Marriott acquires City Express hotels in $100m deal

Marriott Worldwide has added its 31^st resort model by buying the Metropolis Categorical chain of properties for $100 million.

The world’s largest resort firm has struck the cope with Mexico’s Hoteles Metropolis Categorical, which has a portfolio of 152 “inexpensive midscale” properties in 75 cities in Mexico and three different nations in Latin America.

The deal contains the Metropolis Categorical, Metropolis Categorical Plus, Metropolis Categorical Suites, Metropolis Categorical Junior and Metropolis Centro manufacturers. When the acquisition is accomplished, the model and motels will turn into a part of Marriott’s franchise system and can undertake the “by Marriott” signature.

Marriott mentioned that the deal would make it the most important resort firm within the Caribbean and Latin America area with a complete of 486 properties – a forty five per cent improve on the present place.

Anthony Capuano, CEO of Marriott Worldwide, mentioned the transaction was a “strategic win” for the corporate.

“We’re excited to enter a brand new lodging class – the favored inexpensive midscale section the place we see vital potential,” he added. “With Metropolis Categorical by Marriott, we will probably be offering our clients with extra selection by a brand new, approachable, moderate-priced providing, growing alternative for homeowners and franchisees in addition to associates.”

Hoteles Metropolis Categorical was based in 2002 by present CEO Luis Barrios and has properties in Mexico, Costa Rica, Colombia and Chile.

Marriott added that there was a “significant alternative” to additional develop the Metropolis Categorical by Marriott model within the Caribbean and Latin America area, in addition to different areas all over the world.

The acquisition is predicted to be accomplished between the tip of 2022 and the primary half of 2023.