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.
In Q3 2021, Marriott International (NASDAQ: MAR) reported a 118.4% increase in comparable systemwide constant dollar RevPAR worldwide compared to Q3 2020, with the U.S. & Canada seeing a 134.7% increase. However, RevPAR fell 25.8% globally compared to Q3 2019. Net income rose to $220 million from $100 million a year earlier, with adjusted diluted EPS increasing to $0.99. The company added approximately 17,500 rooms, growing its development pipeline to 2,769 properties worldwide. Marriott expects a 3.5% net room growth for 2021.
The Ritz-Carlton Hotel Company announces the opening of The Ritz-Carlton, Mexico City, enhancing the city’s skyline. Located on the Paseo de Reforma, the hotel features 153 guest accommodations and offers stunning views of Chapultepec Park. Designed with a cultural lens, the hotel pays tribute to notable Mexican artists and incorporates traditional elements into its decor. Guests can explore culinary experiences at the 38th-floor restaurant Samos, and enjoy amenities like The Ritz-Carlton Spa and Club Lounge. This opening strengthens Marriott's portfolio in vibrant markets.
The Reykjavik EDITION, opening on November 9, 2021, marks the first luxury hotel in Iceland's capital, combining local culture with EDITION's signature style. Designed by Ian Schrager in collaboration with local architects, the hotel features 253 rooms, various dining options including Tides restaurant helmed by chef Gunnar Karl Gíslason, and a unique social wellness spa. Set against breathtaking views, the hotel enhances Reykjavik's appeal as a cosmopolitan destination, aimed at affluent travelers seeking exclusive experiences.
Marriott International (NASDAQ: MAR) announced the retirement of Executive VP and Global Chief Human Resources Officer David Rodriguez at the end of October 2021, after a 23-year career. Ty Breland, a 17-year veteran of the company, will succeed him. Rodriguez contributed to Marriott's recognition as a top workplace, establishing policies focused on associate wellbeing and diversity. Breland has held senior HR roles, overseeing talent management and operational strategy. With approximately 7,800 properties in 138 countries, Marriott continues to prioritize a people-first culture.
Marriott International, Inc. (NASDAQ: MAR) will announce its third quarter 2021 earnings results on November 3, 2021, at 7:00 am ET. A conference call for investors will follow at 8:30 am ET, featuring CEO Anthony Capuano and CFO Leeny Oberg discussing company performance. Participants can access the call via Marriott's investor relations website and via phone at 1-203-518-9704 (Conference ID: MAR3Q21). Replays will be available until November 10, 2021.
St. Regis Hotels & Resorts aims to enhance its status in luxury hospitality by nearly doubling its resort portfolio to 29 by 2025. With 49 existing properties, the brand plans to introduce 11 new resorts in prime destinations like the Caribbean, North America, and Asia Pacific. Notable upcoming openings include The St. Regis Los Cabos Resort in 2023 and The St. Regis Kanai Resort in 2022. This expansion represents a significant growth trajectory of around 60% over five years, reinforcing the brand's commitment to luxury experiences for modern travelers.
Marriott International (NASDAQ: MAR) and Rakuten Group (JASDAQ: 4755) announced a strategic partnership aimed at enhancing travel experiences for Japanese customers. This collaboration will merge Rakuten's digital expertise with Marriott Bonvoy's global reach, offering seamless travel benefits to Rakuten members. The initiative enables easy enrollment in Marriott Bonvoy and access to various exclusive experiences. Set to launch in late-November 2021, this alliance targets Japan's growing digital economy and aims to capture a larger share of the domestic travel market.
Marriott International announces the opening of W Nashville in the Gulch neighborhood, a luxury hotel with 286 rooms and 60 suites, designed to reflect local culture. The 14-story structure features distinct architectural elements, including six street-level entrances, 26,000 square feet of outdoor space, and a large rooftop bar. The hotel offers unique amenities, including a Welcome Den for guests, and is designed with input from local artisans. It aims to create a vibrant social scene, blending the hotel experience with Nashville's local culture.
Marriott International (NASDAQ: MAR) has announced a cash tender offer to purchase up to $1 billion of its outstanding notes, including the 5.750% Series EE Notes, 3.750% Series P Notes, and 3.750% Series V Notes, all due in 2025. The Early Tender Time is set for September 21, 2021, with the Early Settlement Date expected to occur on September 23, 2021. Due to the high demand, only Series EE Notes will be accepted on a prorated basis. The offer will expire on October 5, 2021.
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