Marriott International, Concord Hospitality and Whitman Peterson Officially Open Doors of First-Ever StudioRes Hotel in Fort Myers, Florida
Today, Marriott International, Inc. (Nasdaq: MAR), announced the landmark opening of StudioRes Fort Myers, the first-ever StudioRes hotel and the company's debut in the midscale extended stay segment. The all-studios hotel is now accepting reservations for stays, almost two years to the day since Marriott unveiled the concept. A newly created brand within the Marriott Bonvoy portfolio, StudioRes was thoughtfully designed to cater to a wide variety of travelers, including those on long-term work trips and assignments, construction projects, relocations, and more.
StudioRes marks Marriott's strategic entry into the dynamic midscale extended stay market, and Marriott anticipates strong growth for StudioRes in the coming years, with over 40 properties across the U.S. and Canada anticipated to open by the end of 2027. With a pioneering, fast-to-market construction prototype, StudioRes offers owners and developers a compelling turnkey opportunity with a bundled fee model, and is expected to become Marriott's most affordable cost-per-key product to develop and build.
Since unveiling StudioRes only two years ago, we have been thrilled by the reception among owners and franchisees, and we are proud to celebrate this milestone with Concord Hospitality and Whitman Peterson, said Marriott International Chief Financial Officer and EVP, Development Leeny Oberg. We designed StudioRes to provide terrific value for customers with an innovative room design and highly efficient operating model for long-term stays. The fast adoption of the brand also demonstrates the power of the Marriott Bonvoy ecosystem and the importance of our strong developer relationships, while underscoring our continued commitment to providing lodging options for every traveler, price point and trip purpose.
Consistent with the brand's approach to long-term stays with modern comfort, StudioRes Fort Myers offers a smart extended stay experience for independent travelers seeking comfort, routine, and flexibility. This 124-key property offers studio-style rooms complete with one or two beds, a lounging area, and a kitchen with a stovetop, microwave, and full-sized refrigerator. Guests can also enjoy communal spaces, outdoor patios, and fitness centers. Convenient food and beverage vending, fast Wi-Fi, streaming access, and casual workspaces also allow guests to stay connected throughout their stay.
A short drive to the Southwest Florida International Airport and the area's top attractions, StudioRes Fort Myers invites hotel guests to enjoy Fort Myers and the historic surrounding areas, including Sanibel and Captiva Island, nature and wildlife at Manatee Park, Lakes Park and The Caloosahatchee River, as well as nearby dining, shopping and family activities. Available for booking, nightly rates at StudioRes Fort Myers are expected to be around $100 per night.
Marriott celebrates this opening with developer Concord Hospitality and their long-time partner Whitman Peterson. Concord currently operates nearly 80 properties within the Marriott Bonvoy portfolio and expects to develop 40+ StudioRes properties, spanning several dozen submarkets in major U.S. cities.
Concord Hospitality's longstanding relationship with Marriott has been defined by strategic alignment, mutual trust and a shared commitment to quality, said Mark Laport, CEO & President of Concord Hospitality. Our role in supporting the shaping of Marriott's next-generation hotel prototypes speaks to the strength of that relationship. The grand opening of the first-ever StudioRes property is a significant milestone—not only for Marriott, but for Concord as we continue to lead in developing high-performing, scalable hospitality assets that meet the evolving needs of today's extended-stay traveler and deliver long-term value for our investment partners.
We are proud to have collaborated with Marriott in the development of its newest brand and in bringing the very first StudioRes to life, said Paul Novak, Partner at Whitman Peterson. The opening of StudioRes Fort Myers marks my fourth inaugural Marriott brand opening—following Courtyard by Marriott, Fairfield Inn by Marriott, and the first U.S. Aloft Hotel—and it's a privilege to continue that legacy. Whitman Peterson is very confident in StudioRes' high-growth potential, with several others in our pipeline.
StudioRes properties will participate in Marriott Bonvoy®, Marriott International's award-winning travel program - allowing members to earn and redeem points for their stay across Marriott Bonvoy's extraordinary portfolio of brands.
Note on forward-looking statements
This press release contains 'forward-looking statements' within the meaning of United States federal securities laws, including statements related to expected future hotel openings and portfolio growth; brand debuts in certain markets; expectations regarding the StudioRes brand operating model and development costs; expected daily rates; development plans and opportunities; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise.
About StudioRes
StudioRes is Marriott's newest affordable midscale extended stay brand, meticulously designed to provide reasonably priced, modern comfort for guests in the U.S. and Canada. Opening in 2025, StudioRes is specifically tailored for travelers in search of affordable, flexible accommodations for extended stays, including those of 20 nights or more. Primarily a new build offering, StudioRes offers consistent environments that enable guests to accomplish their goals while away from home for extended periods of time. StudioRes is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com. To learn more about StudioRes, visit us online.
About Marriott International
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.
About Concord Hospitality
Concord Hospitality is an award-winning hotel development and management company that has grown over the past three decades to become the preferred partner of leading hotel brands such as Marriott, Hilton, and Hyatt. Concord Hospitality boasts a stellar reputation known for combining the experience of a big company with the high-touch service of an independent operation to every partner property. The company specializes in developing and managing full-service and select-service hotels across North America. As part of the company's continued growth, it recently launched Opus Collection by Concord, a lifestyle hotel management division for full-service properties. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at concordhotels.com.
About Whitman Peterson
Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments of large institutional investors. Since late 2010, Whitman Peterson has raised five institutional funds and has invested in the acquisition or development of more than 300 properties, in transactions with an aggregate capitalization of more than $35 billion. The firm has investments across 30+ markets in the US and has investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership, involving the development and acquisitions of high-quality hotels across the country, as well as a broad-based, national development strategy in the economy extended stay (short-stay rental) segment. For more information, please visit www.whitmanpeterson.com.
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