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Bridging the gap program by Mariott

Bridging the gap program by Mariott

Marriott International has announced the first 19 projects that will receive financial support and other incentives through its "Marriott's Bridging the Gap" program. The program was launched in 2022 with a $50 million initial investment from Marriott and aims to create a more diverse Marriott owner and franchisee community by addressing barriers to entry in hotel ownership among historically underrepresented groups, including Black, Hispanic/Latino, Native American/First Nation, and Women owners. The development projects under the program are expected to reach $1 billion in total asset value for their own groups within three years to qualify for the program, development projects may be new-build, relicenses, or conversion projects in the U.S. and Canada under one of Marriott's 30 brands. The company is also utilizing its extensive relationships with seasoned hotel developers, operators, and lenders to assist and support eligible owners' hotel projects. Noah Silverman, Global Development Officer, U.S. and Canada, Marriott International, said, "These 19 projects not only demonstrate progress in Marriott’s goal to diversify its own community but also growing momentum in expanding hotel ownership opportunities among historically underrepresented groups well into the future."

Marriott is also a founding sponsor of She Has a Deal (SHaD), a real estate investment platform that creates new pathways to hotel ownership and development for women. The company will host the organization's fourth annual pitch competition at its new global headquarters in Bethesda, Maryland. The event will include leaders in the hotel and lending industries as well as competition participants, current and aspiring hotel owners, and women seeking to expand career opportunities. The participants will compete in two tracks: Early Careerist and Today's Woman, and the finalists will vie for $50,000 in deal equity through the She Has a Deal Prosperity Fund, which is a vehicle for investing in women-led hotel projects.

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