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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marriott International Inc | NASDAQ:MAR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 227.60 | 226.54 | 228.21 | 0 | 01:00:00 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) |
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. | ||||
(d) Exhibits. The following exhibits are furnished with this report: |
99 | |||||
104 | The cover page to this Current Report on Form 8-K, formatted in inline XBRL. |
MARRIOTT INTERNATIONAL, INC. | ||||||||||||||||||||||||||
Date: July 31, 2024 | By: | /s/ Felitia O. Lee | ||||||||||||||||||||||||
Felitia O. Lee | ||||||||||||||||||||||||||
Controller and Chief Accounting Officer |
Third Quarter 2024 vs Third Quarter 2023 | Full Year 2024 vs Full Year 2023 | |||||||
Comparable systemwide constant $ RevPAR growth | ||||||||
Worldwide | 3% to 4% | 3% to 4% | ||||||
Year-End 2024 vs Year-End 2023 | ||||||||
Net rooms growth | 5.5% to 6% | |||||||
($ in millions, except EPS) | Third Quarter 2024 | Full Year 2024 | ||||||
Gross fee revenues | $1,275 to $1,290 | $5,130 to $5,180 | ||||||
Owned, leased, and other revenue, net of direct expenses | Approx. $75 | $345 to $350 | ||||||
General, administrative, and other expenses | $250 to $240 | $1,030 to $1,020 | ||||||
Adjusted EBITDA1,2 | $1,225 to $1,250 | $4,950 to $5,015 | ||||||
Adjusted EPS – diluted2,3 | $2.27 to $2.33 | $9.23 to $9.40 | ||||||
Investment spending4 | $1,000 to $1,200 | |||||||
Capital return to shareholders5 | Approx. $4,300 |
MEDIA & INVESTOR RELATIONS CONTACTS: | ||
Melissa Froehlich Flood | ||
Senior Vice President, Global Corporate Communications & Public Policy | ||
Marriott International | ||
newsroom@marriott.com | ||
Jackie Burka McConagha | ||
Senior Vice President, Investor Relations | ||
Marriott International | ||
jackie.mcconagha@marriott.com | ||
Betsy Dahm | ||
Vice President, Investor Relations | ||
Marriott International | ||
betsy.dahm@marriott.com |
MARRIOTT INTERNATIONAL, INC. | |||||
PRESS RELEASE SCHEDULES | |||||
TABLE OF CONTENTS | |||||
QUARTER 2, 2024 | |||||
Consolidated Statements of Income - As Reported | |||||
Non-GAAP Financial Measures | |||||
Total Lodging Products by Ownership Type | |||||
Total Lodging Products by Tier | |||||
Key Lodging Statistics | |||||
Adjusted EBITDA | |||||
Adjusted EBITDA Forecast - Third Quarter 2024 | |||||
Adjusted EBITDA Forecast - Full Year 2024 | |||||
Explanation of Non-GAAP Financial and Performance Measures |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||||||||||||||
SECOND QUARTER 2024 AND 2023 | |||||||||||||||||
($ in millions except per share amounts, unaudited) | |||||||||||||||||
As Reported | As Reported | Percent | |||||||||||||||
Three Months Ended | Three Months Ended | Better/(Worse) | |||||||||||||||
June 30, 2024 | June 30, 2023 | Reported 2024 vs. 2023 | |||||||||||||||
REVENUES | |||||||||||||||||
Base management fees | $ | 330 | $ | 318 | 4 | ||||||||||||
Franchise fees1 | 818 | 739 | 11 | ||||||||||||||
Incentive management fees | 195 | 193 | 1 | ||||||||||||||
Gross Fee Revenues | 1,343 | 1,250 | 7 | ||||||||||||||
Contract investment amortization2 | (27) | (22) | (23) | ||||||||||||||
Net Fee Revenues | 1,316 | 1,228 | 7 | ||||||||||||||
Owned, leased, and other revenue3 | 395 | 390 | 1 | ||||||||||||||
Cost reimbursement revenue4 | 4,728 | 4,457 | 6 | ||||||||||||||
Total Revenues | 6,439 | 6,075 | 6 | ||||||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||||
Owned, leased, and other - direct5 | 296 | 287 | (3) | ||||||||||||||
Depreciation, amortization, and other6 | 47 | 48 | 2 | ||||||||||||||
General, administrative, and other7 | 248 | 240 | (3) | ||||||||||||||
Merger-related charges and other | 8 | 38 | 79 | ||||||||||||||
Reimbursed expenses4 | 4,645 | 4,366 | (6) | ||||||||||||||
Total Expenses | 5,244 | 4,979 | (5) | ||||||||||||||
OPERATING INCOME | 1,195 | 1,096 | 9 | ||||||||||||||
Gains and other income, net8 | 4 | 2 | 100 | ||||||||||||||
Interest expense | (173) | (140) | (24) | ||||||||||||||
Interest income | 9 | (1) | * | ||||||||||||||
Equity in earnings9 | 5 | 7 | (29) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,040 | 964 | 8 | ||||||||||||||
Provision for income taxes | (268) | (238) | (13) | ||||||||||||||
NET INCOME | $ | 772 | $ | 726 | 6 | ||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Earnings per share - basic | $ | 2.70 | $ | 2.39 | 13 | ||||||||||||
Earnings per share - diluted | $ | 2.69 | $ | 2.38 | 13 | ||||||||||||
Basic Shares | 285.8 | 303.6 | |||||||||||||||
Diluted Shares | 286.7 | 305.0 | |||||||||||||||
* Calculated percentage is not meaningful. | |||||||||||||||||
1 Franchise fees include fees from our franchise and license agreements, application and relicensing fees, timeshare and yacht fees, co-branded credit card fees, and residential branding fees. | |||||||||||||||||
2 Contract investment amortization includes amortization of capitalized costs to obtain management, franchise, and license contracts and any related impairments. | |||||||||||||||||
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | |||||||||||||||||
4 Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our property owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. | |||||||||||||||||
