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 $4.3 billion to shareholders in 2024. The company’s commitment to innovation and sustainability, as shown by the launch of the City Express by Marriott in the affordable midscale segment, ensures continued growth and adaptation to market trends.
Marriott International has consistently been recognized for its superior business ethics and as a top employer. It maintains a strong commitment to diversity and inclusion, providing equal employment opportunities and fostering an inclusive culture. For more information, visit marriott.com and marriottnewscenter.com.
Marriott International has launched online instant booking for group guest rooms and meeting spaces through GroupSync Marketplace, available at over 1,500 hotels in the U.S. and Canada. This integration with Groups360 simplifies the booking process for planners, allowing real-time access to group rates and inventory. The new capability reduces planning time and improves efficiency. Marriott aims to enhance customer experience further by enabling inventory visibility before RFP submission and expects to expand this service. Marriott is also celebrating this launch with a giveaway of 1 million Marriott Bonvoy points to incentivize bookings.
MARAEY has partnered with Marriott International to develop three luxury hotels in Maricá, Rio de Janeiro, with a total investment estimated at US$ 360 million. This project includes the Ritz-Carlton Reserve, the world's first all-inclusive JW Marriott, and the Rock in Rio-themed Autograph Collection hotel, all set to create over 16,000 jobs during construction and attract over 300,000 tourists annually. The project emphasizes sustainability and aims to support the local economy, contributing to Rio's tourism sector. Groundbreaking is expected in the second half of 2023.
Science Applications International Corp. (SAIC) has appointed Carolyn Handlon and James C. Reagan to its board of directors, expanding the board to 13 members, with nearly two-thirds being women and people of color. Handlon, a former Executive VP at Marriott, will join the Audit and Nominating Committees, while Reagan, ex-CFO of Leidos, will serve on the Audit and Human Resources Committees. The board chair emphasized their integrity and leadership capabilities, which are expected to enhance SAIC's commitment to sustainable growth for customers and shareholders.
Amanda Joiner has been appointed as the Global Vice President at The Ritz-Carlton Leadership Center, bringing over 30 years of luxury hospitality experience. Previously the General Manager of The Ritz-Carlton, St. Louis, she aims to enhance the center's focus on culture and customer experience. The Leadership Center has experienced increased demand for its consulting services, helping brands improve employee and customer engagement. Joiner’s leadership is expected to solidify the center's competitive advantage through innovative organizational strategies and transformation.
Marriott International (NASDAQ: MAR) announces that Stephanie Linnartz, a 25-year veteran and President since 2021, will leave the company to become President and CEO of Under Armour effective February 24, 2023. Linnartz has been instrumental in guiding Marriott's global consumer strategy and expanding the Marriott Bonvoy loyalty program. Her departure comes as a significant change for Marriott, as she has played a vital role in the company’s growth and brand portfolio enhancement. Linnartz expressed gratitude for her time at Marriott and excitement for her new position.
Marriott Hotels announced the opening of its first resort in the UAE, the Marriott Resort Palm Jumeirah, Dubai. Located on over 75,000 square feet of beachfront, the resort features 608 rooms and 10 dining concepts inspired by global cuisines. Amenities include a spa, fitness center, kids club, and extensive event spaces totaling over 20,000 square feet. This property enhances Marriott's presence in Dubai, catering to both leisure and business travelers. The resort joins Marriott's 30-brand portfolio, allowing members to earn and redeem Marriott Bonvoy points.
Agilysys, Inc. (NASDAQ: AGYS) has entered an agreement with Marriott International, Inc. (NASDAQ: MAR) to implement its cloud-native property management system (PMS) in Marriott's hotels across the U.S. and Canada. The partnership aims to replace existing proprietary systems, enhancing operations and guest experiences. Agilysys emphasizes its focus on hospitality innovation and modular solutions, which cater to diverse hotel types. CEO Ramesh Srinivasan noted this collaboration reflects Agilysys' dedication to R&D, aligning with Marriott's goal of improving associate and guest satisfaction.
On December 14, 2022, Marriott International hosted a panel titled Traditions, Trends & New Inspirations for Destination Weddings at the San Juan Marriott Resort & Stellaris Casino. The event focused on the booming destination wedding market, projected to grow from $21.43 billion in 2022 to $64.01 billion by 2026. Experts highlighted Puerto Rico's appeal as a hassle-free wedding destination for U.S. couples, emphasizing sustainability and personalized experiences for younger generations.
Marriott International announces the return of its culinary competition, Masters of the Craft, after a two-year hiatus, showcasing talent from the U.S. and Canada. The event features 800 participants from 80 properties competing in cooking and mixology challenges, incorporating a mystery ingredient. The final competition takes place at Marriott's headquarters in Bethesda on December 15, 2022, with six finalists vying for the title. Notable judges will evaluate the contestants. Winners receive an all-expenses-paid trip to the Aspen Food & Wine Classic in June 2023.
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