The head of Marriott International’s Caribbean and Latin America operations said the company plans to expand its footprint in the region by as much as 75% in the next three years.
It plans to open 60 new hotels by 2018 including a major expansion in Brazil with 11 new hotels.
"We did extensive research in Brazil to understand what the market opportunities were and that’s why you see us building three-star and four-star hotels," said Tim Sheldon, Marriott’s president for Latin America and the Caribbean.
Marriott is betting Brazil’s high inflation and unemployment will end soon and will invest 400 million reais ($104 million) by 2018 to increase its portfolio in Brazil to 17 from the current six.
Four of the hotels are planned for Rio de Janeiro and slated to open ahead of the 2016 Olympics.
"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," said Sheldon.
"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. The large middle class throughout the region is eager to travel to new places and do business on the road," added Sheldon.
The company has opened eight hotels in the region this year with another nine openings expected before the year-end.
It expects to reach 100 hotels open in the region next month when the JW Marriott Puerto Los Cabos in Mexico opens for business.
