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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 its agreement to acquire the City Express brand portfolio from Hoteles City Express for $100 million. This acquisition will add 152 hotels and 17,356 rooms to Marriott's portfolio in Latin America, enhancing its presence by 45% to 486 properties across 37 countries. The move marks Marriott's entry into the affordable midscale segment, which is anticipated to fuel growth and development in the region. The transaction is expected to close in H1 2023, pending approvals.
The Ritz-Carlton has launched The Ritz-Carlton Yacht Collection, marking its entry into the luxury yachting sector. The inaugural yacht, Evrima, set sail on October 15, 2022, from Barcelona to Nice, offering unique itineraries blending luxury hospitality with yachting freedom. Evrima accommodates up to 298 guests across 149 suites, featuring high-end amenities and personalized service. With voyages ranging from 7 to 10 nights, guests can explore destinations from the Mediterranean to South America.
Discover Puerto Rico and Marriott International have launched the Live Boricua Experience Packages, featuring culturally immersive rooms and local amenities aimed at enhancing visitor experiences. Available at select Marriott properties from October 15, 2022, to January 22, 2023, these packages focus on Puerto Rican culture by incorporating local brands and unique activities. Offerings include chocolate tastings, rum, and heritage tours, highlighting the island's diverse talent. This collaboration aims to showcase Puerto Rico's unique culture and local artisans.
Marriott International, Inc. (NASDAQ: MAR) is scheduled to report its third quarter 2022 earnings results on November 3, 2022, at 6:30 a.m. ET. A conference call will follow at 8:00 a.m. ET, featuring CEO Anthony Capuano and CFO Leeny Oberg discussing performance metrics. The call will be accessible via Marriott’s investor relations website and a replay will be available until November 2, 2023. Marriott operates over 8,100 properties globally, offering the Marriott Bonvoy® travel program.
Marriott International has signed an agreement with Bain Capital Credit and Omnam Group to introduce its EDITION Hotels brand to Lake Como, Italy. The hotel is set to open in 2025, featuring 145 guest rooms, including two penthouse suites, multiple restaurants, and a floating pool. The project aims to revitalize a 19th-century building while honoring its history. This partnership illustrates strong demand for luxury accommodations and supports Marriott's expansion in Europe, where it has over 719 properties.
The unveiling of The Tampa EDITION marks a significant development in Tampa, Florida, enhancing its status as a vibrant urban destination. This five-star hotel is part of the ambitious $3.5 billion Water Street Tampa project, spearheaded by Strategic Property Partners. Designed by Ian Schrager, the EDITION features 172 rooms, high-end restaurants, and wellness facilities, reflecting a blend of luxury and local culture. Set to preview on September 20, the hotel aims to redefine Tampa's urban landscape and elevate its international appeal as a gateway city in southern Florida.
Marriott International (Nasdaq: MAR) announced that Leeny Oberg, CFO and EVP of Business Operations, will speak at the 2022 Bank of America Securities Gaming and Lodging Conference on September 8 in New York. Her remarks are scheduled for 8:40 a.m. Eastern Time and will be available via a live webcast. Interested parties can access the webcast on Marriott's investor relations page, with availability until October 8. Marriott operates over 8,100 properties across 139 countries and territories, offering a range of hospitality services and the Marriott Bonvoy® loyalty program.
Marriott Hotels has opened the new Barranquilla Marriott Hotel in Barranquilla, Colombia, enhancing its presence in this vibrant cultural hub. The hotel features 191 guest rooms, modern amenities, and versatile meeting spaces, catering to both business and leisure travelers. Local cuisine is highlighted in two restaurants and a bar. The hotel, inspired by the rich local culture, aims to offer exceptional service and experiences. Marriott's ongoing expansion is evidenced by this addition to its portfolio, further establishing its foothold in Latin America.
W Hotels, a part of Marriott's portfolio, has opened the W Costa Navarino in Greece, marking its debut in the country. This 32-acre retreat, exclusively for adults, offers stunning Mediterranean views and sustainable design. Key features include locally inspired architecture, art installations, and varied dining options like W Lounge and Platía, which highlight Greek cuisine. The resort aims to blend luxury with local culture and is set to host diverse musical events. This opening is anticipated to enhance Marriott's presence in the Mediterranean region.
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