throughout their stay. A short drive to the Southwest Florida International Airport and the area's top attractions, StudioRes Fort Myers invites hotel guests to enjoy Fort Myers and the historic surrounding areas, including Sanibel and Captiva Island, nature and wildlife at Manatee Park, Lakes Park and The Caloosahatchee River, as well as nearby dining, shopping and family activities. Available for booking, nightly rates at StudioRes Fort Myers are expected to be around $100 per night. Marriott celebrates this opening with developer Concord Hospitality and their long-time partner Whitman Peterson. Concord currently operates nearly 80 properties within the Marriott Bonvoy portfolio and expects to develop 40+ StudioRes properties, spanning several dozen submarkets in major U.S. cities. "Concord Hospitality's longstanding relationship with Marriott has been defined by strategic alignment, mutual trust and a shared commitment to quality," said Mark Laport, CEO & President of Concord Hospitality. "Our role in supporting the shaping of Marriott's next-generation hotel prototypes speaks to the strength of that relationship. The grand opening of the first-ever StudioRes property is a significant milestone—not only for Marriott, but for Concord as we continue to lead in developing high-performing, scalable hospitality assets that meet the evolving needs of today's extended-stay traveler and deliver long-term value for our investment partners." "We are proud to have collaborated with Marriott in the development of its newest brand and in bringing the very first StudioRes to life," said Paul Novak, Partner at Whitman Peterson. "The opening of StudioRes Fort Myers marks my fourth inaugural Marriott brand opening—following Courtyard by Marriott, Fairfield Inn by Marriott, and the first U.S. Aloft Hotel—and it's a privilege to continue that legacy. Whitman Peterson is very confident in StudioRes' high-growth potential, with several others in our pipeline." Hotel website
Hospitality Net
3 days ago
- Business
- Hospitality Net
Marriott International, Concord Hospitality and Whitman Peterson Officially Open Doors of First-Ever StudioRes Hotel in Fort Myers, Florida
Today, Marriott International, Inc. (Nasdaq: MAR), announced the landmark opening of StudioRes Fort Myers, the first-ever StudioRes hotel and the company's debut in the midscale extended stay segment. The all-studios hotel is now accepting reservations for stays, almost two years to the day since Marriott unveiled the concept. A newly created brand within the Marriott Bonvoy portfolio, StudioRes was thoughtfully designed to cater to a wide variety of travelers, including those on long-term work trips and assignments, construction projects, relocations, and more. StudioRes marks Marriott's strategic entry into the dynamic midscale extended stay market, and Marriott anticipates strong growth for StudioRes in the coming years, with over 40 properties across the U.S. and Canada anticipated to open by the end of 2027. With a pioneering, fast-to-market construction prototype, StudioRes offers owners and developers a compelling turnkey opportunity with a bundled fee model, and is expected to become Marriott's most affordable cost-per-key product to develop and build. Since unveiling StudioRes only two years ago, we have been thrilled by the reception among owners and franchisees, and we are proud to celebrate this milestone with Concord Hospitality and Whitman Peterson, said Marriott International Chief Financial Officer and EVP, Development Leeny Oberg. We designed StudioRes to provide terrific value for customers with an innovative room design and highly efficient operating model for long-term stays. The fast adoption of the brand also demonstrates the power of the Marriott Bonvoy ecosystem and the importance of our strong developer relationships, while underscoring our continued commitment to providing lodging options for every traveler, price point and trip purpose. Consistent with the brand's approach to long-term stays with modern comfort, StudioRes Fort Myers offers a smart extended stay experience for independent travelers seeking comfort, routine, and flexibility. This 124-key property offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop, microwave, and full-sized refrigerator. Guests can also enjoy communal spaces, outdoor patios, and fitness centers. Convenient food and beverage vending, fast Wi-Fi, streaming access, and casual workspaces also allow guests to stay connected throughout their stay. A short drive to the Southwest Florida International Airport and the area's top attractions, StudioRes Fort Myers invites hotel guests to enjoy Fort Myers and the historic surrounding areas, including Sanibel and Captiva Island, nature and wildlife at Manatee Park, Lakes Park and The Caloosahatchee River, as well as nearby dining, shopping and family activities. Available for booking, nightly rates at StudioRes Fort Myers are expected to be around $100 per night. Marriott celebrates this opening with developer Concord Hospitality and their long-time partner Whitman Peterson. Concord currently operates nearly 80 properties within the Marriott Bonvoy portfolio and expects to develop 40+ StudioRes properties, spanning several dozen submarkets in major U.S. cities. Concord Hospitality's longstanding relationship with Marriott has been defined by strategic alignment, mutual trust and a shared commitment to quality, said Mark Laport, CEO & President of Concord Hospitality. Our role in supporting the shaping of Marriott's next-generation hotel prototypes speaks to the strength of that relationship. The