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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 reported strong second quarter 2022 results with RevPAR increasing by 70.6% worldwide compared to 2021. Adjusted diluted EPS rose to $1.80 from $0.79 a year ago. The company added nearly 17,000 rooms globally, expanding its development pipeline to 495,000 rooms. Share repurchases resumed, with $300 million in stock bought back. Net income reached $678 million, highlighting recovery momentum as travel demand picks up, particularly in the U.S. and international markets.
Marriott International has begun construction on the Gaylord Pacific Resort and Convention Center in Chula Vista, California. This $1.275 billion project will feature 1,600 hotel rooms, numerous dining options, a large convention center, and recreational facilities, with an expected opening in summer 2025. The construction is projected to create over 10,000 jobs temporarily and 4,000 permanent jobs. The project is anticipated to have an economic impact of more than $14 billion for California, highlighting a significant public-private partnership.
Marriott International has partnered with Gulf Islamic Investments to launch The Lucan, Autograph Collection Residences in Chelsea, London, with completion anticipated in 2024. This project marks the first standalone Autograph Collection Residences globally, featuring 31 luxury homes in a prime location. The residences will offer upscale amenities including a state-of-the-art gym, concierge services, and collaborative experiences with top local chefs. Marriott's residential portfolio continues to expand, with a projected growth of 60% by 2025, reinforcing its leadership in the branded residential segment.
The Ritz-Carlton New York, NoMad, opened on July 26, 2022, in Manhattan, featuring modern luxury and exceptional service. The hotel, developed by Flag Luxury Group, stands 500 feet tall with 250 rooms, including 19 suites and 16 penthouses. Dining options include Zaytinya and rooftop bar Nubeluz, both helmed by Michelin-starred Chef José Andrés. The hotel houses a spa, fitness center, and over 10,000 square feet of meeting space. It signifies an evolution of the Ritz-Carlton brand, aiming to enhance guest experiences in a vibrant community.
Marriott Bonvoy and American Express have enhanced the Marriott Bonvoy Business American Express Card for small business owners, effective July 21, 2022. Key updates include a 7% room rate discount on eligible bookings, 4X points at restaurants worldwide, and complimentary Gold Elite status, all while maintaining the $125 annual fee. New Card Members can earn 125,000 points after spending $5,000 within three months, available until August 31, 2022. This move responds to a strong interest from small business leaders for discounted travel options, as shown in a recent survey.
Marriott International (Nasdaq: MAR) will announce its second quarter 2022 earnings results on August 2, 2022, at 7 a.m. EST. A conference call for investors will follow at 8:30 a.m. EST, featuring CEO Anthony Capuano and CFO Leeny Oberg discussing performance details. The conference call can be accessed via Marriott's investor relations website. A replay will be available until August 9, 2022. Marriott operates over 8,000 properties in 139 countries.
Marriott International has launched a $50 million program named "Marriott's Bridging The Gap" aimed at increasing hotel ownership among historically underrepresented groups like Black, Hispanic/Latino, Native American/First Nation, and women in North America. Announced at the 44th Annual NYU International Hospitality Investment Conference, the initiative will provide financial incentives for new franchise applications submitted after June 1, 2022. Over three years, it’s projected that cumulative development projects will achieve a total asset value of up to $1 billion.
The Ritz-Carlton has officially opened its doors in Amman, Jordan, introducing a new standard of luxury hospitality. Located in the Fifth Circle, the hotel features 228 rooms, including 34 suites, designed to reflect Jordan's rich culture and history. Guests can enjoy diverse dining options, including the Italian restaurant Roberto's, and extensive facilities for corporate and leisure travelers, such as a Grand Ballroom and a full-service spa. According to the management, this opening marks a significant milestone, redefining luxury and hospitality in the region.
On June 1, 2022, Marriott International announced that CEO Anthony Capuano will speak at the 2022 Goldman Sachs Travel and Leisure Conference on June 7 at approximately 9:20 a.m. ET. The remarks will be available via a live webcast. Interested parties can access the webcast through the Marriott investor relations page and it will be available until August 30, 2022. Marriott operates over 8,000 properties worldwide, providing a diverse portfolio of accommodations under various brands, along with their travel program, Marriott Bonvoy®.
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