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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 plans to expand its luxury portfolio with over 35 new hotels set to open in 2023, enhancing its footprint in luxury hospitality. The company operates nearly 500 luxury hotels globally in 68 countries and has more than 200 luxury properties in development. Key brands include The Ritz-Carlton, St. Regis, and JW Marriott, among others. This initiative responds to a cultural shift, emphasizing meaningful travel experiences that align with modern travelers' values.
EDITION Hotels, under new leadership, plans to double its portfolio to 30 properties by 2027, reflecting its commitment to global expansion. The brand aims to open five new hotels in 2023 in popular destinations such as Rome, Riviera Maya, Singapore, Jeddah, and Tokyo. In addition, standalone luxury residences are under development in Miami and Fort Lauderdale. EDITION's growth strategy embodies a blend of modern luxury and innovative design, aiming to enhance guest experience across operations while creating a significant foothold in the luxury hospitality market.
The Ritz-Carlton Golf Resort in Naples has been renamed to The Ritz-Carlton Naples, Tiburón, marking a new era with significant enhancements planned. Guests can expect a new restaurant concept inspired by an American brasserie to open in late 2023, alongside a major renovation of guestrooms scheduled for 2024. The resort's design will feature elements reflecting Florida's natural beauty. Additionally, a new signature scent, 'Swaying Palms,' will enhance the guest experience. Exterior renovations are set to complete by February 2023.
Leeny Oberg, CFO of Marriott International, will present at the Barclays 2022 Eat, Sleep, Play Conference on November 30, 2022, at 8:45 a.m. ET in New York. The event will be webcast live, accessible through Marriott's investor relations website (Marriott.com/Investor). The webcast will remain available until December 30, 2022. Marriott International operates nearly 8,200 properties globally, offering a diverse range of brands and the highly awarded Marriott Bonvoy® travel program.
Marriott International (NASDAQ: MAR) declared a quarterly cash dividend of 40 cents per share, up 33% from the previous 30 cents. This dividend reflects the company's strong earnings growth and cash generation, payable on December 30, 2022.
In addition, Marriott has increased its share buyback authorization by 25 million shares, totaling approximately 30.8 million shares. Year-to-date, the company repurchased 11.6 million shares for $1.8 billion.
Marriott International announces the launch of Apartments by Marriott Bonvoy, expanding its offerings in response to growing demand for apartment-style accommodations. This new initiative targets travelers seeking more space and amenities for work and leisure trips. Built on 26 years of experience, the apartments will feature separate living areas, full kitchens, and residential amenities while maintaining a premium brand image. This expansion aims to enhance Marriott's global portfolio and increase customer loyalty, leveraging its well-established distribution platform.
The Ritz-Carlton, South Beach is celebrating 70 years of the Morris Lapidus property through its Art For Good program during Miami Art Week 2022. Highlighting local artists, the program features an immersive concert on November 29, including performances by the Miami Symphony Orchestra and Miami City Ballet. Unique 3D printed sonic sculptures by MONAD Studio will be showcased, with all auction proceeds benefiting local arts organizations. This initiative underscores the hotel’s commitment to community engagement and the arts.
Marriott's Q3 2022 results show significant growth with a 36.3% increase in comparable systemwide constant dollar RevPAR globally compared to Q3 2021. The reported diluted EPS rose to $1.94, up from $0.67 in the previous year. Net income reached $630 million, a notable increase from $220 million in Q3 2021. The company added 14,000 rooms worldwide and returned $1.9 billion to shareholders year-to-date. The development pipeline includes over 3,000 properties. Upcoming expectations suggest continued demand growth, with global RevPAR projected to increase by 2% to 4% compared to 2019.
Marriott International has signed an agreement with AB Living to develop The St. Regis Costa Mujeres Resort in Mexico, expected to open in early 2025. This expansion underscores Marriott's commitment to growing its luxury St. Regis brand in prime leisure destinations. The resort will feature 158 guest rooms, 80 branded residential units, and a variety of amenities including dining options and a beach club. Located on a 3.5-hectare site, the resort aims to attract guests looking for upscale hospitality in the scenic Costa Mujeres area, near Cancun.
The Ritz-Carlton, South Beach, and Bal Harbour have appointed Brigette Bienvenu as the new Market Director of Sales and Marketing. Bienvenu, with over 20 years in hospitality, will lead the Sales and Marketing teams at both luxurious locations. Her career highlights include awards from Hilton for excellence in team performance. She aims to enhance both hotels' standings in the luxury market while providing exceptional service to guests. Previously, she served as Director of Sales and Marketing at W Hotels, bringing valuable experience to her new role.
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