Marriott signs franchise deal for Mexico

AP News
Posted: Dec 09, 2009 5:14 PM

Marriott International said Wednesday it has a new deal with Pulso Hotelero of Mexico for 36 new Fairfield Inns to triple the number of properties in Marriott's Mexican portfolio.

The company, based in Bethesda, Md., said the deal is part of a wider expansion outside the U.S. Marriott said a third of its hotels under development are outside the U.S.

The 36 hotels to be built in Mexico will operate under a long-term franchise agreement. They are scheduled to open over the next 10 years. The first two are planned for a 2011 opening are in Cabo San Lucas and Guadalajara.

The company currently has 17 hotels in Mexico in its portfolio.

Marriott owns and operates hotels and motels under brands such as the Ritz-Carlton, Courtyard by Marriott, Residence Inn and others.

Its shares fell 9 cents to $26.68 in after-hours trading Wednesday after closing at $26.77, down 12 cents from a day earlier.