Marriott is on track to expand its footprint in Africa to 200 hotels by the end of 2023 and the North and West Africa play a pivotal role. Photo: AP
WASHINGTON – US hotel chain giant Marriott International announced on Monday that it planned to open more than 1,700 hotels around the world over next three years, boosting its stocks for over 2 percent. 

During its meeting with institutional investors and security analysts, the Maryland-based hotel giant said it planned to add 275,000 to 295,000 rooms by 2021. 

In its assumptions for the three-year plan, Marriott said its diluted earnings per share may reach 7.65 US dollars to 8.50 dollars by 2021, which means a compound growth rate of 11 to 15 percent based on the financial results of 2018. 

Meanwhile, its cash available for shareholders could total 9.5 billion dollars to 11 billion dollars by 2021, said Marriott.

 Besides, Marriott assumed in its plan that shareholders could see 1.9 billion dollars to 2 billion dollars in dividends and 7.6 billion to 9 billion dollars in share repurchases. 

"Marriott will disclose that its new room openings during this period could contribute 400 million U.S. dollars in fee revenue in 2021 and 700 million dollars annually when stabilized," Marriott said in its announcement. 

"The company's three-year growth plan assumes, but does not forecast, comparable hotel revenue per available room growth of 1 and 3 percent, compounded annually," said Marriott. 

Marriott's shares rose 2.16 percent to 124.96 dollars after it finished the trading at the New York Stock Exchange on Monday.