Marriott International launches new extended stay brand in affordable midscale segment
Justin Sullivan/Getty Images News
Marriott International (NASDAQ:MAR) announced plans on Monday to further expand in the affordable midscale lodging segment with an unnamed brand being referred to as Project MidX Studios.
The hotel operator said the affordable midscale extended stay brand is aimed at delivering reasonably priced modern comfort for guests seeking longer stay accommodations in the U.S. and Canada.
Project MidX Studios is said to reflect the company's deep experience and learnings from its guests, owners, and franchisees through extended stay lodging brands such as Resident Inn by Marriott, Element by Westin, TownePlace Suites by Marriott, Marriott Executive Apartments, and more. Marriott (MAR) noted it incorporated the input to create a brand that will deliver a great guest experience while reducing building and operating costs for owners and franchisees.
Project MidX Studios is expected to be Marriott's most affordable cost-per-room product in the U.S. and Canada, is designed to enable accelerated speed-to-market with a low cost to build. The prototype model targets a build cost of $13M to $14M, requiring approximately 54K square feet of total building area for 124 studios. The brand is also expected to have a light operational cost model for owners and franchisees.
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