Marriott International has announced its vision for a transformed Sheraton Hotels and Resorts, with 25 per cent of Sheraton hotels worldwide having committed to renovations totalling an estimated US$500 million.
The company, which introduced its new Sheraton guestroom late last year, is showcasing its vision for Sheratonâ€™s public spaces at the NYU International Hospitality Industry Investment Conference in New York.
Sheraton is the third largest brand in the Marriott portfolio, and the largest outside of North America in terms of room count.
â€śFrom the moment we closed the Starwood merger in late 2016, the revitalisation of Sheraton has been a top priority for our company,â€ť said Arne Sorenson, president and CEO of Marriott International.
Reverting to its roots as the gathering place for locals and guests, Sheraton’s strategy will include collaborative venues, technology enabled designs, and a host who helps deliver an experience that is exclusive to Sheraton.
â€śWe wanted to build on Sheratonâ€™s legacy of sitting at the heart of communities across the globe, but also create a differentiated positioning and compelling proposition for our owners,” added Sorenson.
â€śThis is the first time in years that the brand has been above competitive benchmark in both rate and occupancy,â€ť said Tina Edmundson, global brand officer, Marriott International. â€śWe have improved brand standards, increased group bookings, and ramped up our business engine over the last year as a first step in a multi-phase, multi-year plan, leveraging our experience in revitalising lodging brands.â€ť
Since joining Marriott International as part of the acquisition of Starwood Hotels and Resorts in September 2016, Sheraton has exited 6,000 rooms with another 2,000 expected to depart by the end of the year. During the same period, 5,000 rooms have been signed to the portfolio.
According to Marriott, intent to recommend for the brand has already increased two points year-over-year and market share has grown for the first time in years.
Sheratonâ€™s portfolio currently consists of nearly 450 open hotels with 80 additional projects in the pipeline in 72 countries and territories. By 2020, the brandâ€™s footprint is expected to expand to 90 countries.