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 reached a significant milestone with the opening of its 9,000th property, The St. Regis Longboat Key Resort in Florida. This luxury beachfront resort, spanning 18 acres, features 168 guestrooms, including 26 suites, and 69 private branded residences. The opening underscores Marriott's industry-leading luxury portfolio and continued global growth.
The resort offers exceptional amenities, culinary experiences, and the St. Regis brand's signature service. It marks the largest development on Longboat Key in over 50 years. Marriott's luxury portfolio now includes 522 hotels and resorts across 7 brands in 72 countries, with a pipeline of 233 signed projects.
To celebrate this milestone, Marriott is offering 9,000 Marriott Bonvoy points for guests who book at the St. Regis Longboat Key from August 16 to August 18, 2024.
The Ritz-Carlton Naples, Tiburón has unveiled The Mouratoglou Tennis Center Naples Tiburón, marking world-renowned coach Patrick Mouratoglou's first dedicated teaching facility in Florida. This partnership introduces a premier academy in Southwest Florida, offering world-class coaching for resort guests and members. The center features four outdoor Har-Tru courts and diverse programming for all skill levels, led by elite coaches Claudio Adolfssen and Lena Babinski, certified in The Mouratoglou Methodology.
The center offers private and group lessons, clinics, youth development programs, tennis camps, and tournaments. This addition enhances the resort's active lifestyle offerings, complementing its existing golf facilities. The Mouratoglou Methodology emphasizes a hyper-personalized approach to teaching, adapting to each player's unique needs regardless of age or level.
Marriott International (Nasdaq: MAR) has announced a quarterly cash dividend of 63 cents per share of common stock. The dividend will be payable on September 30, 2024, to shareholders of record as of the close of business on August 16, 2024. Marriott International, based in Bethesda, Maryland, USA, operates a portfolio of nearly 9,000 properties across more than 30 brands in 141 countries and territories. The company offers Marriott Bonvoy®, its highly awarded travel program, and encourages interested parties to review information posted on its investor relations website and news center for potential material updates.
Marriott International has signed an agreement with Zhong An Commercial Group to bring the W Hotels brand to Hangzhou, China. The W Hangzhou is set to open in 2031 in Qianjiang Century City, Hangzhou's new CBD. The hotel will occupy the top floors of a 240-meter building in the IOC complex, featuring 270 guest rooms and suites, with about half offering direct river views. Designed by Kohn Pedersen Fox Associates, the hotel will include two restaurants, a bar, swimming pool, fitness center, and spa. It will also offer event spaces including a ballroom and meeting rooms. The location is approximately 15 km from Hangzhou East Railway Station and 24 km from Hangzhou Xiaoshan International Airport. This signing reinforces Marriott's expanding luxury portfolio in Greater China, which now includes over 70 luxury hotels.
Marriott International (MAR) reported strong Q2 2024 results, with worldwide RevPAR growth of 4.9% and net rooms up 6% year-over-year. Key highlights include:
- Reported diluted EPS of $2.69, up from $2.38 in Q2 2023
- Adjusted diluted EPS of $2.50, compared to $2.26 in Q2 2023
- Reported net income of $772 million, up from $726 million
- Adjusted EBITDA of $1,324 million, up from $1,219 million
- Added 15,500 net rooms during the quarter
- Development pipeline of 3,500 properties with 559,000 rooms
- Repurchased 4.1 million shares for $1.0 billion in Q2
The company narrowed its full-year 2024 RevPAR growth forecast to 3-4% due to weaker conditions in Greater China and slightly softer expectations in the U.S. & Canada. Marriott expects to return approximately $4.3 billion to shareholders in 2024 through dividends and share repurchases.
Marriott Hotels has launched its first all-inclusive resort, Marriott Cancun, An All-Inclusive Resort, marking a new era for the brand. This debut addresses the growing demand for multigenerational travel experiences, with over 50% of parents planning trips involving grandparents and children. The resort features 450 newly redesigned guestrooms, including 124 premium ocean view rooms and 38 suites. Guests can enjoy 13 diverse dining options, a variety of daily and nightly activities, and a water park with thrilling slides and multiple pools. The property also offers nearly 24,813 square feet of renovated event space for weddings, family reunions, and corporate retreats.
To celebrate the grand opening, Marriott Cancun is offering a 20% discount on bookings made between July 30th and August 30th, 2024, for stays until January 11th, 2025. Guests will also receive a $50 USD resort credit for spa treatments.
Marriott International has launched HotelHelp, a pilot program donating short-term emergency stays for human trafficking survivors. The initiative is currently active in five U.S. cities and aims to expand to 25 cities across North America by January 2025. HotelHelp addresses the shortage of dedicated shelter beds for survivors, reducing the risk of re-trafficking.
The program leverages a proven system modeled after HospitalityHelps, which provided accommodations for Ukrainian refugees. Participating care providers can reserve up to five room nights per person on behalf of their clients. This initiative complements Marriott's existing efforts, including the Future in Training (FiT) Hospitality Survivor Employability Curriculum, which has trained over 160 survivors across 11 U.S. cities since July 2023.
Marriott International (NASDAQ: MAR) announces continued growth in its Branded Residences portfolio and introduces ONVIA, a new Owner recognition platform. The company has 138 open residential locations and a pipeline of 123 projects, representing nearly 50% growth since 2019. Marriott offers 16 distinct residential brand offerings across luxury and premium brands.
The company's branded residence portfolio is forecasted to generate $1.7B in residential sales revenue for third-party developers in 2024. ONVIA aims to enhance experiences for Residence Owners with benefits like elevated Marriott Bonvoy status, preferred rates, and exclusive offers. Marriott's global expansion includes new projects in Europe, Middle East, Africa, Asia Pacific, United States, Canada, Caribbean, and Latin America.
The Ritz-Carlton, Turks and Caicos has appointed Louella Brezovar-van Veen as its new General Manager. Brezovar-van Veen brings over 30 years of hospitality experience, including a successful tenure at The Ritz-Carlton, Aruba.
She will oversee operations at the 147-room oceanfront resort on Grace Bay beach, which includes 69 residences. Under her previous management, significant revenue and ADR growth were achieved, alongside increased employee engagement.
Brezovar-van Veen aims to enhance the operational and commercial performance of the resort while offering exceptional service to travelers.
Marriott International (Nasdaq: MAR) will announce its Q2 2024 earnings on July 31, 2024, at 7:00 a.m. ET. A conference call hosted by President and CEO Anthony Capuano, and CFO Leeny Oberg, will follow at 8:30 a.m. ET. The call will be webcast on Marriott's investor relations website, where a replay and transcript will also be available for one year. The dial-in number for the call is 800-274-8461 (US Toll Free) or +1 203-518-9843 (Global) with conference ID MAR2Q24. A replay will be accessible until August 7, 2024.
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