New Age, New Savings: Marriott CEO Reveals the Secret to Budget-Friendly Travel
Marriott introduces mid-range, long-stay lodging option for budget-conscious travelers
Get the inside scoop from Marriott International CEO Anthony Capuano as he chats with Liz Claman about the increasing demand for economical vacations.
During a lively conversation on "The Claman Countdown," Capuano revealed that travelers with lower household incomes are still eager to explore the world, but they're looking for a more budget-friendly experience. Marriott's data from their credit card relationships confirmed this trend.
In response, Marriott has been making strategic moves to cater to cost-conscious customers, with a strong focus on the mid-scale market. Capuano stated that the company has aggressively entered this segment over the last two years, starting with the acquisition of the City Express brand portfolio in 2022.
But that's not all! Marriott also developed an extended-stay mid-scale product called StudioRes, which offers studio-style rooms at an affordable price. StudioRes launched its first hotel in Fort Myers, Florida, on Monday, complete with amenities like a kitchenette and full-sized refrigerator.
So, what sets StudioRes apart from other Marriott brands? According to Capuano, it's all about the price point and reduced services. These accommodations are ideal for people on temporary assignments or working remotely, who are looking for affordable and convenient lodging.
Capuano noted the breadth of Marriott's portfolio, which offers accommodations suited for every type of trip and budget. From luxury brands like the Ritz-Carlton to budget-friendly options like City Express and StudioRes, Marriott International has a brand for every traveler.
From partnerships with Concept Hospitality and The Fern brands in India to its award-winning Marriott Bonvoy Loyalty Program, Marriott International is working tirelessly to make travel more accessible for everyone. Whether you're a jet-setter or a cost-conscious adventurer, Marriott has got you covered!
- The budget-friendly StudioRes, an extended-stay mid-scale product by Marriott, offers a variance in price point and reduced services, making it ideal for short-term assignments or remote work.
- Marriott CEO, Anthony Capuano, emphasizes that Marriott's extensive portfolio caters to diverse travel needs and budgets, with brands ranging from luxury like the Ritz-Carlton to more affordable ones such as City Express and StudioRes.
- Marriott's strategic acquisitions and developments, like the purchase of the City Express brand portfolio in 2022 and the launch of StudioRes, reveal the company's commitment to catering to cost-conscious customers in the rapidly growing market for budget-friendly travel.
- Marriott International's collaborations with international brands like Concept Hospitality and The Fern in India, along with its Marriott Bonvoy Loyalty Program, are initiatives aimed at making travel more accessible and affordable for travelers with different credit profiles and lifestyles, be it luxury or budget-friendly, or even those interested in home-and-garden or business trips.
