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Marriott (MAR) Stock Closed Down on Plans to Nearly Triple Hotels in Brazil

NEW YORK (TheStreet) -- Marriott (MAR - Get Report) stock closed down by 1.17% to $71.91 on Tuesday, as the global lodging company prepares to nearly triple the number of its hotels in Brazil amid the country's economic recession.

Marriott is betting that Brazil's longest recession since the 1930's won't last much longer, as the company plans to spend 400 million reais ($104 million) by 2018 to increase its number of hotels in Brazil to 17 from six, Reuters reports.

Domestic investors are partnering with Marriott on the project and contributing an additional 300 million reais, Reuters adds.

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The hotels will likely be concentrated in a group of 16 cities with more than 1 million residents each, all of which have international airports, according to Reuters. Four of the hotels are slated to be built in Rio de Janeiro ahead of the 2016 Olympics hosted by the city.

Marriott extensively researched Brazil and its market opportunities, and decided it would not be swayed by the country's economic downturn, Tim Sheldon, Marriott's president for Latin America and the Caribbean, told Reuters.

Brazil is facing high inflation and...