5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | |||||||||||||||||
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. | |||||||||||||||||
7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | |||||||||||||||||
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | |||||||||||||||||
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||||||||||||||
SECOND QUARTER YEAR-TO-DATE 2024 AND 2023 | |||||||||||||||||
($ in millions except per share amounts, unaudited) | |||||||||||||||||
As Reported | As Reported | Percent | |||||||||||||||
Six Months Ended | Six Months Ended | Better/(Worse) | |||||||||||||||
June 30, 2024 | June 30, 2023 | Reported 2024 vs. 2023 | |||||||||||||||
REVENUES | |||||||||||||||||
Base management fees | $ | 643 | $ | 611 | 5 | ||||||||||||
Franchise fees1 | 1,506 | 1,378 | 9 | ||||||||||||||
Incentive management fees | 404 | 394 | 3 | ||||||||||||||
Gross Fee Revenues | 2,553 | 2,383 | 7 | ||||||||||||||
Contract investment amortization2 | (50) | (43) | (16) | ||||||||||||||
Net Fee Revenues | 2,503 | 2,340 | 7 | ||||||||||||||
Owned, leased, and other revenue3 | 752 | 746 | 1 | ||||||||||||||
Cost reimbursement revenue4 | 9,161 | 8,604 | 6 | ||||||||||||||
Total Revenues | 12,416 | 11,690 | 6 | ||||||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||||||||
Owned, leased, and other - direct5 | 582 | 568 | (2) | ||||||||||||||
Depreciation, amortization, and other6 | 92 | 92 | — | ||||||||||||||
General, administrative, and other7 | 509 | 442 | (15) | ||||||||||||||
Merger-related charges and other | 16 | 39 | 59 | ||||||||||||||
Reimbursed expenses4 | 9,146 | 8,502 | (8) | ||||||||||||||
Total Expenses | 10,345 | 9,643 | (7) | ||||||||||||||
OPERATING INCOME | 2,071 | 2,047 | 1 | ||||||||||||||
Gains and other income, net8 | 8 | 5 | 60 | ||||||||||||||
Interest expense | (336) | (266) | (26) | ||||||||||||||
Interest income | 19 | 14 | 36 | ||||||||||||||
Equity in earnings9 | 5 | 8 | (38) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 1,767 | 1,808 | (2) | ||||||||||||||
Provision for income taxes | (431) | (325) | (33) | ||||||||||||||
NET INCOME | $ | 1,336 | $ | 1,483 | (10) | ||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Earnings per share - basic | $ | 4.64 | $ | 4.84 | (4) | ||||||||||||
Earnings per share - diluted | $ | 4.62 | $ | 4.81 | (4) | ||||||||||||
Basic Shares | 288.1 | 306.6 | |||||||||||||||
Diluted Shares | 289.1 | 308.0 | |||||||||||||||
1 Franchise fees include fees from our franchise and license agreements, application and relicensing fees, timeshare and yacht fees, co-branded credit card fees, and residential branding fees. | |||||||||||||||||
2 Contract investment amortization includes amortization of capitalized costs to obtain management, franchise, and license contracts and any related impairments. | |||||||||||||||||
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | |||||||||||||||||
4 Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our property owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. | |||||||||||||||||
5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | |||||||||||||||||
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. | |||||||||||||||||
7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | |||||||||||||||||
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | |||||||||||||||||
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||||||||
($ in millions except per share amounts) | |||||||||||||||||||||||||||||||||||
The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. | |||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
Percent | Percent | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | Better/ | June 30, | June 30, | Better/ | ||||||||||||||||||||||||||||||
2024 | 2023 | (Worse) | 2024 | 2023 | (Worse) | ||||||||||||||||||||||||||||||
Total revenues, as reported | $ | 6,439 | $ | 6,075 | $ | 12,416 | $ | 11,690 | |||||||||||||||||||||||||||
Less: Cost reimbursement revenue | (4,728) | (4,457) | (9,161) | (8,604) | |||||||||||||||||||||||||||||||
Adjusted total revenues† | 1,711 | 1,618 | 3,255 | 3,086 | |||||||||||||||||||||||||||||||
Operating income, as reported | 1,195 | 1,096 | 2,071 | 2,047 | |||||||||||||||||||||||||||||||
Less: Cost reimbursement revenue | (4,728) | (4,457) | (9,161) | (8,604) | |||||||||||||||||||||||||||||||
Add: Reimbursed expenses | 4,645 | 4,366 | 9,146 | 8,502 | |||||||||||||||||||||||||||||||
Add: Merger-related charges and other | 8 | 38 | 16 | 39 | |||||||||||||||||||||||||||||||
Adjusted operating income† | 1,120 | 1,043 | 7% | 2,072 | 1,984 | 4% | |||||||||||||||||||||||||||||
Operating income margin | 19 | % | 18 | % | 17 | % | 18 | % | |||||||||||||||||||||||||||
Adjusted operating income margin† | 65 | % | 64 | % | 64 | % | 64 | % | |||||||||||||||||||||||||||
Net income, as reported | 772 | 726 | 1,336 | 1,483 | |||||||||||||||||||||||||||||||
Less: Cost reimbursement revenue | (4,728) | (4,457) | (9,161) | (8,604) | |||||||||||||||||||||||||||||||
Add: Reimbursed expenses | 4,645 | 4,366 | 9,146 | 8,502 | |||||||||||||||||||||||||||||||
Add: Merger-related charges and other | 8 | 38 | 16 | 39 | |||||||||||||||||||||||||||||||
Income tax effect of above adjustments | 19 | 17 | (1) | 18 | |||||||||||||||||||||||||||||||
