Marriott International’s heavy lean into the midscale hotel segment is paying off. Its first large-scale deal with its new extended-stay brand StudioRes has now been announced.
Concord Hospitality, a Raleigh, N.C.-based development and management company that currently manages more than 150 hotels across North America, has broken ground on the first of what could be 50 more StudioRes properties for the company, the initial one being built in Fort Myers, Fla.
Marriott unveiled the StudioRes brand in June 2023. That brand, along with other recent brand announcements—City Express by Marriott in the Caribbean & Latin America and Four Points Express by Sheraton in Europe, Middle East and Africa—illustrates Marriott’s further dive into products that are more affordable to build and easier on the wallet to to stay in.
“The groundbreaking of the first StudioRes hotel is a significant milestone for Marriott International, as we continue to work toward our goal of expanding offerings to meet the needs of guests for every stay purpose,” said Marriott International Global Development Officer, U.S. & Canada Noah Silverman. “Taking a new build brand from announcement in June to groundbreaking in January is thrilling.”
The desire by guests for longer-term hotel product has spurred a call to action across the industry. Brands like Hilton’s newly announced LivSmart Studios, Hyatt’s Hyatt Studios and Wyndham’s Echo Suites Extended Stay all cater to this desirous traveler.
At 124 rooms and 54,000 square feet, the StudioRes prototype is expected to be Marriott’s most affordable cost-per-key product to develop and build. Rooms include a kitchen and queen beds. Public spaces offer amenities such as daily coffee service, a fitness center, laundry room, vending area, communal table and covered patio.
“Concord Hospitality has enjoyed a longstanding, successful relationship with Marriott. It has been a collaboration of trust, quality, and strategic growth, which is why Marriott has welcomed Concord as an active advisor in the development and design standards of many of their current hotel prototypes,” said Mark Laport, CEO and president of Concord Hospitality.
The groundbreaking ceremony included Marriott International President and CEO Tony Capuano and Group President, U.S. & Canada Liam Brown, along with other senior leaders from the company. They joined Concord’s Laport and Whitman Peterson Co-Founder and Co-Managing Partner Bob Whitman and Partner Paul Novak.