Prestige Group signs a six hotel deal with Marriott International
Milennial-focused Moxy brand to make debut in India’s southern province along with five other Marriot brands
Marriott International, Inc and Prestige Group, has signed an agreement to open six new hotels across India, expanding their hospitality footprint in India. As per the deal, India’s southern province is to get new hotels, constructed by Prestige Group, across the W, JW Marriott, Tribute Portfolio and Moxy brands, with nearly 1,000 rooms for each brand. Prestige Group plans to open the W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Moxy Chennai and Moxy Bengaluru, all of which are expected to open between 2021 and 2025.
Together with the Prestige Group, Marriott International had launched its 100th hotel in India last year with the opening of the Sheraton Grand Bengaluru Whitefield Hotel & Convention Center, and currently also manage the Aloft Bengaluru Cessna Business Park. Speaking on the latest deal, Rajeev Menon, President - Asia Pacific (excluding Greater China), Marriott International said, “We are continuously striving to expand our market reach, strengthen our growth and set new hospitality benchmarks. We are thrilled to be introducing Moxy, our 17th brand in South Asia with such an experienced and hotel developer like the Prestige Group. Marriott International is committed to deliver high standards of quality and service with our owners whom we share a very successful relationship with over the years. Prestige Group and Marriott International has built a strong relationship over the years, and we are confident that together we are poised to change the hospitality landscape in India.”
The hotel industry has been one of the primary businesses driving the economic growth of the country. Projected to be worth Rs 1,210.87 billion by 2023, the Indian hospitality sector today is witnessing an upward trend across mid-scale, upscale and luxury segments. Renewed interest in the sector from leading global investors and steady infrastructure development in metros as well as tier II and tier III cities are driving the demand. Similarly, industry-friendly government policies, including the GST reduction from 28 per cent to 18 per cent for premium and luxury hotels, reduction of corporate tax and UDAN, the regional airport development and Regional Connectivity Scheme (RCS) aimed at making air travel affordable and widespread, are paving the way for robust market demand.
Irfan Razack, Chairman & Managing Director, Prestige Group said, “ Prestige Group is excited about working together with Marriott to explore new opportunities in the ever-evolving industry. Given the improving economic environment and positive market sentiment, there couldn’t be a better time to tap into the tremendous growth opportunities that the Indian hospitality industry has to offer. With this signing, the Prestige Group is poised to become one of the largest hospitality players in India.”
Set to debut in India, the ‘Moxy’ brand targets next-gen millennial travelers with its fun and playful service, buzzing social spaces, and stylish, tech-forward guest rooms. With expected to open in 2025, W Bengaluru will continue to deliver its signature brand promise of Whatever/Whenever and break the norms of ‘traditional’ luxury with its eclectic offerings.
Inspired by the principles of mindfulness and featuring touchpoints of the JW Marriott’s intentional and reflective focus, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, expected to be open by 2022, will be a luxury haven for the sophisticated and mindful traveler. Tribute Portfolio Resort Bengaluru and Tribute Portfolio Hotel Kochi Maradu are expected to open by 2021 and 2022, respectively. These Tribute Portfolio hotels represent independent, boutique hotels offering travelers a unique blend of character-driven charm, sense of community and captivating design.