Less: Income tax special items | — | — | — | (100) | |||||||||||||||||||||||||||||||
Adjusted net income† | $ | 716 | $ | 690 | 4% | $ | 1,336 | $ | 1,338 | —% | |||||||||||||||||||||||||
Diluted earnings per share, as reported | $ | 2.69 | $ | 2.38 | $ | 4.62 | $ | 4.81 | |||||||||||||||||||||||||||
Adjusted diluted earnings per share† | $ | 2.50 | $ | 2.26 | 11% | $ | 4.62 | $ | 4.35 | 6% | |||||||||||||||||||||||||
† Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||||||||||||||||||||||||||||||||
MARRIOTT INTERNATIONAL, INC. | ||||||||||||||||||||
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE | ||||||||||||||||||||
As of June 30, 2024 | ||||||||||||||||||||
US & Canada | Total International1 | Total Worldwide | ||||||||||||||||||
Properties | Rooms | Properties | Rooms | Properties | Rooms | |||||||||||||||
Managed | 617 | 213,712 | 1,363 | 354,789 | 1,980 | 568,501 | ||||||||||||||
Marriott Hotels | 101 | 56,736 | 186 | 58,147 | 287 | 114,883 | ||||||||||||||
Sheraton | 26 | 20,869 | 182 | 61,494 | 208 | 82,363 | ||||||||||||||
Courtyard | 156 | 25,372 | 128 | 27,744 | 284 | 53,116 | ||||||||||||||
Westin | 40 | 22,344 | 78 | 23,608 | 118 | 45,952 | ||||||||||||||
JW Marriott | 23 | 13,189 | 74 | 26,496 | 97 | 39,685 | ||||||||||||||
The Ritz-Carlton | 41 | 12,354 | 77 | 18,047 | 118 | 30,401 | ||||||||||||||
Renaissance | 21 | 9,065 | 53 | 16,542 | 74 | 25,607 | ||||||||||||||
Four Points | 1 | 134 | 87 | 24,339 | 88 | 24,473 | ||||||||||||||
Le Méridien | 1 | 100 | 71 | 19,861 | 72 | 19,961 | ||||||||||||||
W Hotels | 23 | 6,516 | 42 | 11,805 | 65 | 18,321 | ||||||||||||||
Residence Inn | 73 | 12,002 | 9 | 1,116 | 82 | 13,118 | ||||||||||||||
St. Regis | 11 | 2,169 | 47 | 10,285 | 58 | 12,454 | ||||||||||||||
Delta Hotels by Marriott | 25 | 6,770 | 26 | 4,924 | 51 | 11,694 | ||||||||||||||
Fairfield by Marriott | 6 | 1,431 | 78 | 9,848 | 84 | 11,279 | ||||||||||||||
Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 | ||||||||||||||
Aloft | 2 | 505 | 44 | 9,696 | 46 | 10,201 | ||||||||||||||
The Luxury Collection | 6 | 2,296 | 39 | 7,737 | 45 | 10,033 | ||||||||||||||
Autograph Collection | 9 | 2,862 | 15 | 3,021 | 24 | 5,883 | ||||||||||||||
Marriott Executive Apartments | — | — | 35 | 5,011 | 35 | 5,011 | ||||||||||||||
EDITION | 5 | 1,379 | 15 | 2,844 | 20 | 4,223 | ||||||||||||||
SpringHill Suites | 23 | 3,872 | — | — | 23 | 3,872 | ||||||||||||||
Element | 3 | 810 | 14 | 2,803 | 17 | 3,613 | ||||||||||||||
AC Hotels by Marriott | 8 | 1,512 | 11 | 1,892 | 19 | 3,404 | ||||||||||||||
Moxy | 1 | 380 | 12 | 2,771 | 13 | 3,151 | ||||||||||||||
Protea Hotels | — | — | 23 | 2,824 | 23 | 2,824 | ||||||||||||||
Tribute Portfolio | — | — | 10 | 1,284 | 10 | 1,284 | ||||||||||||||
TownePlace Suites | 6 | 825 | — | — | 6 | 825 | ||||||||||||||
Bulgari | — | — | 7 | 650 | 7 | 650 | ||||||||||||||
Owned/Leased | 13 | 4,335 | 37 | 8,775 | 50 | 13,110 | ||||||||||||||
Marriott Hotels | 2 | 1,304 | 5 | 1,631 | 7 | 2,935 | ||||||||||||||
Courtyard | 7 | 987 | 4 | 894 | 11 | 1,881 | ||||||||||||||
Sheraton | — | — | 4 | 1,830 | 4 | 1,830 | ||||||||||||||
W Hotels | 2 | 779 | 2 | 665 | 4 | 1,444 | ||||||||||||||
Westin | 1 | 1,073 | — | — | 1 | 1,073 | ||||||||||||||
Protea Hotels | — | — | 5 | 912 | 5 | 912 | ||||||||||||||
The Ritz-Carlton | — | — | 2 | 550 | 2 | 550 | ||||||||||||||
Renaissance | — | — | 2 | 505 | 2 | 505 | ||||||||||||||
JW Marriott | — | — | 1 | 496 | 1 | 496 | ||||||||||||||
The Luxury Collection | — | — | 3 | 383 | 3 | 383 | ||||||||||||||
Autograph Collection | — | — | 5 | 360 | 5 | 360 | ||||||||||||||
Residence Inn | 1 | 192 | 1 | 140 | 2 | 332 | ||||||||||||||
Tribute Portfolio | — | — | 2 | 249 | 2 | 249 | ||||||||||||||
St. Regis | — | — | 1 | 160 | 1 | 160 |
MARRIOTT INTERNATIONAL, INC. | ||||||||||||||||||||
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE | ||||||||||||||||||||
As of June 30, 2024 | ||||||||||||||||||||
US & Canada | Total International1 | Total Worldwide | ||||||||||||||||||
Properties | Rooms | Properties | Rooms | Properties | Rooms | |||||||||||||||
Franchised, Licensed, and Other | 5,425 | 818,512 | 1,384 | 244,237 | 6,809 | 1,062,749 | ||||||||||||||
Courtyard | 910 | 121,873 | 126 | 23,197 | 1,036 | 145,070 | ||||||||||||||
Fairfield by Marriott | 1,159 | 109,225 | 68 | 11,574 | 1,227 | 120,799 | ||||||||||||||
Residence Inn | 794 | 94,604 | 36 | 4,670 | 830 | 99,274 | ||||||||||||||
Marriott Hotels | 230 | 73,263 | 67 | 19,385 | 297 | 92,648 | ||||||||||||||
Sheraton | 140 | 43,453 | 80 | 22,834 | 220 | 66,287 | ||||||||||||||
SpringHill Suites | 534 | 62,100 | — | — | 534 | 62,100 | ||||||||||||||
Autograph Collection | 150 | 33,810 | 141 | 28,245 | 291 | 62,055 | ||||||||||||||
TownePlace Suites | 511 | 51,664 | — | — | 511 | 51,664 | ||||||||||||||
Westin | 94 | 31,759 | 31 | 9,774 | 125 | 41,533 | ||||||||||||||
Four Points | 150 | 22,503 | 77 | 13,609 | 227 | 36,112 | ||||||||||||||
AC Hotels by Marriott | 113 | 18,471 | 107 | 15,707 | 220 | 34,178 | ||||||||||||||
Aloft | 162 | 23,224 | 27 | 5,060 | 189 | 28,284 | ||||||||||||||
Renaissance | 68 | 19,060 | 31 | 8,044 | 99 | 27,104 | ||||||||||||||
MGM Collection with Marriott Bonvoy** | 12 | 26,210 | — | — | 12 | 26,210 | ||||||||||||||
Moxy | 39 | 6,899 | 97 | 18,372 | 136 | 25,271 | ||||||||||||||
