Marriott Sees Strong Growth in Mexico as Business, Tourism Increase Dow Jones Newswires
go to original April 24, 2013

Marriott International Inc, the U.S.-based hotel chain, said Tuesday that Mexico could provide one of the best opportunities for growth in Latin America over the next few years thanks to an increase in business activity and tourism.

Marriott currently has 22 hotels in Mexico, and it plans to double that number by 2017, said Craig Smith, the company's regional president for Latin America and the Caribbean.

"You've got a lot of great things going on in Mexico," Mr. Smith said in an interview. "A lot of factories are moving back to Mexico from parts of Asia just because labor costs in Asia have gone up and...it is closer to the United States so transport costs are down."

Mr. Smith said that Marriott is also seeing more American tourists traveling to its resorts in Mexico. "Americans are traveling again," he said. "These markets are coming back."

Mexico's economy grew 3.9% in 2012 and is expected to gain about 3.4% this year, according to a recent report by the International Monetary Fund.

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