Friday, April 22, 2022

Ritz-Carlton Consistently Expands 2021

Portland, Oregon, executive Barclay Grayson holds a leadership role with the BPM Real Estate Group, where he is responsible for development and acquisitions. Currently focused on Block 216, a downtown Portland tower that will include a five-star Ritz-Carlton, Barclay Grayson monitors trends in the hospitality industry closely.

While not yet at pre-pandemic levels, the luxury travel market is experiencing significant growth. One example is Marriott International, Inc., which in late 2021 announced plans to open 30 luxury hotels and resorts over the next year, including familiar names such as JW Marriott, Ritz-Carlton, W, and St. Regis. These will bolster an existing network of 460 landmark locations across 68 countries and be a vital first phase in a luxury development pipeline expected to expand its footprint by 190 properties.

As revealed in a luxury trends study undertaken with Team One, one major shift is that affluent travelers are no longer “box checking,” so much as thoughtfully and intentionally planning trips. They are looking toward deeper travel experiences that involve meaningful connections with places visited. This ties in closely with the Ritz-Carlton’s ethos of highlighting the unique attributes of locations where hotels are located.

The Ritz-Carlton brand consistently expanded in 2021, with locations opening in Mexico City, Turks & Caicos, and the Maldives. Upcoming debuts include the Ritz-Carlton Paradise Valley in Arizona, New York’s vibrant NoMad district, and Melbourne, Australia. In addition, a sixth estate location in Jiuzhaigou, an historic Chinese valley, is being planned. In May 2022, the Ritz-Carlton Yacht Collection will also launch with its highly anticipated inaugural voyage.