Timeshare* | 72 | 18,839 | 21 | 3,906 | 93 | 22,745 | ||||||||||||||
Tribute Portfolio | 71 | 14,016 | 42 | 5,670 | 113 | 19,686 | ||||||||||||||
Delta Hotels by Marriott | 67 | 15,002 | 20 | 4,496 | 87 | 19,498 | ||||||||||||||
The Luxury Collection | 13 | 7,607 | 57 | 10,414 | 70 | 18,021 | ||||||||||||||
City Express by Marriott | — | — | 151 | 17,571 | 151 | 17,571 | ||||||||||||||
Element | 83 | 11,136 | 3 | 397 | 86 | 11,533 | ||||||||||||||
Le Méridien | 24 | 5,389 | 22 | 5,746 | 46 | 11,135 | ||||||||||||||
Design Hotels* | 16 | 1,904 | 120 | 8,266 | 136 | 10,170 | ||||||||||||||
JW Marriott | 12 | 6,072 | 15 | 3,272 | 27 | 9,344 | ||||||||||||||
Protea Hotels | — | — | 35 | 3,035 | 35 | 3,035 | ||||||||||||||
The Ritz-Carlton | 1 | 429 | — | — | 1 | 429 | ||||||||||||||
Marriott Executive Apartments | — | — | 3 | 242 | 3 | 242 | ||||||||||||||
W Hotels | — | — | 1 | 226 | 1 | 226 | ||||||||||||||
Bulgari | — | — | 2 | 161 | 2 | 161 | ||||||||||||||
The Ritz-Carlton Yacht Collection* | — | — | 1 | 149 | 1 | 149 | ||||||||||||||
Four Points Express | — | — | 2 | 108 | 2 | 108 | ||||||||||||||
Apartments by Marriott Bonvoy | — | — | 1 | 107 | 1 | 107 | ||||||||||||||
Residences | 71 | 7,631 | 59 | 6,668 | 130 | 14,299 | ||||||||||||||
The Ritz-Carlton Residences | 43 | 4,790 | 19 | 1,756 | 62 | 6,546 | ||||||||||||||
St. Regis Residences | 10 | 1,198 | 13 | 1,785 | 23 | 2,983 | ||||||||||||||
W Residences | 10 | 1,092 | 7 | 549 | 17 | 1,641 | ||||||||||||||
Marriott Hotels Residences | — | — | 4 | 981 | 4 | 981 | ||||||||||||||
Westin Residences | 3 | 266 | 2 | 353 | 5 | 619 | ||||||||||||||
Bulgari Residences | — | — | 5 | 519 | 5 | 519 | ||||||||||||||
Sheraton Residences | — | — | 3 | 472 | 3 | 472 | ||||||||||||||
The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 | ||||||||||||||
Renaissance Residences | 1 | 112 | — | — | 1 | 112 | ||||||||||||||
EDITION Residences | 3 | 82 | — | — | 3 | 82 | ||||||||||||||
JW Marriott Residences | — | — | 1 | 62 | 1 | 62 | ||||||||||||||
Le Méridien Residences | — | — | 1 | 62 | 1 | 62 | ||||||||||||||
Autograph Collection Residences | — | — | 1 | 14 | 1 | 14 | ||||||||||||||
Grand Total | 6,126 | 1,044,190 | 2,843 | 614,469 | 8,969 | 1,658,659 | ||||||||||||||
1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. | ||||||||||||||||||||
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” | ||||||||||||||||||||
** Excludes four MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, and one The Luxury Collection) which are presented in "Franchised, Licensed and Other" within their respective brands. | ||||||||||||||||||||
In the above table, under “Owned/Leased,” The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under such brands after the completion of planned renovations. |
MARRIOTT INTERNATIONAL, INC. | ||||||||||||||||||||
TOTAL LODGING PRODUCTS BY TIER | ||||||||||||||||||||
As of June 30, 2024 | ||||||||||||||||||||
US & Canada | Total International1 | Total Worldwide | ||||||||||||||||||
Total Systemwide | Properties | Rooms | Properties | Rooms | Properties | Rooms | ||||||||||||||
Luxury | 204 | 60,043 | 434 | 99,126 | 638 | 159,169 | ||||||||||||||
JW Marriott | 35 | 19,261 | 90 | 30,264 | 125 | 49,525 | ||||||||||||||
JW Marriott Residences | — | — | 1 | 62 | 1 | 62 | ||||||||||||||
The Ritz-Carlton | 42 | 12,783 | 79 | 18,597 | 121 | 31,380 | ||||||||||||||
The Ritz-Carlton Residences | 43 | 4,790 | 19 | 1,756 | 62 | 6,546 | ||||||||||||||
The Ritz-Carlton Yacht Collection* | — | — | 1 | 149 | 1 | 149 | ||||||||||||||
The Luxury Collection | 19 | 9,903 | 99 | 18,534 | 118 | 28,437 | ||||||||||||||
The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 | ||||||||||||||
W Hotels | 25 | 7,295 | 45 | 12,696 | 70 | 19,991 | ||||||||||||||
W Residences | 10 | 1,092 | 7 | 549 | 17 | 1,641 | ||||||||||||||
St. Regis | 11 | 2,169 | 48 | 10,445 | 59 | 12,614 | ||||||||||||||
St. Regis Residences | 10 | 1,198 | 13 | 1,785 | 23 | 2,983 | ||||||||||||||
EDITION | 5 | 1,379 | 15 | 2,844 | 20 | 4,223 | ||||||||||||||
EDITION Residences | 3 | 82 | — | — | 3 | 82 | ||||||||||||||
Bulgari | — | — | 9 | 811 | 9 | 811 | ||||||||||||||
Bulgari Residences | — | — | 5 | 519 | 5 | 519 | ||||||||||||||
Premium | 1,108 | 395,587 | 1,243 | 313,158 | 2,351 | 708,745 | ||||||||||||||
Marriott Hotels | 333 | 131,303 | 258 | 79,163 | 591 | 210,466 | ||||||||||||||
Marriott Hotels Residences | — | — | 4 | 981 | 4 | 981 | ||||||||||||||
Sheraton | 166 | 64,322 | 266 | 86,158 | 432 | 150,480 | ||||||||||||||
Sheraton Residences | — | — | 3 | 472 | 3 | 472 | ||||||||||||||
Westin | 135 | 55,176 | 109 | 33,382 | 244 | 88,558 | ||||||||||||||
Westin Residences | 3 | 266 | 2 | 353 | 5 | 619 | ||||||||||||||
Autograph Collection | 159 | 36,672 | 161 | 31,626 | 320 | 68,298 | ||||||||||||||
Autograph Collection Residences | — | — | 1 | 14 | 1 | 14 | ||||||||||||||
Renaissance | 89 | 28,125 | 86 | 25,091 | 175 | 53,216 | ||||||||||||||
Renaissance Residences | 1 | 112 | — | — | 1 | 112 | ||||||||||||||
Delta Hotels by Marriott | 92 | 21,772 | 46 | 9,420 | 138 | 31,192 | ||||||||||||||
Le Méridien | 25 | 5,489 | 93 | 25,607 | 118 | 31,096 | ||||||||||||||
Le Méridien Residences | — | — | 1 | 62 | 1 | 62 | ||||||||||||||
MGM Collection with Marriott Bonvoy** | 12 | 26,210 | — | — | 12 | 26,210 | ||||||||||||||
