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Marriott International (Symbol: MAR) is the world's leading hotel company, headquartered in Bethesda, Maryland, USA. With an impressive portfolio of nearly 8,900 properties across over 30 top-tier brands in 141 countries and territories, Marriott offers a diverse range of accommodations from luxury resorts to midscale hotels. Founded in 1927 by J. Willard and Alice S. Marriott as a root beer stand, the company has grown exponentially to become a giant in the hospitality industry, reporting revenues of nearly $14 billion in fiscal year 2015.
Marriott operates and franchises hotels and licenses vacation ownership resorts. The company's core business includes managing and franchising hotels across the globe, a model that allows it to maintain a robust presence with minimal asset ownership risk. As of the end of 2023, Marriott managed and franchised 97% of its total rooms. Its most prominent brands include Marriott, Courtyard, and Sheraton, while newer lifestyle brands such as Autograph Collection, Tribute Portfolio, Moxy, Aloft, and Element add contemporary flair to its offerings.
The company continues to demonstrate strong financial performance and growth. In 2023, global RevPAR (Revenue per Available Room) rose by 15%, while net rooms grew by 4.7%. The fee-driven, asset-light business model enabled record cash generation. Marriott Bonvoy, the company’s loyalty program, has 196 million members, contributing significantly to the company's revenue. Additionally, Marriott has strategically expanded its credit card offerings, with 31 co-brand cards across 11 countries.
Recent news highlights include the record addition of 81,300 rooms to its portfolio in 2023, driven by a significant deal with MGM Resorts International adding 37,000 rooms. The development pipeline also reached a new high with roughly 573,000 rooms at year-end. Marriott’s presence in the Caribbean and Latin America (CALA) saw substantial growth, adding over 170 properties and signing nearly 7,300 rooms in 2023.
Marriott’s financial condition remains strong with a disciplined approach to debt and shareholder returns. In 2023, the company repurchased shares worth $3.9 billion and aims to return $4.1 billion to $4.3 billion to shareholders in 2024. The company’s commitment to innovation and sustainability, as shown by the launch of the City Express by Marriott in the affordable midscale segment, ensures continued growth and adaptation to market trends.
Marriott International has consistently been recognized for its superior business ethics and as a top employer. It maintains a strong commitment to diversity and inclusion, providing equal employment opportunities and fostering an inclusive culture. For more information, visit marriott.com and marriottnewscenter.com.
Marriott International (Nasdaq: MAR) announced the first 19 projects to receive support from its Bridging the Gap program, aimed at enhancing hotel development among historically underrepresented groups. This initiative follows a $50 million investment made in 2022 to facilitate ownership for Black, Hispanic, Native American, and women developers. The projects, including various hotel brands such as Aloft and Residence Inn, are expected to reach a total asset value of $1 billion within three years. The program seeks to remove barriers to entry in hotel ownership through financial support and expert guidance from experienced developers and lenders. The announcement also coincides with the upcoming She Has a Deal pitch competition on April 27-28, showcasing efforts to boost women's representation in hotel ownership.
Marriott International, Inc. (Nasdaq: MAR) will announce its first quarter 2023 earnings on May 2, 2023, at approximately 7:00 am Eastern Time. A conference call for investors will follow at 8:30 am ET, featuring CEO Anthony Capuano and CFO Leeny Oberg to discuss company performance.
The call will be accessible via their investor relations website and will include a replay option available until May 9, 2023. Marriott operates nearly 8,300 properties across 138 countries, known for its rewards travel program, Marriott Bonvoy®.
Marriott International (NASDAQ: MAR) has been named one of Fortune's 100 Best Companies to Work For for the 26th consecutive year, underscoring its commitment to employee welfare. As part of this initiative, Marriott is launching a new people brand called "Be", aimed at enhancing the recruitment and retention of talent across its global workforce. The brand emphasizes three pillars: begin, belong, and become, and will be implemented across over 8,300 properties. Marriott added over 200,000 associates last year and continues to offer competitive benefits, including an Employee Stock Purchase Plan and increased retirement savings matches.
The Ritz-Carlton has officially opened its doors in Melbourne, Australia, marking a significant addition to Marriott Bonvoy's portfolio. The new hotel, located 80 stories high, offers luxury accommodations, with 257 rooms designed to showcase stunning city views. Guests can enjoy upscale amenities, including three distinct culinary venues, a spa, and versatile event spaces. The hotel's design celebrates Melbourne's rich culture and heritage. With a focus on personalized service and unique experiences, The Ritz-Carlton, Melbourne aims to become a premier destination for both travelers and locals.
Marriott International, Inc. (NASDAQ: MAR) appointed Lauren Hobart and Grant Reid as independent directors, effective March 15, 2023. Hobart, CEO of DICK'S Sporting Goods, is noted for her transformative leadership and commitment to inclusivity. Reid, former CEO of Mars, has a distinguished record in company growth, significantly increasing Mars' annual sales to nearly $45 billion. Their addition to the board aims to enhance Marriott's strategy focusing on technological innovation and strong company culture. The board will grow to 14 members, with 11 independent directors anticipated, as it prepares for the upcoming 2023 annual meeting of stockholders.
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