grand opening of the first-ever StudioRes property is a significant milestone—not only for Marriott, but for Concord as we continue to lead in developing high-performing, scalable hospitality assets that meet the evolving needs of today's extended-stay traveler and deliver long-term value for our investment partners. We are proud to have collaborated with Marriott in the development of its newest brand and in bringing the very first StudioRes to life, said Paul Novak, Partner at Whitman Peterson. The opening of StudioRes Fort Myers marks my fourth inaugural Marriott brand opening—following Courtyard by Marriott, Fairfield Inn by Marriott, and the first U.S. Aloft Hotel—and it's a privilege to continue that legacy. Whitman Peterson is very confident in StudioRes' high-growth potential, with several others in our pipeline. StudioRes properties will participate in Marriott Bonvoy®, Marriott International's award-winning travel program - allowing members to earn and redeem points for their stay across Marriott Bonvoy's extraordinary portfolio of brands. Note on forward-looking statements This press release contains 'forward-looking statements' within the meaning of United States federal securities laws, including statements related to expected future hotel openings and portfolio growth; brand debuts in certain markets; expectations regarding the StudioRes brand operating model and development costs; expected daily rates; development plans and opportunities; 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 identify 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 these statements, whether as a result of new information, future events or otherwise. About StudioRes StudioRes is Marriott's newest affordable midscale extended stay brand, meticulously designed to provide reasonably priced, modern comfort for guests in the U.S. and Canada. Opening in 2025, StudioRes is specifically tailored for travelers in search of affordable, flexible accommodations for extended stays, including those of 20 nights or more. Primarily a new build offering, StudioRes offers consistent environments that enable guests to accomplish their goals while away from home for extended periods of time. StudioRes is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit To learn more about StudioRes, visit us online. About Marriott International Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at and for the latest company news, visit In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at or Marriott's news center website at which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. About Concord Hospitality Concord Hospitality is an award-winning hotel development and management company that has grown over the past three decades to become the preferred partner of leading hotel brands such as Marriott, Hilton, and Hyatt. Concord Hospitality boasts a stellar reputation known for combining the experience of a big company with the high-touch service of an independent operation to every partner property. The company specializes in developing and managing full-service and select-service hotels across North America. As part of the company's continued growth, it recently launched Opus Collection by Concord, a lifestyle hotel management division for full-service properties. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at About Whitman Peterson Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised five institutional funds and has invested in the acquisition or development of more than 300 properties, in transactions with an aggregate capitalization of more than $35 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels across the country, as well as a broad-based, national development strategy in the economy extended stay (short-stay rental) segment. For more information, please visit
Yahoo
4 days ago
- Business
- Yahoo
Marriott International, Concord Hospitality and Whitman Peterson Officially Open Doors of First-Ever StudioRes Hotel in Fort Myers, Florida
Two years after Marriott International revealed the concept, this milestone marks the midscale extended stay brand's official debut, with over 40 more anticipated to open by the end of 2027. BETHESDA, Md., June 2, 2025 /PRNewswire/ -- Today, Marriott International, Inc. (Nasdaq: MAR), announced the landmark opening of StudioRes Fort Myers, the first-ever StudioRes hotel and the company's debut in the midscale extended stay segment. The all-studios hotel is now accepting reservations for stays, almost two years to the day since Marriott unveiled the concept. A newly created brand within the Marriott Bonvoy portfolio, StudioRes was thoughtfully designed to cater to a wide variety of travelers, including those on long-term work trips and assignments, construction projects, relocations, and more. StudioRes marks Marriott's strategic entry into the dynamic midscale extended stay market, and Marriott anticipates strong growth for StudioRes in the coming years, with over 40 properties across the U.S. and Canada anticipated to open by the end of 2027. With a pioneering, fast-to-market construction prototype, StudioRes offers owners and developers a compelling turnkey opportunity with a bundled fee model and is expected to become Marriott's most affordable cost-per-key product to develop and build. "Since unveiling StudioRes only two years ago, we have been thrilled by the reception among owners and franchisees, and we are proud to celebrate this milestone with Concord Hospitality and Whitman Peterson," said Marriott International Chief Financial Officer and EVP, Development Leeny Oberg. "We designed StudioRes