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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'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.
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.
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