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.
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.
Marriott International (NASDAQ: MAR) will report its first quarter 2022 earnings results on May 4, 2022, at 7:00 am ET. A conference call will follow at 8:30 am ET, featuring CEO Anthony Capuano and CFO Leeny Oberg discussing performance. Investors can join via Marriott's investor relations website. A replay of the call will be available until May 11, 2022. Marriott operates approximately 8,000 properties globally under 30 brands, catering to the travel needs of customers worldwide through its loyalty program, Marriott Bonvoy.
Marriott Bonvoy is offering members an exclusive opportunity to experience the Monaco Grand Prix from a VIP yacht hosted by the Mercedes-AMG Petronas F1 Team. This unique package includes access to the team's penthouse and yacht, along with prime race viewing and top-notch catering. Available through Marriott Bonvoy Moments, members can bid with their points for this once-in-a-lifetime experience. The program also includes various exclusive races worldwide, providing numerous opportunities for members to engage with F1 events throughout the season.
Marriott Bonvoy, in partnership with Manchester United, is offering fans a chance to win an exclusive overnight stay at Old Trafford, coinciding with the upcoming Premier League match against Chelsea in May 2022. The winner will enjoy a suite overlooking the pitch, behind-the-scenes experiences, and hospitality on matchday. This initiative is part of Marriott's ongoing collaboration with Manchester United to create unique fan experiences and elevate brand presence in high-profile sports venues. The sweepstakes ends on April 15, 2022.
Marriott International has entered the luxury safari segment by signing an agreement with Baraka Lodges LTD to develop the JW Marriott Masai Mara Lodge in Kenya. Set to open in 2023, the lodge will feature 20 private tents, including a presidential pavilion and family suites, and will allow guests to experience the region's rich wildlife, including the 'Big Five.' The lodge aims to employ locals from the Masai community and emphasize conservation. This expansion marks a strategic growth for Marriott in Africa, addressing the increasing demand for experiential travel.
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