Long-term comforts at a moderate price point
With a strong extended stay lodging portfolio with brands like Residence Inn by Marriott, Element by Westin, TownePlace Suites by Marriott, Marriott Executive Apartments and more recently, Apartments by Marriott Bonvoy, Project MidX Studios reflects the continuing diversification of the hotel market.
“Marriott has a portfolio long believed in having the right accommodations in compelling destinations at the right price point. Whether our guests are traveling for business, leisure or a mix of both, our portfolio of 31 brands offers something for everyone,” explains Marriott International President and CEO Anthony Capuano.
“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 adds.
Concept born from experience and learnings from guests, owners, and franchisees
Marriott says it has incorporated deep experience and learnings from its guests, owners, and franchisees into creating this new brand which intends to provide “a great guest experience while reducing building and operating costs for owners and franchisees”.
First properties to open in late 2024 or early 2025
In collaboration with Whitman Peterson, Marriott expects to break ground on three Project MidX Studios this year, with anticipated openings in late 2024 or early 2025.
With Project MidX Studios, Marriott is focused on enhancing the breadth of its portfolio through the creation of a product specially designed for the affordable midscale extended stay tier – from the physical product to the operating model. It has created Project MidX Studios to reach both new customers and new markets, according to Leeny Oberg, Chief Financial Officer and Executive Vice President, Development for Marriott International.
Marriott’s most affordable cost-per-room product in Canada and the US
Project MidX Studios is expected to be Marriott’s most affordable cost-per-room product in the US and Canada, and has been designed to enable accelerated speed-to-market with a low cost to build.
The prototype model targets a build cost of USD13 million to USD14 million, requiring approximately 54,000 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.
A streamlined, light-touch, digital-first operating model for guests
Project MidX Studios plans to deliver a streamlined, light-touch, digital-first operating model that focuses on the needs of a budget conscious consumer, with conveniences like pay-and-go retail and check-in with Marriott Mobile Key.
The brand is being designed for guests in search of affordable, flexible accommodations for an extended stay, typically 20+ nights or more, who are seeking to pay around USD80 per night, depending on the market and demand.