Marriott sets aside $50 million to boost hotel ownership by minorities: Travel Weekly

Marriott has set aside $50 million to create hotel development and ownership opportunities for minorities in the US and Canada.

Marriott International CEO Tony Capuano said at a Monday press conference that the program was the first comprehensive initiative the company had launched to make capital, training and access to some of its more experienced partners available to groups.

The Bridging The Gap program is focused on boosting hotel development and ownership among minorities as well as women.

Marriott will provide financial and other incentives to qualified, historically underrepresented owners and franchisee, including reduced application fees, reduced royalty fees, highly discounted or free training programs, and support throughout the lending process.

Marriott International's global development officer for the U.S. and Canada said that they expected to leverage their relationships. Whether it's working with more experienced developers or operating for investors who are interested in owning hotels but don't have interest in operating the hotels, we expect to bring the full panoply of our relationships to help facilitate these projects.

According to Capuano, Marriott wants to have 3000 diverse-owned hotels by the end of the next decade.

$1 billion is expected to be built for historically underrepresented ownership groups.