Marriott Pens Deal To Debut Its Aloft Brand In Singapore

Marriott International Inc MAR penned a deal with Hiap Hoe Limited to launch the Aloft Hotels brand in Singapore.
The company is expected to open its first Aloft property in the country in Q3 2023.
The 785-room debut Aloft Singapore Novena hotel will be the largest Aloft in the world and located in Zhongshan Park in the cultural district of Balestier.
"The signing of Aloft Singapore Novena heralds the expected arrival of Marriott International's 14th hotel in Singapore and we are delighted to be launching the Aloft brand in the country together with such an experienced partner as Hiap Hoe Limited. With the site's proximity to the city's Central Business District as well as to local attractions and green spaces, the location is strategically placed to enable us to attract both business and leisure guests," said Gautam Bhandari, Market Vice President for Singapore and Maldives, Marriott International.
Yesterday, Marriott stated its plan to further expand in the affordable midscale lodging segment, following its recent entry into the segment with City Express by Marriott in Latin America.
Last month, Marriott reported first-quarter FY23 sales growth of 34% year-on-year to $5.62 billion, beating the consensus of $5.41 billion and adjusted EPS of $2.09, beating the analyst consensus of $1.84.
Price Action: MAR shares are trading higher by 1.60% at $180.06 on the last check Tuesday.