Marriott International's new midscale extended-stay brand is officially named StudioRes.
Marriott announced the brand, formerly known as Project MidX Studios, in early June. The company bills it as an affordable midscale option for extended-stay guests, such as construction workers or traveling nurses.
The targeted average daily rate is about $80 with revenue per available room of about $65.
As of Marriott's second-quarter earnings call, the company had several hundred development deals in the works. Marriott President and CEO Tony Capuano said he hoped to have its first deal signed by the end of the year.
Through a post on Linkedin, Leeny Oberg, Marriott's chief financial officer and executive vice president of development, said StudioRes builds on the company's decades-long leadership in the extended-stay space.
"We see affordable midscale as a key part of Marriott’s growth story going forward and are excited to roll out other components of our multipronged and regional strategy in the months ahead," she wrote. "We look forward to working closely with owners and franchisees to develop StudioRes and provide guests with new offerings that meet their extended-stay needs."