On Friday, Marriott International announced StudioRes as the brand’s name of its midscale extended stay brand. According to their developing the website, StudioRes will be the name of the 32nd Marriott brand. On a company earnings call earlier this year, Marriott CEO Anthony Capuano first suggested that a new brand was about to be announced.
Mariott’s New Brand will meets customer’s detail
According to the brand’s new website, StudioRes will meet the needs of both customers and franchisees. Customers will have access to functional design that is focused towards longer stays, while franchisees and owners will benefit from a prototype that is easier to produce and has a simpler operational model.
The new-build concept will have 124 keys and, in the words of Marriott, “is perfect for secondary and suburban markets with a concentration of class B multifamily.” According to the company, it has already identified 1,800 potential markets in the United States and Canada.
The model estimates a build price of $13–14 million and a total building area of about 54,000 square feet. You can anticipate that these hotels won’t have many amenities because the brand will also have a low operational cost model for owners and franchisees.
StudioRes will located in U.S. and Canada
StudioRes will be located in the U.S. and Canada, and there’s no word on whether the brand will expand to other markets. According to a statement on Marriott Development’s LinkedIn profile, the company aims to break ground on three StudioRes locations this year and to open its first hotels in late 2024 or early 2025.
The company also hinted in the article that it would reveal more information during The Lodging Conference, which will be held in Phoenix in September.
Mariott’s CFO and EVP, Lenny Oberg wrote on Linkeldn
Lenny Oberg, Mariott’s CFO and EVP of development, wrote on LinkedIn: We see affordable midscale as a key part of Marriott’s growth story going forwards and are excited to roll out other components of our multi-pronged and regional plan in the months ahead.
Anthony Capuano Says
Anthony Capuano, president and the executive officer of Marriott, said the initial owner in the brand “has been tremendous” during a second-quarter earnings call earlier this month.
We are excited to announce our plans to introduce an affordable midscale extended stay service to satisfy the demands of visitors seeking long-term comforts at a reasonable price point, he said, as consumers search for new, flexible lodging options.
About Mariott’s New Brand
The brand will target long-term, budget-conscious guests who are willing to spend at least 20 nights and about $80 each night. The company will offer a “light-touch, digital first operating model,” which includes pay-and-go retail, check-in with Marriott Mobile Key, and other features.
The studio-style residences will have storage space, one or two queen beds, and in-room kitchens. Additionally, properties will allow pets and offer a gym and laundry rooms.
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