GOOD DAY, READERS.

Marriott is getting into the rental apartment business. For the first time, the company will lend its brands to buildings whose customers are tenants, not condo buyers.

There's also a loyalty play: "If you rent a unit, you get a special tier of status in the Marriott Bonvoy loyalty program, and we're looking at giving extra points if tenants pay with a co-branded credit card," a Marriott exec told us.

For its condo business, Marriott has been on a growth streak: 55 development deals last year, up about 50% from a year earlier.

For Marriott, the appeal is a capital-light fee stream: developers license the brand to charge premium prices, and Marriott takes a cut of each unit's sale price plus an annual management fee.

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