Speech by Paul Foskey at the signing ceremony for Fairfield at Marriott Phnom Penh on Monday, May 8

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Madame Oknha Pheap Heak, Oknha Leang Khun, Oknha Leang Meng, board members of Royal Field Development Company Limited, ladies and gentlemen. Good evening.
 
It’s an honor for Kevin, Andree and I to be here this afternoon at the signing ceremony for the Fairfield by Marriott Phnom Penh. This will be our company’s first Fairfield by Marriott-branded hotel in Cambodia and we’re all very excited to be establishing a presence in this important and rapidly growing city.  
 
I would first like to thank Madame Oknha Pheap Heak, Oknha Leang Khun and Oknha Leang Meng for the confidence they have shown in Marriott. The Chip Mong Group is one of Cambodia’s largest and best known companies. It has built a strong reputation in many fields including real estate, building materials and beverage production and distribution.  
 
We feel very fortunate to be establishing this business relationship with such a strong and prestigious company and we are confident that the board members of the company share Marriott’s core philosophy of commitment to quality through stable, long-term business partnerships.  
 
You have already heard a bit about our Fairfield by Marriott hotel project today. The site is centrally situated in Phnom Penh on Russian Boulevard. It will be a great location for our guests – convenient to the CBD, all principal government offices and a variety of tourist attractions including the Central Market, Royal Palace and Sisowath Quay.  
 
As the economy continues to grow here in Cambodia and in major source markets throughout the Asia-Pacific region, this city and our hotel are very well positioned to benefit from that future expansion of travel.  
 
Our company continues to expand rapidly around the world, and here in Asia. Following our acquisition of Starwood last year, we now have more than 6,000 hotels around the world across 30 brands.  
 
Here in Asia, there are 570 open hotels in our portfolio with another 524 signed. That makes us the largest major multi-national lodging company – both globally and in Asia-Pacific.  
 
Being such a large company gives us significant advantages in distribution, loyalty, booking channels and cost leveraging. That, in turn, drives a strong competitive advantage with our guests and owners. 
 
But despite our significant scale, we still like to look at our business one hotel, and one owner relationship, at a time. Here in Phnom Penh, we are very much looking forward to deepening our relationship with the Chip Mong Group.
 
Madame Oknha Pheap Heak, Oknha Leang Khun, Oknha Leang Meng, board members of Royal Field Development Company Limited, thank you again for your confidence and trust in Marriott. We will work hard to earn that trust in the coming years and look forward to a long and mutually beneficial cooperation together.  
 
Thank you. 

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