By the Caribbean Journal staff

Marriott International is embarking on a major expansion push in Latin America and the Caribbean, the company said this week.

The company said it plans to open 60 new hotels in Latin America and the Caribbean by 2018.

“The northern part of our region is enjoying strong performance while the southern is faced with an economic slowdown, caused largely by the downfall of commodity prices and consequent devaluation,” said Laurent de Kousemaeker, Chief Development Officer of the Caribbean and Latin America for Marriott. “Notwithstanding, there remains a strong opportunity for quality brand experiences in the sector, and savvy investors with a long-term perspective are taking advantage of the reduced price of assets, land and construction to acquire, develop and brand hotels.”

The company currently has 93 hotels in the region, with more than 60 in development .

In 2015, Marriott has opened 8 hotels in the Caribbean and Latin America, including the Marriott Port-au-Prince in Haiti and the Guyana Marriott, among others.

“In 2015 our company’s theme in the region has been ‘crossing new borders‘ as we open hotels in exiting developing markets like Haiti and Guyana,” said Tim Sheldon, President of Caribbean and Latin America operations at Marriott International. “The large middle class throughout the region is eager to travel to new places and do business on the road. This, when combined with the strong performance and preference of our brands in the gateway markets, provides tremendous opportunity for Marriott’s world