US: Hospitality company Marriott International has revealed it will launch its 32nd brand, an affordable midscale extended-stay offering, referred to as Project MidX Studios.
Project MidX Studios is expected to become Marriott’s most affordable cost-per-room product in the US and Canada. The prototype model targets a build cost of $13 to $14 million and requires around 54,000 square feet of the total building for 124 studios.
It has been designed for travellers seeking 20 nights or more, with brand standards incorporating a light-touch, digital-first operating model. Rooms will vary in size across single or double queens and will include in-room kitchens. On-site amenities such as a laundry room, a gym, and pet-friendly facilities will also be available.
When Project MidX officially launches, it will join Marriott’s other extended-stay brands such as Residence Inn by Marriott, Element by Westin, TownePlace Suites by Marriott, Marriott Executive Apartments, and Apartments by Marriott Bonvoy.
Anthony Capuano, president and CEO of Marriott International, said: “Marriott has long believed in having the right accommodations in compelling destinations at the right price point. Whether our guests are travelling for business, leisure or a mix of both, our portfolio of 31 brands offers something for everyone.
“As consumers look for new, flexible accommodation solutions, we are thrilled to announce our plans to launch an affordable midscale extended stay offering to meet the needs of guests seeking long-term comforts at a moderate price point,” he added.
Leeny Oberg, chief financial officer and EVP development, Marriott International, said: “With Project MidX Studios, we are focused on enhancing the breadth of our portfolio through the creation of a product specially designed for the affordable midscale extended stay tier—from the physical product to the operating model. The team created Project MidX Studios to reach both new customers and new markets. We are excited to join forces with Concord Hospitality and Whitman Peterson on our first three projects and are in discussions with owners for more than 250 new development opportunities under this brand.”
Mark Laport, president and CEO, Concord Hospitality, said: “Based on everything we’ve seen and heard, our team is excited about Marriott’s entry into the affordable midscale segment, where Concord has been engaged for many years. In collaboration with Whitman Peterson, we expect to break ground on three Project MidX Studios this year, with anticipated openings in late 2024 or early 2025.”
