Marriott's Caribbean and Latin American business to increase in Brazil

Tim Sheldon, president of Caribbean and Latin America operations at Marriott International, on Tuesday announced an anticipated 75-percent increase in Marriott's Caribbean and Latin American distribution between 2015 and 2018; the expected increase includes a tripling of the company's presence in Brazil with the addition of at least 11 new hotels spread across the market.

"Brazil's economy, while it confronts structural and policy challenges, is still in the top eight largest economies in the world and has excellent long-term prospects," Sheldon said. "The lack of reliable domestic hotel product and services represents a large opportunity for our moderate-tier brands, which we have adapted to the tastes of the Brazilian travelers -- providing them both value and options."

Marriott has plans to invest approximately $400 million Brazilian Reais ($100 million USD) in Brazil to launch four of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott and AC by Marriott.

"In 2015, our company's theme in the region has been 'crossing new borders' as we open hotels in exiting developing markets like Haiti and Guyana," Sheldon said. "The large middle class throughout the region is eager to travel to new places and do business on the road. This, when combined with the strong performance and preference of our brands in the gateway markets, provides tremendous opportunity for Marriott's world class brands and service."

Marriott International Inc. is a global leading lodging company with more than 4,200 properties in 79 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. Founded by J. Willard and Alice Marriott and guided by Marriott family leadership for nearly 90 years, the company is headquartered in Bethesda, Maryland.