Marriott International will expand in the affordable midscale lodging segment with a new extended stay brand, currently dubbed Project MidX Studios, the company announced Monday.
The midscale extended stay brand is intended to “deliver reasonably priced modern comfort” for guests seeking longer stay accommodations in the U.S. and Canada, Marriott said in the announcement.
Marriott announced its plans to launch the midscale Project MidX Studios brand about a month after it entered the segment with the acquisition of the City Express brand portfolio from Hoteles City Express in Latin America. While new to the midscale segment in the U.S. and Canada, Marriott is an experienced extended stay owner with brands like Residence Inn, Element by Westin and TownePlace Suites.
“Marriott has long believed in having the right accommodations in compelling destinations at the right price point,” said Marriott International President and CEO Anthony Capuano in the announcement. “Whether our guests are traveling for business, leisure or a mix of both, our portfolio of 31 brands offers something for everyone.”
Marriott will partner with property manager Concord Hospitality and real estate private equity company Whitman Peterson on the first three Project MidX Studios, expected to break ground this year and open in late 2024 or early 2025. Discussions with owners for more than 250 development opportunities under the new brand are underway, Marriott said in the announcement.
The announcement also touted reduced building and operating costs for future owners and franchisees, a draw that has made extended stay one of the fastest-growing markets in the hotel industry.