Initiative Designed to Increase Hotel Development and Ownership Among Historically Underrepresented Groups
As part of Marriott International's (Nasdaq: MAR) ongoing commitment to diversity, equity and inclusion, the company today announced that the first 19 projects receiving financial support and other incentives through "Marriott's Bridging the Gap" program will include the company's Aloft Hotels, Autograph Collection, Fairfield Inn & Suites, Residence Inn, SpringHill Suites, TownePlace Suites and Tribute Portfolio brands. The program, announced in 2022 with a $50 million initial investment from Marriott, aims to build a more diverse Marriott owner and franchisee community by addressing barriers to entry in hotel ownership among historically underrepresented groups including Black, Hispanic/Latino, Native American/First Nation and Women owners. In addition to providing access to valuable capital, Marriott is utilizing its extensive relationships with seasoned hotel developers, operators and lenders to assist and support eligible owners' hotel projects.
"We see hotel ownership as a powerful economic generator – creating good jobs and revenue in the community and an on-ramp to prosperity and inter-generational wealth for hotel owners. Today's announcement is all about creating opportunity – and as the name of this program suggests – bridging the gap to hotel ownership that too often exists for underrepresented groups," said Anthony Capuano, President and Chief Executive Officer, Marriott International. "I want to congratulate all of these future hotel owners and thank them for working with us to realize their dreams and ours."
Said Arzu Molubhoy, Managing Partner, Alpha 3 Hotels, whose company is developing a Residence Inn in Texas under the program, "Marriott's Bridging the Gap has been the most beneficial by opening doors. It has given opportunities that you dream of, and you hope that one day comes to fruition."
In total, development projects under Marriott's Bridging the Gap program are expected to reach $1 billion in total asset value for their ownership groups within three years. To qualify for the program, development projects may be new-build, relicenses or conversion projects in the U.S. and Canada under one of the company's 30 brands.
"These 19 projects not only demonstrate progress in Marriott's goal to diversify its ownership community but also growing momentum in expanding hotel ownership opportunities among historically underrepresented groups well into the future," said Noah Silverman, Global Development Officer, U.S. and Canada, Marriott International.
For more information about Marriott's Bridging the Gap, please visit Marriott Development.