Ceremony marks milestone for Marriott's new affordable midscale extended stay brand in U.S. and Canada

BETHESDA, Md., Jan. 17, 2024 /PRNewswire/ -- Today, Marriott International, Inc. (NYSE: MAR) celebrated the groundbreaking of its inaugural StudioRes brand hotel, as Concord Hospitality began construction of its first property in Fort Myers, Florida. Announced in June 2023, the StudioRes brand is Marriott's new affordable midscale extended stay brand in the U.S. & Canada.

The StudioRes property in Fort Myers is projected to open in Spring 2025 and is being developed by Concord Hospitality with its long-time partner Whitman Peterson. Concord expects to develop around 50 StudioRes properties, spanning several dozen submarkets in major U.S. cities, with several more slated to break ground in the coming months.

Consistent with the company's approach to meeting the needs of guests with regionally relevant lodging products for every stay purpose, StudioRes seeks to deliver reasonably priced modern comfort for guests seeking longer stay accommodations in the U.S. & Canada. At 124 rooms and 54,000 square feet, the StudioRes prototype is expected to be Marriott's most affordable cost-per-key product to develop and build. Guests who are looking for an extended-stay option will have the comfort of fully furnished studio rooms complete with kitchen and queen beds. Public spaces will offer amenities such as daily coffee service, a fitness center, laundry room, vending area, communal table and covered patio.

"The groundbreaking of the first StudioRes hotel is a significant milestone for Marriott International, as we continue to work toward our goal of expanding offerings to meet the needs of guests for every stay purpose," said Marriott International Global Development Officer, U.S. & Canada Noah Silverman. "Taking a new build brand from announcement in June to groundbreaking in January is thrilling, and we're grateful for the longstanding relationship we have with Concord Hospitality and Whitman Peterson to bring the StudioRes vision to life."

Those who attended the groundbreaking ceremony included Marriott International President & CEO Tony Capuano and Group President, U.S. & Canada Liam Brown, along with other senior leaders from the company. They joined Concord Hospitality Co-Founder and CEO & President Mark Laport and Whitman Peterson Co-Founder and Partner Bob Whitman, and Partner Paul Novak to celebrate this significant moment in the development of the StudioRes brand.

"Concord Hospitality has enjoyed a longstanding, successful relationship with Marriott. It has been a collaboration of trust, quality, and strategic growth, which is why Marriott has welcomed Concord as an active advisor in the development and design standards of many of their current hotel prototypes," said Mark Laport, CEO & President, Concord Hospitality. "Today's groundbreaking on Marriott's first StudioRes property is yet another milestone achievement for us as Concord continues to remain a top-choice developer and operator for hotels in North America."

Over the company's nearly four decades, Concord Hospitality has developed and operated a number of Marriott hotels across North America, and currently operates nearly 80 properties within the company's portfolio, with its properties frequently receiving recognition for outstanding service and hospitality excellence.

About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,700 properties across more than 30 leading brands in 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

About Concord Hospitality
Concord Hospitality is an award-winning hotel development and management company that has grown over the past three decades to become the preferred partner of leading hotel brands such as Hilton, Marriott, and Hyatt. Concord Hospitality boasts a stellar reputation known for combining the experience of a big company with the high-touch service of an independent operation to every partner property. The company specializes in developing and managing full-service and select-service hotels across North America. As part of the company's continued growth, it recently launched Opus Collection by Concord, a lifestyle hotel management division for full-service properties. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at concordhotels.com.

About Whitman Peterson
Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised five institutional funds and has invested in the acquisition or development of more than 200 properties, in transactions with an aggregate capitalization of more than $25 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels across the country, as well as a broad-based, national development strategy in the economy extended stay (short-stay rental) segment. For more information, please visit www.whitmanpeterson.com.

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SOURCE Marriott International, Inc.