Tribute Portfolio | 71 | 14,016 | 54 | 7,203 | 125 | 21,219 | ||||||||||||||
Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 | ||||||||||||||
Design Hotels* | 16 | 1,904 | 120 | 8,266 | 136 | 10,170 | ||||||||||||||
Marriott Executive Apartments | — | — | 38 | 5,253 | 38 | 5,253 | ||||||||||||||
Apartments by Marriott Bonvoy | — | — | 1 | 107 | 1 | 107 | ||||||||||||||
Select | 4,742 | 569,721 | 992 | 180,600 | 5,734 | 750,321 | ||||||||||||||
Courtyard | 1,073 | 148,232 | 258 | 51,835 | 1,331 | 200,067 | ||||||||||||||
Fairfield by Marriott | 1,165 | 110,656 | 146 | 21,422 | 1,311 | 132,078 | ||||||||||||||
Residence Inn | 868 | 106,798 | 46 | 5,926 | 914 | 112,724 | ||||||||||||||
SpringHill Suites | 557 | 65,972 | — | — | 557 | 65,972 | ||||||||||||||
Four Points | 151 | 22,637 | 164 | 37,948 | 315 | 60,585 | ||||||||||||||
TownePlace Suites | 517 | 52,489 | — | — | 517 | 52,489 | ||||||||||||||
Aloft | 164 | 23,729 | 71 | 14,756 | 235 | 38,485 | ||||||||||||||
AC Hotels by Marriott | 121 | 19,983 | 118 | 17,599 | 239 | 37,582 | ||||||||||||||
Moxy | 40 | 7,279 | 109 | 21,143 | 149 | 28,422 | ||||||||||||||
Element | 86 | 11,946 | 17 | 3,200 | 103 | 15,146 | ||||||||||||||
Protea Hotels | — | — | 63 | 6,771 | 63 | 6,771 | ||||||||||||||
Midscale | — | — | 153 | 17,679 | 153 | 17,679 | ||||||||||||||
City Express by Marriott | — | — | 151 | 17,571 | 151 | 17,571 | ||||||||||||||
Four Points Express | — | — | 2 | 108 | 2 | 108 | ||||||||||||||
Timeshare* | 72 | 18,839 | 21 | 3,906 | 93 | 22,745 | ||||||||||||||
Grand Total | 6,126 | 1,044,190 | 2,843 | 614,469 | 8,969 | 1,658,659 | ||||||||||||||
1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. | ||||||||||||||||||||
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” | ||||||||||||||||||||
** Excludes four MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, and one The Luxury Collection) which are presented within their respective brands. | ||||||||||||||||||||
In the above table, The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under such brands after the completion of planned renovations. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||||||||||
KEY LODGING STATISTICS | |||||||||||||||||||||||||||||||||||||||||
In Constant $ | |||||||||||||||||||||||||||||||||||||||||
Comparable Company-Operated US & Canada Properties | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
JW Marriott | $ | 249.86 | 1.6 | % | 73.3 | % | -0.6 | % | pts. | $ | 340.96 | 2.4 | % | ||||||||||||||||||||||||||||
The Ritz-Carlton | $ | 352.94 | 3.3 | % | 69.2 | % | 1.8 | % | pts. | $ | 510.38 | 0.6 | % | ||||||||||||||||||||||||||||
W Hotels | $ | 231.58 | 1.8 | % | 70.9 | % | 0.9 | % | pts. | $ | 326.44 | 0.5 | % | ||||||||||||||||||||||||||||
Composite US & Canada Luxury1 | $ | 298.56 | 1.5 | % | 71.2 | % | 0.6 | % | pts. | $ | 419.44 | 0.6 | % | ||||||||||||||||||||||||||||
Marriott Hotels | $ | 184.03 | 4.0 | % | 74.4 | % | 0.3 | % | pts. | $ | 247.21 | 3.6 | % | ||||||||||||||||||||||||||||
Sheraton | $ | 172.59 | 8.9 | % | 72.9 | % | 3.0 | % | pts. | $ | 236.76 | 4.4 | % | ||||||||||||||||||||||||||||
Westin | $ | 191.97 | 5.5 | % | 75.2 | % | 2.1 | % | pts. | $ | 255.20 | 2.6 | % | ||||||||||||||||||||||||||||
Composite US & Canada Premium2 | $ | 180.87 | 5.2 | % | 73.8 | % | 1.0 | % | pts. | $ | 244.97 | 3.7 | % | ||||||||||||||||||||||||||||
US & Canada Full-Service3 | $ | 205.80 | 4.0 | % | 73.3 | % | 1.0 | % | pts. | $ | 280.87 | 2.6 | % | ||||||||||||||||||||||||||||
Courtyard | $ | 124.52 | 3.1 | % | 72.4 | % | 1.0 | % | pts. | $ | 172.10 | 1.6 | % | ||||||||||||||||||||||||||||
Residence Inn | $ | 158.73 | 1.2 | % | 79.1 | % | -0.7 | % | pts. | $ | 200.75 | 2.1 | % | ||||||||||||||||||||||||||||
Composite US & Canada Select4 | $ | 136.01 | 2.3 | % | 74.8 | % | 0.6 | % | pts. | $ | 181.96 | 1.4 | % | ||||||||||||||||||||||||||||
US & Canada - All5 | $ | 189.01 | 3.7 | % | 73.6 | % | 0.9 | % | pts. | $ | 256.72 | 2.4 | % |
Comparable Systemwide US & Canada Properties | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
JW Marriott | $ | 243.31 | 3.7 | % | 75.1 | % | 0.9 | % | pts. | $ | 324.17 | 2.4 | % | ||||||||||||||||||||||||||||
The Ritz-Carlton | $ | 352.42 | 3.5 | % | 69.7 | % | 1.9 | % | pts. | $ | 505.31 | 0.7 | % | ||||||||||||||||||||||||||||
W Hotels | $ | 231.58 | 1.8 | % | 70.9 | % | 0.9 | % | pts. | $ | 326.44 | 0.5 | % | ||||||||||||||||||||||||||||
Composite US & Canada Luxury1 | $ | 284.64 | 2.4 | % | 72.5 | % | 1.1 | % | pts. | $ | 392.58 | 0.7 | % | ||||||||||||||||||||||||||||
Marriott Hotels | $ | 155.93 | 5.2 | % | 72.9 | % | 1.3 | % | pts. | $ | 213.88 | 3.3 | % | ||||||||||||||||||||||||||||
Sheraton | $ | 139.57 | 7.5 | % | 72.0 | % | 2.4 | % | pts. | $ | 193.83 | 3.9 | % | ||||||||||||||||||||||||||||
Westin | $ | 173.59 | 4.5 | % | 74.7 | % | 1.6 | % | pts. | $ | 232.28 | 2.2 | % | ||||||||||||||||||||||||||||
Composite US & Canada Premium2 | $ | 157.64 | 5.5 | % | 72.8 | % | 1.7 | % | pts. | $ | 216.61 | 3.0 | % | ||||||||||||||||||||||||||||
US & Canada Full-Service3 | $ | 171.82 | 4.9 | % | 72.7 | % | 1.7 | % | pts. | $ | 236.19 | 2.5 | % | ||||||||||||||||||||||||||||
Courtyard | $ | 123.46 | 2.5 | % | 73.9 | % | 0.4 | % | pts. | $ | 167.06 | 1.9 | % | ||||||||||||||||||||||||||||
