Marriott announced a three-year plan Monday to open more than 1,700 hotels around the world and return up to $11 billion to shareholders. It also plans to make a full-year profit of as much as $8.50 per share by 2021. Marriott already has 6,900 hotels worldwide.
Marriott, which owns the Ritz-Carlton and St. Regis luxury hotel brands, said it would add between 275,000 and 295,000 rooms over three years, which includes roughly 214,000 rooms that are already under construction. Marriott did not reveal under which brands those new hotels will be added. It missed its goal of adding 285,000 to 300,000 gross rooms from 2017 to 2019. Marriott only added 245,000 gross rooms during that period.
All three brands, that include 30 total chains, are now under the same rewards program called Marriott Bonvoy. The new unified program reportedly has reached 125 million members as of year-end 2018 adding roughly 50,000 members per day.