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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 reported a 64.1% decline in fourth quarter 2020 RevPAR globally, a stark contrast to pre-pandemic results. The company posted a net loss of $164 million, a significant downturn from a $279 million profit the previous year. Adjusted diluted EPS stood at $0.12, down from $1.51 in 2019. Despite challenges, Marriott added nearly 63,000 rooms in 2020 and maintains a robust development pipeline of 498,000 rooms. Its net liquidity reached approximately $4.4 billion, reflecting ongoing efforts to manage costs during the pandemic.
Marriott International announced with deep sadness the unexpected passing of Arne M. Sorenson, the company's President and CEO, on February 15, 2021. Sorenson, who had been diagnosed with pancreatic cancer in May 2019, had temporarily reduced his schedule for treatment earlier in February 2021. Known for his visionary leadership, he played a critical role in Marriott's impressive growth, including the $13 billion acquisition of Starwood Hotels. Following his departure, Stephanie Linnartz and Tony Capuano are overseeing day-to-day operations until a new CEO is appointed.
Marriott International (NASDAQ: MAR) has announced a significant expansion of its all-inclusive portfolio through a long-term agreement with Blue Diamond Resorts. This partnership will add 19 new franchised resorts, totaling nearly 7,000 rooms, by 2025, doubling Marriott's all-inclusive properties to 33. The majority of these will be converted into Marriott's Autograph Collection by mid-2021. The agreement reflects Marriott's commitment to growth in leisure travel and expands its offerings to the 145 million Marriott Bonvoy members.
W Hotels Worldwide, a division of Marriott International, opened its first luxury lifestyle hotel in Melbourne on February 4, 2021. Located at 408 Flinders Lane, W Melbourne showcases the city's rich culture with its unique design and vibrant atmosphere. The hotel features 294 guest rooms and 29 suites inspired by Melbourne's history, along with eclectic dining options led by renowned chefs. The property also boasts extensive event spaces, including the grand GREAT ROOM. This opening marks W's second hotel in Australia, aiming to redefine the luxury hotel experience in the region.
Marriott Bonvoy plans to open several select-service hotels in popular leisure destinations in 2021, responding to increased travel demand. Key openings include Moxy Miami South Beach, Aloft Tulum, AC Hotel by Marriott Maui Wailea, Residence Inn by Marriott Cancun Hotel Zone, and Courtyard by Marriott Mazatlán. As leisure travel rises, particularly for celebrations, Marriott aims to enhance its brand portfolio by focusing on accessible, amenity-rich stays. The global leisure travel market is projected to grow significantly by 2027, indicating strong potential for recovery.
Marriott International's CEO, Arne Sorenson, is temporarily reducing his schedule to undergo treatment for pancreatic cancer, which he was diagnosed with in May 2019. Despite this, Sorenson will remain involved in the company and a member of the board of directors. During his absence, two experienced executives, Stephanie Linnartz and Tony Capuano, will share the oversight of Marriott's day-to-day operations. The leadership team, supported by the board, aims to ensure the company continues to operate smoothly during this period.
Marriott International (NASDAQ: MAR) will announce its fourth quarter 2020 earnings results on February 18, 2021, at 7:00 am ET. A subsequent conference call for investors will take place at 8:30 am ET on the same day, featuring CEO Arne Sorenson and CFO Leeny Oberg. Investors can access the call via the company's investor relations website, with a replay available until February 17, 2022. Marriott operates over 7,500 properties worldwide, focusing on hotels and vacation ownership resorts.
Marriott International (Nasdaq: MAR) plans to expand its Asia Pacific portfolio with nearly 100 property openings in 2021, building on a successful 2020 when it launched its 800th hotel in the region. 27,000 new rooms have entered the development pipeline, including the largest branded residences project featuring almost 4,200 units. The company anticipates strong demand recovery, particularly in Greater China, and is introducing new luxury offerings. The impressive pipeline reflects Marriott's resilience and adaptability amidst the evolving travel landscape.
The Ritz-Carlton Orlando, Grande Lakes has completed a $30 million renovation, enhancing 582 guest rooms, a luxury pool, and the Club Lounge. Scheduled for completion in February 2021, the redesigned accommodations feature modern technology and a nature-inspired aesthetic. Guests can enjoy curated experiences from January 29-31, 2021, costing $750 per person. The renovations align with CDC guidelines, promising a safe environment. Grande Lakes Orlando offers diverse amenities, including a golf course and multiple dining options, supporting an upscale resort experience.
Marriott International announced new COVID-19 testing and health protocols for meetings at selected hotels in the U.S., starting January 2021. These measures, part of the Connect with Confidence program, allow meeting professionals to tailor health options such as self-administered tests, on-site testing, and health screenings. This initiative enhances existing hygiene protocols established by the Global Cleanliness Council, aiming to boost confidence among attendees and meeting planners during the pandemic.
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