Residence Inn | $ | 140.03 | 3.1 | % | 80.2 | % | 0.8 | % | pts. | $ | 174.52 | 2.1 | % | ||||||||||||||||||||||||||||
Fairfield by Marriott | $ | 102.55 | 2.5 | % | 74.2 | % | 0.5 | % | pts. | $ | 138.25 | 1.8 | % | ||||||||||||||||||||||||||||
Composite US & Canada Select4 | $ | 121.99 | 3.1 | % | 76.1 | % | 0.7 | % | pts. | $ | 160.40 | 2.1 | % | ||||||||||||||||||||||||||||
US & Canada - All5 | $ | 142.20 | 3.9 | % | 74.7 | % | 1.1 | % | pts. | $ | 190.33 | 2.4 | % | ||||||||||||||||||||||||||||
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | |||||||||||||||||||||||||||||||||||||||||
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | |||||||||||||||||||||||||||||||||||||||||
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | |||||||||||||||||||||||||||||||||||||||||
4 Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. | |||||||||||||||||||||||||||||||||||||||||
5 Includes US & Canada Full-Service and Composite US & Canada Select. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||||||||||
KEY LODGING STATISTICS | |||||||||||||||||||||||||||||||||||||||||
In Constant $ | |||||||||||||||||||||||||||||||||||||||||
Comparable Company-Operated US & Canada Properties | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
JW Marriott | $ | 255.92 | 2.5 | % | 72.2 | % | 0.0 | % | pts. | $ | 354.38 | 2.5 | % | ||||||||||||||||||||||||||||
The Ritz-Carlton | $ | 351.79 | 2.3 | % | 67.1 | % | 0.9 | % | pts. | $ | 524.52 | 1.0 | % | ||||||||||||||||||||||||||||
W Hotels | $ | 209.99 | 0.5 | % | 64.8 | % | 1.0 | % | pts. | $ | 324.30 | -1.0 | % | ||||||||||||||||||||||||||||
Composite US & Canada Luxury1 | $ | 306.08 | 1.3 | % | 69.3 | % | 0.6 | % | pts. | $ | 441.67 | 0.4 | % | ||||||||||||||||||||||||||||
Marriott Hotels | $ | 170.40 | 4.2 | % | 70.4 | % | 0.6 | % | pts. | $ | 242.10 | 3.2 | % | ||||||||||||||||||||||||||||
Sheraton | $ | 163.33 | 9.9 | % | 69.5 | % | 3.4 | % | pts. | $ | 235.05 | 4.5 | % | ||||||||||||||||||||||||||||
Westin | $ | 173.17 | 4.5 | % | 69.6 | % | 1.1 | % | pts. | $ | 248.68 | 2.8 | % | ||||||||||||||||||||||||||||
Composite US & Canada Premium2 | $ | 167.57 | 4.6 | % | 69.7 | % | 0.8 | % | pts. | $ | 240.28 | 3.4 | % | ||||||||||||||||||||||||||||
US & Canada Full-Service3 | $ | 196.92 | 3.5 | % | 69.6 | % | 0.8 | % | pts. | $ | 282.73 | 2.3 | % | ||||||||||||||||||||||||||||
Courtyard | $ | 112.86 | 1.6 | % | 67.2 | % | 0.2 | % | pts. | $ | 168.05 | 1.2 | % | ||||||||||||||||||||||||||||
Residence Inn | $ | 151.06 | 0.5 | % | 75.9 | % | -1.4 | % | pts. | $ | 199.03 | 2.3 | % | ||||||||||||||||||||||||||||
Composite US & Canada Select4 | $ | 126.13 | 1.3 | % | 70.3 | % | -0.2 | % | pts. | $ | 179.48 | 1.6 | % | ||||||||||||||||||||||||||||
US & Canada - All5 | $ | 179.89 | 3.1 | % | 69.8 | % | 0.6 | % | pts. | $ | 257.72 | 2.3 | % |
Comparable Systemwide US & Canada Properties | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Brand | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
JW Marriott | $ | 245.84 | 3.2 | % | 73.1 | % | 0.4 | % | pts. | $ | 336.28 | 2.6 | % | ||||||||||||||||||||||||||||
The Ritz-Carlton | $ | 347.55 | 2.4 | % | 67.2 | % | 1.0 | % | pts. | $ | 516.93 | 0.9 | % | ||||||||||||||||||||||||||||
W Hotels | $ | 209.99 | 0.5 | % | 64.8 | % | 1.0 | % | pts. | $ | 324.30 | -1.0 | % | ||||||||||||||||||||||||||||
Composite US & Canada Luxury1 | $ | 286.72 | 1.7 | % | 70.1 | % | 0.7 | % | pts. | $ | 409.26 | 0.6 | % | ||||||||||||||||||||||||||||
Marriott Hotels | $ | 142.83 | 4.2 | % | 68.2 | % | 0.7 | % | pts. | $ | 209.49 | 3.0 | % | ||||||||||||||||||||||||||||
Sheraton | $ | 126.08 | 7.1 | % | 66.7 | % | 2.0 | % | pts. | $ | 188.96 | 3.9 | % | ||||||||||||||||||||||||||||
Westin | $ | 161.00 | 3.4 | % | 70.2 | % | 1.0 | % | pts. | $ | 229.25 | 2.0 | % | ||||||||||||||||||||||||||||
Composite US & Canada Premium2 | $ | 144.83 | 4.4 | % | 68.2 | % | 1.1 | % | pts. | $ | 212.36 | 2.6 | % | ||||||||||||||||||||||||||||
US & Canada Full-Service3 | $ | 160.68 | 3.8 | % | 68.4 | % | 1.1 | % | pts. | $ | 234.88 | 2.2 | % | ||||||||||||||||||||||||||||
Courtyard | $ | 111.23 | 1.2 | % | 68.9 | % | -0.4 | % | pts. | $ | 161.51 | 1.7 | % | ||||||||||||||||||||||||||||
Residence Inn | $ | 129.25 | 1.9 | % | 76.1 | % | -0.2 | % | pts. | $ | 169.79 | 2.1 | % | ||||||||||||||||||||||||||||
Fairfield by Marriott | $ | 91.03 | 1.0 | % | 68.5 | % | -0.5 | % | pts. | $ | 132.88 | 1.7 | % | ||||||||||||||||||||||||||||
Composite US & Canada Select4 | $ | 110.68 | 1.8 | % | 71.3 | % | -0.1 | % | pts. | $ | 155.17 | 1.9 | % | ||||||||||||||||||||||||||||
US & Canada - All5 | $ | 130.96 | 2.8 | % | 70.1 | % | 0.4 | % | pts. | $ | 186.70 | 2.2 | % | ||||||||||||||||||||||||||||
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | |||||||||||||||||||||||||||||||||||||||||
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | |||||||||||||||||||||||||||||||||||||||||
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | |||||||||||||||||||||||||||||||||||||||||
4 Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. | |||||||||||||||||||||||||||||||||||||||||
5 Includes US & Canada Full-Service and Composite US & Canada Select. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||||||||||
KEY LODGING STATISTICS | |||||||||||||||||||||||||||||||||||||||||
In Constant $ | |||||||||||||||||||||||||||||||||||||||||
