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Due to the global pandemic, international travel and tourism were completely shut-down in most Latin American countries. However, as the impact of the global pandemic started to diminish, governments across Latin America reopened their borders. While international travel is likely still months away from returning to pre-pandemic numbers, movement in the travel and tourism industry is growing. With business and leisure travel expected to gain momentum across the region, hoteliers are developing more properties across Latin American countries.
Marriott is expected to double hotels in Latin America
Over the next three to four years, Marriott International plans to double the number of its hotels in Latin America. The firm already has 300 hotels in the region, with at least 100 more underway.
The firm is expected to increase its investment over five to ten years. According to the President of Marriot International, the firm is not going back to the dark ages before 2018, when the investment was US$1 billion in Latin America, which was relatively small compared to US$10 billion for India. The investment in the Latin American region is expected to be at least the same as India or Southeast Asia over the next few years.
Accor is planning to grow its footprint of luxury lifestyle properties
Being a well-established player in the midscale segment across Latin America - especially in Brazil - Accor is now planning to expand its footprint of luxury lifestyle properties.
The firm is actively scouting locations across Latin American countries, including Colombia, to develop into resorts. While Accor has a significant presence in Brazil, with 350 hotels – the number expected to rise further, the firm also has growth opportunities in Colombia, Peru, Argentina, and Chile.
Hilton Worldwide is expanding across Latin America
As strong leisure demand and growth in business travel both domestically as well as abroad drive the recovery of the hospitality industry, Hilton is continuing to expand its global footprint. The firm has over 70 open hotels in Mexico, whereas over 30 properties are in the development pipeline.
Providing an array of accommodations and brand experiences to meet various traveler and owner needs, the firm is particularly well-positioned to meet the leisure travel demand in the Latin American region. In 2021, the firm opened several properties, including hotels and resorts in Mexico. Many more are expected to debut in the country in 2022 and 2023, including Motto by Hilton Tulum, Tru by Hilton Monterrey Fundidora, and Motto by Hilton Guadalajara Centro Historico.
Hyatt announced the plan for a hotel in Mexico City
In May 2022, Hyatt Hotels Corporation announced that a Hyatt affiliate agreed with Grupo Murano to build a new luxury lifestyle hotel, Andaz Condesa Mexico City., the 213-room hotel will represent the first Andaz property in Mexico City, which is expected to open in late 2022.
In 2022, the firm has already announced the opening of Hotel La Compania in Panama and Hyatt Centric San Salvador in El Salvador. Some of the other properties that are slated to open in 2022 include Hyatt Zilara Riviera Maya, Hyatt Regency Mexico City Insurgentes, Park Hyatt Los Cabos Hotel and Residences, and Park Hyatt Mexico City, among several others.
To know more and gain a deeper understanding of the Latin American construction market, click here.
