Marriott International is the talk again. The hospitality giant announced two new hotels are coming to Las Vegas, as well as its intention of depositing tax savings into employees retirement accounts.
New JW Marriott and Edition to Tower over The Strip by 2020
Marriott says it will open The Drew Las Vegas, which will house The Strip’s first JW Marriott and the Las Vegas debut of its high-end Edition brand, in 2020. The Drew will offer more than 4,000 guest rooms and 500,000 sq. ft. of meeting and event space. It will feature 20 restaurants and a skybridge to the Las Vegas Convention Center.
The property will occupy the unfinished Fontainebleau tower near Circus Circus Las Vegas, a 68-story, blue-glass skyscraper that is the second-highest building in Nevada, after the nearby Stratosphere Casino, Hotel & Tower.
Tony Capuano, Marriott executive vice president and global chief development officer, said in a statement, “Las Vegas is obviously an extraordinary market, principally driven by leisure transients and group business, and when you look at the facilities program for the complex, it is uniquely positioned to take advantage of both of those strong demand sectors.”
Marriott To Put Tax Savings Into Employees’ Pockets
With the passage of last year’s federal income-tax reform, Marriott’s effective tax rate was lowered 8 percentage points, to 22 percent—resulting in a $200 million benediction, according to Leeny Oberg, chief financial officer for Marriott. The company said will put $140 million of this windfall into retirement savings and other employee programs.
The company will offer a one-time, $5-to$1 match of up to $1,000. The vast majority of participating associates should receive this incremental company contribution, said a company press release.