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.
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®.
Marriott International (NASDAQ: MAR) has partnered with Ant Group to enhance its digital operations in China by offering Alipay members exclusive benefits when signing up for the Marriott Bonvoy Rewards Program. This initiative aims to expand Marriott's customer base, building on its previous success of enrolling over 10 million members since 2017. The collaboration will focus on improving consumer experience and providing innovative offerings, particularly for high-net-worth clients. New benefits include digital coupons and reduced costs for meals at select Marriott hotels.
Marriott International has signed an agreement with The Red Sea Development Company to introduce the Ritz-Carlton Reserve brand in Saudi Arabia. Set to open in 2023, 'Nujuma' will be the first Ritz-Carlton Reserve in the Middle East, located within a luxury regenerative tourism project covering 28,000 square kilometers. The resort will feature 63 luxurious villas and a variety of high-end amenities, including a spa and multiple dining options. The initiative underlines Marriott's commitment to sustainability within the tourism industry.
Marriott International (NASDAQ: MAR) has announced it will redeem all $173,388,000 of its outstanding 3.250% Series L Notes on June 15, 2022. The redemption price will include 100% of the principal amount plus accrued interest up to that date. Post redemption, the Notes will cease to accrue interest and will no longer be outstanding. Marriott cautions that forward-looking statements in this release aren't guarantees of future performance and are subject to various risks and uncertainties. For more details about the redemption, visit Marriott's investor relations website.
Marriott International has launched the Marriott Media Network, the first global omnichannel advertising solution in the hospitality industry. This initiative, developed in collaboration with Yahoo, aims to enhance curated content experiences for travelers. Initially targeting guests in the U.S. and Canada, it will expand globally to Marriott Bonvoy's 164 million members. The network promises advertisers a unique chance to engage with high-intent travelers through various media formats. This partnership aims to boost growth and redefine advertising strategies in a cookieless environment.
Equity Residential (NYSE: EQR) mourns the passing of Raymond “Ray” Bennett, a Board member since 2018, who died at 53. As President of U.S. and Canada Franchising at Marriott International (NASDAQ: MAR), Bennett contributed significant operational expertise to the company. Equity Residential's President and CEO, Mark J. Parrell, expressed deep condolences and highlighted Bennett's positive influence and contributions. Equity Residential focuses on managing residential properties in thriving urban areas, owning 310 properties with 80,227 apartment units across major U.S. cities.
Marriott International reported strong first quarter 2022 results, with a 96.5% increase in RevPAR globally compared to Q1 2021. Adjusted diluted EPS rose to $1.25 from $0.10 year-over-year, while net income reached $377 million, up from a loss of $11 million in 2021. The company resumed cash dividends, declaring $0.30 per share payable on June 30, 2022. Marriott added approximately 11,800 rooms and reported a development pipeline of 2,878 properties worldwide. CEO Anthony Capuano highlighted strong demand recovery, especially in the U.S. & Canada.
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