Welcome to our dedicated page for Marriot International news (Ticker: MAR), a resource for investors and traders seeking the latest updates and insights on Marriot International stock.
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.
On March 10, 2023, Marriott International (NASDAQ: MAR) announced it received regulatory approval from Mexico's COFECE for acquiring the City Express brand portfolio from Hoteles City Express. This acquisition aims to expand Marriott's presence in the affordable midscale segment, adding approximately 150 hotels and 17,000 rooms across Mexico and Latin America. Following the anticipated closure in Q2 2023, Marriott will enhance the City Express brands with its signature 'by Marriott' endorsement, positioning itself as the largest hotel company in the Caribbean and Latin America with over 480 properties across 37 countries.
Marriott Bonvoy has launched VIP experiences in collaboration with the Mercedes-AMG PETRONAS F1 Team for the 2023 racing season. Starting with the Miami race weekend in May 2023, the program offers 11 exclusive packages that allow members to participate in unique activities, such as driving laps in high-performance cars and enjoying behind-the-scenes access to the F1 team. Notable offerings include stays at Ritz-Carlton hotels and immersive experiences during races across multiple cities. These opportunities are available to Marriott Bonvoy members who can use points earned through travel and purchases to bid on these experiences.
Marriott International (NASDAQ: MAR) announces its agreement with Grimit S.r.l. to establish The Ritz-Carlton, Bellagio, marking its inaugural property in Italy. This luxury hotel, expected to open in 2026, will undergo a transformation of the historic Hotel Grande Bretagne. The property will feature 59 rooms and 46 suites, alongside a destination spa, diverse dining options, and extensive gardens. Located on Lake Como, a renowned tourist destination, the hotel aims to restore the legacy of the former hotel and enhance Marriott’s luxury brand portfolio in Italy.
Marriott International (NASDAQ: MAR) announced on February 24, 2023, a new organizational structure and executive appointments to enhance growth. President and CEO Anthony Capuano aims to drive strategies benefiting customers and franchisees. Key appointments include Drew Pinto as Executive Vice President and Chief Revenue & Technology Officer, Peggy Fang Roe as Executive Vice President and Chief Customer Officer, and Tina Edmundson as President, Luxury. Additionally, Yibing Mao returns as President, Greater China. The company boasts a growth pipeline of approximately 280,000 hotel rooms internationally, indicating significant expansion potential.
Marriott International (NASDAQ: MAR) has partnered with the UK-based Internet Watch Foundation (IWF) to combat online child exploitation by blocking access to child sexual abuse material (CSAM) in its hotels. This initiative, the first of its kind in the hospitality industry, leverages Cisco's technology for effective filtering. Marriott aims to implement these measures across U.S. and Canadian hotels, following a successful pilot in November 2022, with global deployment expected by 2024. CEO Anthony Capuano emphasized Marriott's commitment to human rights, building upon previous anti-trafficking training for one million hotel associates.
Marriott International has announced the appointment of Saba Landmann as Senior Vice President for Global Brand and Portfolio PR, effective immediately. Landmann, previously with G-III Apparel Group, will lead communications for Marriott's extensive portfolio of nearly 8,200 properties across 30 brands. Her marketing expertise is expected to enhance consumer engagement strategies, especially as travel demand surges.
Tricia Primrose, Marriott's Executive Vice President, expressed confidence in Landmann's ability to connect with a diverse audience through innovative PR campaigns. Landmann will be based in Manhattan, contributing her extensive experience in global communications to strengthen the Marriott brand.
Marriott International (NASDAQ: MAR) reported strong financials for Q4 2022, with worldwide RevPAR growth of 28.8% compared to Q4 2021. Reported net income reached $673 million, up from $468 million in the previous year. Adjusted diluted EPS stood at $1.96, a significant increase from $1.30. The company added over 65,000 rooms globally in 2022, maintaining a robust development pipeline of over 3,000 properties. In 2022, Marriott repurchased 16.8 million shares for $2.6 billion and returned $2.9 billion to shareholders. Looking ahead, RevPAR is projected to grow by 30% to 32% in Q1 2023.
Marriott International (NASDAQ: MAR) announced a quarterly cash dividend of 40 cents per share, payable on March 31, 2023, to shareholders of record as of February 24, 2023. Additionally, the board appointed Anthony "Tony" Capuano as both President and CEO effective February 24, 2023, following the planned departure of former President Stephanie Linnartz to Under Armour. This announcement reflects Marriott's commitment to providing returns to shareholders while ensuring stable leadership amid ongoing industry challenges.
On January 23, 2023, at the Americas Lodging Investment Summit in Los Angeles, Marriott International (NASDAQ: MAR) announced strong growth in 2022, with 726 management and franchise agreements signed, representing a 21% increase from 2021. This signifies nearly 108,000 new rooms, aided by conversions contributing 20,500 rooms. Marriott's development pipeline boasts over 3,000 properties totaling more than 496,000 hotel rooms. 394 new properties were added, achieving a net increase of 3.1%, with significant activity in international markets. The company is expanding into the affordable midscale segment and enhancing its all-inclusive offerings, while its luxury portfolio continues to grow.
Marriott International (Nasdaq: MAR) will release its fourth quarter 2022 earnings on February 14, 2023, at 7:00 am ET. A conference call will follow at 8:30 am ET, featuring CEO Anthony Capuano and CFO Leeny Oberg, discussing the company's performance. Investors can access the call via Marriott's investor relations website, with a replay available for one year. Marriott operates nearly 8,200 properties in 138 countries and territories and offers the Marriott Bonvoy travel program. For further details, visit Marriott's official website.
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