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Hotel and resort giant Marriott International (NASDAQ:MAR) announced its expansion into apartment-style accommodations with the launch of Apartments by Marriott Bonvoy.
The company said it is starting the business due to growing consumer interest in finding more space for stays for work and leisure travel.
The hotel operator said it is building upon its 26 years of experience with Marriott Executive Apartments, its serviced-apartment brand in Asia, Europe, the Middle East, Africa, and Latin America. With the introduction of Apartments by Marriott Bonvoy, MAR expects it will enhance portfolio growth globally and bring the serviced-apartment concept to Marriott guests in the U.S. and Canada.
Apartments by Marriott Bonvoy will be aimed at the upper-upscale and luxury segments. The units offered will feature a separate living room and bedroom, full kitchen, and in-unit washer and dryer, but will be differentiated from Marriott's existing extended-stay brands by not providing certain traditional hotel services such as food and beverage, meeting spaces, and retail.
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