Marriott International has officially introduced StudioRes, its new affordable extended-stay brand for the midscale market.
Previously referred to as Project MidX Studios, the brand was unveiled by Marriott in early June. Designed as a budget-friendly midscale solution for long-term guests, such as those in the construction field or traveling nurses, the focus is on providing value.
The company projects an average daily rate of approximately $80, with a revenue per available room estimated at around $65.
By the time of Marriott’s Q2 earnings report, several hundred development agreements were already underway. Marriott’s CEO, Tony Capuano, expressed optimism about finalizing the first of these agreements by the year’s end.
Leeny Oberg, the CFO and Executive VP of Development at Marriott, shared on Linkedin that StudioRes reflects the company’s longstanding expertise in the extended-stay market.
Oberg mentioned, “The affordable midscale segment plays a crucial role in Marriott’s future expansion. We are thrilled to unveil further elements of our diversified and regionalized approach in the upcoming months.” She also emphasized their eagerness to collaborate with owners and franchisees to evolve StudioRes and offer guests innovative solutions tailored to their long-term stay requirements.