Comparable Company-Operated International Properties | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
Europe | $ | 241.85 | 6.7 | % | 75.9 | % | 0.5 | % | pts. | $ | 318.49 | 6.0 | % | ||||||||||||||||||||||||||||
Middle East & Africa | $ | 121.16 | 16.8 | % | 65.1 | % | 3.5 | % | pts. | $ | 186.07 | 10.6 | % | ||||||||||||||||||||||||||||
Greater China | $ | 82.54 | -4.6 | % | 68.9 | % | 0.9 | % | pts. | $ | 119.84 | -5.9 | % | ||||||||||||||||||||||||||||
Asia Pacific excluding China | $ | 110.52 | 12.0 | % | 70.6 | % | 4.1 | % | pts. | $ | 156.54 | 5.4 | % | ||||||||||||||||||||||||||||
Caribbean & Latin America | $ | 171.04 | 6.3 | % | 66.5 | % | 3.6 | % | pts. | $ | 257.16 | 0.5 | % | ||||||||||||||||||||||||||||
International - All1 | $ | 121.60 | 6.4 | % | 69.3 | % | 2.4 | % | pts. | $ | 175.42 | 2.8 | % | ||||||||||||||||||||||||||||
Worldwide2 | $ | 150.24 | 4.9 | % | 71.1 | % | 1.7 | % | pts. | $ | 211.16 | 2.4 | % |
Comparable Systemwide International Properties | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
Europe | $ | 171.89 | 6.6 | % | 75.0 | % | 2.1 | % | pts. | $ | 229.13 | 3.6 | % | ||||||||||||||||||||||||||||
Middle East & Africa | $ | 113.15 | 18.1 | % | 64.9 | % | 3.8 | % | pts. | $ | 174.41 | 11.2 | % | ||||||||||||||||||||||||||||
Greater China | $ | 77.12 | -4.2 | % | 67.9 | % | 0.7 | % | pts. | $ | 113.54 | -5.1 | % | ||||||||||||||||||||||||||||
Asia Pacific excluding China | $ | 113.44 | 13.0 | % | 71.0 | % | 4.3 | % | pts. | $ | 159.71 | 6.2 | % | ||||||||||||||||||||||||||||
Caribbean & Latin America | $ | 149.03 | 8.6 | % | 66.5 | % | 3.8 | % | pts. | $ | 224.16 | 2.4 | % | ||||||||||||||||||||||||||||
International - All1 | $ | 121.14 | 7.4 | % | 69.7 | % | 2.6 | % | pts. | $ | 173.80 | 3.4 | % | ||||||||||||||||||||||||||||
Worldwide2 | $ | 135.52 | 4.9 | % | 73.1 | % | 1.6 | % | pts. | $ | 185.33 | 2.6 | % | ||||||||||||||||||||||||||||
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. | |||||||||||||||||||||||||||||||||||||||||
2 Includes US & Canada - All and International - All. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||||||||||||
KEY LODGING STATISTICS | |||||||||||||||||||||||||||||||||||||||||
In Constant $ | |||||||||||||||||||||||||||||||||||||||||
Comparable Company-Operated International Properties | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
Europe | $ | 195.35 | 6.0 | % | 68.8 | % | 0.8 | % | pts. | $ | 283.82 | 4.7 | % | ||||||||||||||||||||||||||||
Middle East & Africa | $ | 133.70 | 14.3 | % | 67.7 | % | 3.4 | % | pts. | $ | 197.43 | 8.5 | % | ||||||||||||||||||||||||||||
Greater China | $ | 83.84 | 0.1 | % | 67.2 | % | 1.6 | % | pts. | $ | 124.72 | -2.2 | % | ||||||||||||||||||||||||||||
Asia Pacific excluding China | $ | 117.65 | 14.1 | % | 71.5 | % | 4.8 | % | pts. | $ | 164.59 | 6.5 | % | ||||||||||||||||||||||||||||
Caribbean & Latin America | $ | 196.16 | 8.2 | % | 67.3 | % | 2.8 | % | pts. | $ | 291.59 | 3.7 | % | ||||||||||||||||||||||||||||
International - All1 | $ | 122.39 | 8.2 | % | 68.6 | % | 2.8 | % | pts. | $ | 178.27 | 3.9 | % | ||||||||||||||||||||||||||||
Worldwide2 | $ | 146.83 | 5.5 | % | 69.1 | % | 1.8 | % | pts. | $ | 212.38 | 2.7 | % |
Comparable Systemwide International Properties | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 and June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||||||||||||||||||||||
Region | 2024 | vs. 2023 | 2024 | vs. 2023 | 2024 | vs. 2023 | |||||||||||||||||||||||||||||||||||
Europe | $ | 139.27 | 6.6 | % | 67.1 | % | 2.7 | % | pts. | $ | 207.57 | 2.4 | % | ||||||||||||||||||||||||||||
Middle East & Africa | $ | 123.62 | 15.5 | % | 66.7 | % | 3.3 | % | pts. | $ | 185.36 | 9.8 | % | ||||||||||||||||||||||||||||
Greater China | $ | 78.13 | 0.4 | % | 66.3 | % | 1.5 | % | pts. | $ | 117.82 | -1.8 | % | ||||||||||||||||||||||||||||
Asia Pacific excluding China | $ | 118.61 | 14.8 | % | 71.3 | % | 4.7 | % | pts. | $ | 166.35 | 7.3 | % | ||||||||||||||||||||||||||||
Caribbean & Latin America | $ | 167.20 | 10.3 | % | 68.1 | % | 3.8 | % | pts. | $ | 245.56 | 4.2 | % | ||||||||||||||||||||||||||||
International - All1 | $ | 118.42 | 9.0 | % | 67.9 | % | 3.0 | % | pts. | $ | 174.42 | 4.2 | % | ||||||||||||||||||||||||||||
Worldwide2 | $ | 126.98 | 4.5 | % | 69.4 | % | 1.2 | % | pts. | $ | 182.89 | 2.7 | % | ||||||||||||||||||||||||||||
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. | |||||||||||||||||||||||||||||||||||||||||
2 Includes US & Canada - All and International - All. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||
ADJUSTED EBITDA | |||||||||||||||||||||||||||||
($ in millions) |
Fiscal Year 2024 | |||||||||||||||||
First Quarter | Second Quarter | Total | |||||||||||||||
Net income, as reported | $ | 564 | $ | 772 | $ | 1,336 | |||||||||||
Cost reimbursement revenue | (4,433) | (4,728) | (9,161) | ||||||||||||||
Reimbursed expenses | 4,501 | 4,645 | 9,146 | ||||||||||||||
Interest expense | 163 | 173 | 336 | ||||||||||||||
Interest expense from unconsolidated joint ventures | 2 | 2 | 4 | ||||||||||||||
Provision for income taxes | 163 | 268 | 431 | ||||||||||||||
Depreciation and amortization | 45 | 47 | 92 | ||||||||||||||
Contract investment amortization | 23 | 27 | 50 | ||||||||||||||
