Marriott International President and CEO Anthony Capuano unpacks the hotel’s bookings amid tariff concerns on ‘The Claman Countdown.’
Marriott International CEO Anthony Capuano shared some insight on budget travelers during a Monday appearance on “The Claman Countdown.”
He told host Liz Claman that Marriott International’s lower-income consumers “continue to prioritize travel, but they want to do it at a more thrifty price point,” citing spending data the company has through its credit card relationships.
Marriott International CEO Anthony Capuano (MANDEL NGAN/AFP via Getty Images)
That has driven Marriott International to “push so strongly over the last two years into the mid-scale segment, which is a segment that historically we did not operate in,” according to Capuano.
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He said it started with the company’s acquisition of City Express. The company acquired the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. in 2022 for $100 million.
(Roberto Machado Noa/LightRocket via Getty Images)
“We also organically developed an extended-stay mid-scale product called StudioRes,” he noted to Claman.
Marriott’s first StudioRes opened on Monday in Fort Myers, Florida. The extended-stay hotel “offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop microwave, and full-sized refrigerator,” according to a press release.
Asked about what makes it different from Marriott’s other brands, Capuano told Claman it “starts with the price point.”
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“It starts with much more modest services,” he added. “These are folks that could be on a temporary assignment, maybe a construction project or a consulting assignment. They could be digital nomads.”
He said “that product at that price point is really resonating with more cost-conscious consumers.”
Capuano also touted the “breadth” of Marriott’s portfolio, saying the company can “offer the right accommodation for every trip purpose, which often varies irrespective of income.”
(Matthias Balk/picture alliance via Getty Images)
Marriott’s brands include the Ritz-Carlton, St. Regis, Sheraton, Courtyard, Westin, Moxy and others.
The company generated $6.26 billion in revenue during the first quarter. Its net income, meanwhile, came in at $665 million.
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