Marriott International, Inc. has reached an important milestone in the creation of a platform for multi-unit hotel growth in Brazil with the announcement of a preferred partnership with PDG Realty for the development of 50 Fairfield by Marriott hotels throughout Brazil.The hotels in this partnership will be constructed with environmentally friendly design for greater energy efficiency. Additionally, Marriott and PDG Realty have agreed to make financial contributions for each hotel constructed to support Amazon rain forest preservation through the Amazonas Sustainable Foundation (FAS).
The companies have identified the potential to develop 50 Fairfield hotels in Brazil. Each new hotel will be built with a focus on saving energy and minimizing its impact on the environment. Fairfield is Marriott’s leading brand in the moderately priced lodging segment and the eighth brand in the company’s lodging portfolio to be developed outside the U.S.
In addition to hosting two major sports events over the next six years, Brazil represents the Americas’ largest growth market, fueled by the rising domestic traveler. This transaction reflects Marriott’s continued commitment to sustainable global growth with a local focus.
PDG Realty merged with Agre in May of this year, resulting in a combined publicly traded company with a market value of approximately R$ 12 billion Reals ($USD 7B), and now the largest real estate development company in Brazil. PDG’s headquarters is located in Rio de Janeiro and Agre’s is in São Paulo and, combined, they have the broadest national footprint with 2,000 employees in 18 offices throughout Brazil. Their land banks have a potential to generate a total sales of R$ 31 billion in real estate value.
With the addition of these new Fairfield hotels, Marriott’s global portfolio will range from luxury to moderate segment. Already, the company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development totals nearly 95,000 rooms.