Depreciation and amortization classified in reimbursed expenses | 48 | 50 | 98 | ||||||||||||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 5 | 3 | 8 | ||||||||||||||
Stock-based compensation | 53 | 57 | 110 | ||||||||||||||
Merger-related charges and other | 8 | 8 | 16 | ||||||||||||||
Adjusted EBITDA† | $ | 1,142 | $ | 1,324 | $ | 2,466 | |||||||||||
Change from 2023 Adjusted EBITDA† | 4 | % | 9 | % | 6 | % |
Fiscal Year 2023 | |||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||
Net income, as reported | $ | 757 | $ | 726 | $ | 752 | $ | 848 | $ | 3,083 | |||||||||||||||||||
Cost reimbursement revenue | (4,147) | (4,457) | (4,391) | (4,418) | (17,413) | ||||||||||||||||||||||||
Reimbursed expenses | 4,136 | 4,366 | 4,238 | 4,684 | 17,424 | ||||||||||||||||||||||||
Interest expense | 126 | 140 | 146 | 153 | 565 | ||||||||||||||||||||||||
Interest expense from unconsolidated joint ventures | 1 | 1 | 3 | 1 | 6 | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 87 | 238 | 237 | (267) | 295 | ||||||||||||||||||||||||
Depreciation and amortization | 44 | 48 | 46 | 51 | 189 | ||||||||||||||||||||||||
Contract investment amortization | 21 | 22 | 23 | 22 | 88 | ||||||||||||||||||||||||
Depreciation and amortization classified in reimbursed expenses | 31 | 38 | 39 | 51 | 159 | ||||||||||||||||||||||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 4 | 3 | 6 | 6 | 19 | ||||||||||||||||||||||||
Stock-based compensation | 37 | 56 | 54 | 58 | 205 | ||||||||||||||||||||||||
Merger-related charges and other | 1 | 38 | 13 | 8 | 60 | ||||||||||||||||||||||||
Gain on asset dispositions | — | — | (24) | — | (24) | ||||||||||||||||||||||||
Adjusted EBITDA† | $ | 1,098 | $ | 1,219 | $ | 1,142 | $ | 1,197 | $ | 4,656 | |||||||||||||||||||
† Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations on their use. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
ADJUSTED EBITDA FORECAST | |||||||||||||||||
THIRD QUARTER 2024 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Range | |||||||||||||||||
Estimated Third Quarter 2024 | Third Quarter 2023 | ||||||||||||||||
Net income excluding certain items1 | $ | 643 | $ | 661 | |||||||||||||
Interest expense | 175 | 175 | |||||||||||||||
Interest expense from unconsolidated joint ventures | 2 | 2 | |||||||||||||||
Provision for income taxes | 223 | 230 | |||||||||||||||
Depreciation and amortization | 45 | 45 | |||||||||||||||
Contract investment amortization | 25 | 25 | |||||||||||||||
Depreciation and amortization classified in reimbursed expenses | 50 | 50 | |||||||||||||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 5 | 5 | |||||||||||||||
Stock-based compensation | 57 | 57 | |||||||||||||||
Adjusted EBITDA† | $ | 1,225 | $ | 1,250 | $ | 1,142 | |||||||||||
Increase over 2023 Adjusted EBITDA† | 7 | % | 9 | % | |||||||||||||
† Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||||||||||||||
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and merger-related charges and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any asset sales that may occur during the year, which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. |
MARRIOTT INTERNATIONAL, INC. | |||||||||||||||||
NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
ADJUSTED EBITDA FORECAST | |||||||||||||||||
FULL YEAR 2024 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Range | |||||||||||||||||
Estimated Full Year 2024 | Full Year 2023 | ||||||||||||||||
Net income excluding certain items1 | $ | 2,634 | $ | 2,683 | |||||||||||||
Interest expense | 698 | 698 | |||||||||||||||
Interest expense from unconsolidated joint ventures | 7 | 7 | |||||||||||||||
Provision for income taxes | 885 | 901 | |||||||||||||||
Depreciation and amortization | 183 | 183 | |||||||||||||||
Contract investment amortization | 103 | 103 | |||||||||||||||
Depreciation and amortization classified in reimbursed expenses | 200 | 200 | |||||||||||||||
Depreciation, amortization, and impairments from unconsolidated joint ventures | 18 | 18 | |||||||||||||||
Stock-based compensation | 222 | 222 | |||||||||||||||
Adjusted EBITDA† | $ | 4,950 | $ | 5,015 | $ | 4,656 | |||||||||||
Increase over 2023 Adjusted EBITDA† | 6 | % | 8 | % | |||||||||||||
† Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations on their use. | |||||||||||||||||
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and merger-related charges and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any asset sales that may occur during the year, which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. |
Cover |
Jul. 31, 2024 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Registrant Name | MARRIOTT INTERNATIONAL INC /MD/ |
Entity Central Index Key | 0001048286 |
Document Type | 8-K |
Document Period End Date | Jul. 31, 2024 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-13881 |
Entity Tax Identification Number | 52-2055918 |
Entity Address, Postal Zip Code | 20814 |
Entity Address, State or Province | MD |
Entity Address, City or Town | Bethesda |
Entity Address, Address Line One | 7750 Wisconsin Avenue |
City Area Code | 301 |
Local Phone Number | 380-3000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.01 par value |
Trading Symbol | MAR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
1 Year Marriott Chart |
1 Month Marriott Chart |
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