to provide terrific value for customers with an innovative room design and highly efficient operating model for long-term stays. The fast adoption of the brand also demonstrates the power of the Marriott Bonvoy ecosystem and the importance of our strong developer relationships, while underscoring our continued commitment to providing lodging options for every traveler, price point and trip purpose." Consistent with the brand's approach to long-term stays with modern comfort, StudioRes Fort Myers offers a smart extended stay experience for independent travelers seeking comfort, routine, and flexibility. This 124-key property offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop, microwave, and full-sized refrigerator. Guests can also enjoy communal spaces, outdoor patios, and fitness centers. Convenient food and beverage vending, fast Wi-Fi, streaming access, and casual workspaces also allow guests to stay connected throughout their stay. A short drive to the Southwest Florida International Airport and the area's top attractions, StudioRes Fort Myers invites hotel guests to enjoy Fort Myers and the historic surrounding areas, including Sanibel and Captiva Island, nature and wildlife at Manatee Park, Lakes Park and The Caloosahatchee River, as well as nearby dining, shopping and family activities. Available for booking, nightly rates at StudioRes Fort Myers are expected to be around $100 per night. Marriott celebrates this opening with developer Concord Hospitality and their long-time partner Whitman Peterson. Concord currently operates nearly 80 properties within the Marriott Bonvoy portfolio and expects to develop 40+ StudioRes properties, spanning several dozen submarkets in major U.S. cities. "Concord Hospitality's longstanding relationship with Marriott has been defined by strategic alignment, mutual trust and a shared commitment to quality," said Mark Laport, CEO & President of Concord Hospitality. "Our role in supporting the shaping of Marriott's next-generation hotel prototypes speaks to the strength of that relationship. The grand opening of the first-ever StudioRes property is a significant milestone—not only for Marriott, but for Concord as we continue to lead in developing high-performing, scalable hospitality assets that meet the evolving needs of today's extended-stay traveler and deliver long-term value for our investment partners." "We are proud to have collaborated with Marriott in the development of its newest brand and in bringing the very first StudioRes to life," said Paul Novak, Partner at Whitman Peterson. "The opening of StudioRes Fort Myers marks my fourth inaugural Marriott brand opening—following Courtyard by Marriott, Fairfield Inn by Marriott, and the first U.S. Aloft Hotel—and it's a privilege to continue that legacy. Whitman Peterson is very confident in StudioRes' high-growth potential, with several others in our pipeline." StudioRes properties will participate in Marriott Bonvoy®, Marriott International's award-winning travel program - allowing members to earn and redeem points for their stay across Marriott Bonvoy's extraordinary portfolio of brands. NOTE ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" within the meaning of United States federal securities laws, including statements related to expected future hotel openings and portfolio growth; brand debuts in certain markets; expectations regarding the StudioRes brand operating model and development costs; expected daily rates; development plans and opportunities; 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 identify 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 these statements, whether as a result of new information, future events or otherwise. ABOUT STUDIORESStudioRes is Marriott's newest affordable midscale extended stay brand, meticulously designed to provide reasonably priced, modern comfort for guests in the U.S. and Canada. Opening in 2025, StudioRes is specifically tailored for travelers in search of affordable, flexible accommodations for extended stays, including those of 20 nights or more. Primarily a new build offering, StudioRes offers consistent environments that enable guests to accomplish their goals while away from home for extended periods of time. StudioRes is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit To learn more about StudioRes, visit us online. ABOUT MARRIOTT INTERNATIONAL Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at and for the latest company news, visit In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at or Marriott's news center website at which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. ABOUT CONCORD HOSPITALITY Concord Hospitality is an award-winning hotel development and management company that has grown over the past three decades to become the preferred partner of leading hotel brands such as Marriott, Hilton, and Hyatt. Concord Hospitality boasts a stellar reputation known for combining the experience of a big company with the high-touch service of an independent operation to every partner property. The company specializes in developing and managing full-service and select-service hotels across North America. As part of the company's continued growth, it recently launched Opus Collection by Concord, a lifestyle hotel management division for full-service properties. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at ABOUT WHITMAN PETERSON Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised five institutional funds and has invested in the acquisition or development of more than 300 properties, in transactions with an aggregate capitalization of more than $35 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels across the country, as well as a broad-based, national development strategy in the economy extended stay (short-stay rental) segment. For more information, please visit View original content to download multimedia: SOURCE Marriott International, Inc. 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Epoch Times
