Renaissance Hotels, a subsidiary of Marriott International, is a luxury hotel brand catering to both business and leisure travelers. Established in 1981 as Ramada Renaissance, an upscale brand of Ramada Inns, the company evolved significantly after being acquired by Hong Kong-based New World Development in 1989. New World relaunched Renaissance Hotels as an independent brand and later, in 1997, sold it to Marriott International for US$1 billion. This acquisition expanded Marriott's global presence, particularly in Asia. Renaissance Hotels is known for its focus on unique, locally-inspired experiences, reflected in its design, amenities, and services. Headquartered in Bethesda, Maryland, Renaissance Hotels operates over 170 properties worldwide.