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Marriott International (MAR) reports developments across a global lodging portfolio that spans luxury, premium, select, midscale, extended stay and all-inclusive brands. The company franchises, operates and licenses hotel, residential, timeshare, yacht, outdoor and other lodging products, and supports its brands through the Marriott Bonvoy travel platform.
Recurring news includes earnings releases, dividend actions, hotel openings, brand conversions, management agreements, regional development activity and executive appearances at lodging and leisure industry events. Updates also cover brand-specific expansion such as W Hotels and St. Regis, as well as growth across markets including the Caribbean, Latin America, Italy and Hawai'i.
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Marriott Hotels announced the opening of its first resort in the UAE, the Marriott Resort Palm Jumeirah, Dubai. Located on over 75,000 square feet of beachfront, the resort features 608 rooms and 10 dining concepts inspired by global cuisines. Amenities include a spa, fitness center, kids club, and extensive event spaces totaling over 20,000 square feet. This property enhances Marriott's presence in Dubai, catering to both leisure and business travelers. The resort joins Marriott's 30-brand portfolio, allowing members to earn and redeem Marriott Bonvoy points.
Agilysys, Inc. (NASDAQ: AGYS) has entered an agreement with Marriott International, Inc. (NASDAQ: MAR) to implement its cloud-native property management system (PMS) in Marriott's hotels across the U.S. and Canada. The partnership aims to replace existing proprietary systems, enhancing operations and guest experiences. Agilysys emphasizes its focus on hospitality innovation and modular solutions, which cater to diverse hotel types. CEO Ramesh Srinivasan noted this collaboration reflects Agilysys' dedication to R&D, aligning with Marriott's goal of improving associate and guest satisfaction.
On December 14, 2022, Marriott International hosted a panel titled Traditions, Trends & New Inspirations for Destination Weddings at the San Juan Marriott Resort & Stellaris Casino. The event focused on the booming destination wedding market, projected to grow from $21.43 billion in 2022 to $64.01 billion by 2026. Experts highlighted Puerto Rico's appeal as a hassle-free wedding destination for U.S. couples, emphasizing sustainability and personalized experiences for younger generations.
Marriott International announces the return of its culinary competition, Masters of the Craft, after a two-year hiatus, showcasing talent from the U.S. and Canada. The event features 800 participants from 80 properties competing in cooking and mixology challenges, incorporating a mystery ingredient. The final competition takes place at Marriott's headquarters in Bethesda on December 15, 2022, with six finalists vying for the title. Notable judges will evaluate the contestants. Winners receive an all-expenses-paid trip to the Aspen Food & Wine Classic in June 2023.
Marriott International plans to expand its luxury portfolio with over 35 new hotels set to open in 2023, enhancing its footprint in luxury hospitality. The company operates nearly 500 luxury hotels globally in 68 countries and has more than 200 luxury properties in development. Key brands include The Ritz-Carlton, St. Regis, and JW Marriott, among others. This initiative responds to a cultural shift, emphasizing meaningful travel experiences that align with modern travelers' values.
EDITION Hotels, under new leadership, plans to double its portfolio to 30 properties by 2027, reflecting its commitment to global expansion. The brand aims to open five new hotels in 2023 in popular destinations such as Rome, Riviera Maya, Singapore, Jeddah, and Tokyo. In addition, standalone luxury residences are under development in Miami and Fort Lauderdale. EDITION's growth strategy embodies a blend of modern luxury and innovative design, aiming to enhance guest experience across operations while creating a significant foothold in the luxury hospitality market.
The Ritz-Carlton Golf Resort in Naples has been renamed to The Ritz-Carlton Naples, Tiburón, marking a new era with significant enhancements planned. Guests can expect a new restaurant concept inspired by an American brasserie to open in late 2023, alongside a major renovation of guestrooms scheduled for 2024. The resort's design will feature elements reflecting Florida's natural beauty. Additionally, a new signature scent, 'Swaying Palms,' will enhance the guest experience. Exterior renovations are set to complete by February 2023.
Leeny Oberg, CFO of Marriott International, will present at the Barclays 2022 Eat, Sleep, Play Conference on November 30, 2022, at 8:45 a.m. ET in New York. The event will be webcast live, accessible through Marriott's investor relations website (Marriott.com/Investor). The webcast will remain available until December 30, 2022. Marriott International operates nearly 8,200 properties globally, offering a diverse range of brands and the highly awarded Marriott Bonvoy® travel program.
Marriott International (NASDAQ: MAR) declared a quarterly cash dividend of 40 cents per share, up 33% from the previous 30 cents. This dividend reflects the company's strong earnings growth and cash generation, payable on December 30, 2022.
In addition, Marriott has increased its share buyback authorization by 25 million shares, totaling approximately 30.8 million shares. Year-to-date, the company repurchased 11.6 million shares for $1.8 billion.