07-05-2025
- Business
- Epoch Times
Marriott Lowers US Outlook Amid Economic Uncertainty, Sees Strong Global Demand
Marriott International lowered its 2025 outlook for global hotel revenue growth after seeing weaker-than-expected demand in the United States and Canada in March—though growth internationally outperformed expectations. Executives said the revision reflects uncertainty around economic conditions and ongoing trade policy developments that affected traveler behavior in the first quarter. The company now expects global revenue per available room (RevPAR)—a key industry metric that multiplies a hotel's occupancy rate by its average daily rate—to grow between 1.5 and 3.5 percent this year, down from its prior range of 2 to 4 percent. Leaders emphasized that strong demand continued across most international markets and that the revision was driven by more conservative assumptions for the United States and Canada. 'Despite uncertainty about the macro-economic outlook, we are confident that the power of our industry-leading global portfolio, the strength of our Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and resilient asset-light business model, position us very well for sustainable, long-term growth,' president and CEO Anthony Capuano said in an earnings release. Executives said demand in January and February exceeded expectations, but that March saw a decline in government-related room nights in the United States and softening in select-service and extended-stay properties. 'Demand in the U.S. did soften in March, primarily due to a 10 percent year-over-year decline in U.S. government RevPAR,' CFO Leeny Oberg said on the company's earnings call on May 6. The government segment accounted for about four percent of United States and Canada room nights in 2024 at an average daily rate 21 percent lower than the regional average, according to Oberg. She said other areas of weakness included lower transient demand and slower growth from U.S. select-service hotels. Company leaders said March may have been affected by temporary disruptions, citing news of 'government layoffs' and 'tariff announcements' as possible contributing factors but added that preliminary April figures show sequential improvement when adjusted for Easter timing. Group bookings remained a bright spot. As of the end of March, Marriott said group room nights for 2025 were pacing up six percent over the prior year, and are expected to be up seven percent for 2026. International markets also outperformed, with particularly strong growth in Asia Pacific and key regions like India and Japan. Room revenue grew double digits in both countries, and performance across Europe and the Middle East also exceeded expectations. In Greater China, Marriott saw a two percent RevPAR decline, which executives said was impacted by a weaker macro environment and tougher comparisons to the year before. Still, the results came in ahead of expectations, supported by steady domestic travel. Marriott said it continues to have limited visibility into the second half of the year due to a short average booking window of around three weeks.
Yahoo
06-05-2025
- Business
- Yahoo
Marriott's Declining US Government Demand Leading to 'Softer' Growth
Al Drago / Bloomberg via Getty Images Key Takeaways Marriott International CFO Leeny Oberg said on the hotel chain's first-quarter earnings call Tuesday that the company expects a "continuation of declines" in U.S. government bookings. Marriott lowered its full-year worldwide revenue per available room, or RevPAR, growth forecast to a range of 1.5% to 3.5% from the prior 2% to 4%. Rivals Hyatt Hotels and Hilton Worldwide Holdings also lowered their full-year RevPAR growth forecasts in recent days. Marriott International (MAR) CFO Leeny Oberg said on the hotel chain's first-quarter earnings call Tuesday that the company expects a "continuation of declines" in U.S. government bookings. Marriott on Tuesday reported first-quarter adjusted earnings per share of $2.32 on revenue of $6.26 billion. Analysts polled by Visible Alpha expected $2.25 and $6.22 billion, respectively. It also posted comparable systemwide revenue per available room, or RevPAR, growth of 4.1% worldwide, above the consensus projection of 3.0%. However, Marriott lowered its full-year worldwide RevPAR growth forecast to a range of 1.5% to 3.5% from the prior 2% to 4%. The new outlook "incorporates somewhat softer expectations in the U.S. & Canada region," Marriott said. 'Continuation of Declines in US Government Demand' On Marriott's earnings call with analysts, Oberg said the lowered RevPAR growth forecast "is primarily due to an expected continuation of declines in U.S. government demand," according to a transcript provided by AlphaSense. In 2024, Oberg said, "the U.S. Government segment contributed around 4% of the U.S. and Canada region's room nights," and March brought "a 10% year-over-year decline in US government RevPAR" amid broad federal layoffs. Rivals Hyatt Hotels (H) and Hilton Worldwide Holdings (HLT) also lowered their full-year RevPAR growth forecasts in recent days. Marriott shares were up 1.6% in recent trading but are down about 10% for the year. Read the original article on Investopedia
