- First quarter 2024 comparable systemwide constant dollar RevPAR increased 4.2 percent worldwide, 1.5 percent in the U.S. & Canada, and 11.1 percent in international markets, compared to the 2023 first quarter;
- First quarter reported diluted EPS totaled $1.93, compared to reported diluted EPS of $2.43 in the year-ago quarter. First quarter adjusted diluted EPS totaled $2.13, compared to first quarter 2023 adjusted diluted EPS of $2.09;
- First quarter reported net income totaled $564 million, compared to reported net income of $757 million in the year-ago quarter. First quarter adjusted net income totaled $620 million, compared to first quarter 2023 adjusted net income of $648 million;
- Adjusted EBITDA totaled $1,142 million in the 2024 first quarter, compared to first quarter 2023 adjusted EBITDA of $1,098 million;
- The company added roughly 46,000 net rooms during the quarter, including approximately 37,000 rooms under its agreement with MGM Resorts International;
- At the end of the quarter, Marriott's worldwide development pipeline totaled over 3,400 properties and nearly 547,000 rooms, including roughly 27,000 pipeline rooms approved, but not yet subject to signed contracts. More than 202,000 rooms in the pipeline were under construction as of the end of the first quarter;
- Marriott repurchased 4.8 million shares of common stock for $1.2 billion in the first quarter. Year to date through April 26, the company has returned $1.7 billion to shareholders through dividends and share repurchases.
For a summary of quarterly highlights, please visit: https://mgscloud.marriott.com/public/hostedfiles/mnc/infographics/2024/q1/20240430_q124_infographic.pdf
BETHESDA, Md., May 1, 2024 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported first quarter 2024 results.
Anthony Capuano, President and Chief Executive Officer, said, "We were pleased with our results in the quarter, which included both excellent net rooms growth and cash generation. Worldwide RevPAR1 grew over 4 percent, with gains in both occupancy and ADR. Our international markets were particularly strong, posting RevPAR gains of 11 percent, led by nearly 17 percent year-over-year growth in Asia Pacific excluding China.
"In the U.S. & Canada, demand has normalized, with RevPAR increasing 1.5 percent. The group segment was the stand-out in the quarter. Group RevPAR in the region rose nearly 5 percent year-over-year, with growth in both rate and occupancy.
"In February we celebrated the fifth anniversary of Marriott Bonvoy, our powerful, award-winning travel and loyalty program. With our steadfast focus on growing our membership base and enhancing engagement with our members both on and off property, the program now boasts around 203 million global members and remains a key competitive advantage.
"We are excited about the launch of MGM Collection with Marriott Bonvoy during the quarter, which added nearly 37,000 rooms to our system from our strategic agreement with MGM Resorts International. We have seen outstanding initial booking pace and loyalty point redemptions across the collection.
"Our results in the first quarter highlight the resiliency of our asset-light business model and the strength of our brands. We are raising our full year earnings guidance and now expect to return between $4.2 billion to $4.4 billion to shareholders in 2024."
First Quarter 2024 ResultsBase management and franchise fees totaled $1,001 million in the 2024 first quarter, a 7 percent increase compared to base management and franchise fees of $932 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth. Non-RevPAR-related franchise fees in the 2024 first quarter totaled $208 million, compared to $197 million in the year-ago quarter. The increase was largely driven by a 10 percent increase in co-brand credit card fees, partially offset by lower residential branding fees.
Incentive management fees totaled $209 million in the 2024 first quarter, a 4 percent increase compared to $201 million in the 2023 first quarter. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of direct expenses, totaled $71 million in the 2024 first quarter, compared to $75 million in the year-ago quarter.
General, administrative, and other expenses for the 2024 first quarter totaled $261 million, compared to $202 million in the year-ago quarter. The year-over-year change largely reflects higher compensation and litigation expenses, as well as some unfavorable timing of expenses during 2024. The 2023 first quarter expenses included $20 million of favorable one-time items.
Interest expense, net, totaled $153 million in the 2024 first quarter, compared to $111 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.
In the 2024 first quarter, the provision for income taxes totaled $163 million, a 22 percent effective rate, compared to $87 million, a 10 percent effective rate, in the year-ago quarter. The 2023 first quarter provision included a $103 million benefit primarily from the release of reserves due to the completion of a prior year tax audit.
Marriott's reported operating income totaled $876 million in the 2024 first quarter, compared to 2023 first quarter reported operating income of $951 million. Reported net income totaled $564 million in the 2024 first quarter, compared to 2023 first quarter reported net income of $757 million. Reported diluted earnings per share (EPS) totaled $1.93 in the quarter, compared to reported diluted EPS of $2.43 in the year-ago quarter.
Adjusted operating income in the 2024 first quarter totaled $952 million, compared to 2023 first quarter adjusted operating income of $941 million. First quarter 2024 adjusted net income totaled $620 million, compared to 2023 first quarter adjusted net income of $648 million. Adjusted diluted EPS in the 2024 first quarter totaled $2.13, compared to adjusted diluted EPS of $2.09 in the year-ago quarter. The 2023 first quarter adjusted results excluded a special tax item of $100 million ($0.32 per share).
Adjusted results excluded cost reimbursement revenue, reimbursed expenses and merger-related charges and other expenses. See pages A-2 and A-8 of the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,142 million in the 2024 first quarter, compared to first quarter 2023 adjusted EBITDA of $1,098 million. See page A-8 of the press release schedules for the adjusted EBITDA calculation.
Selected Performance InformationThe company added roughly 46,000 net rooms during the quarter, including approximately 37,000 rooms from its agreement with MGM Resorts International.
At the end of the quarter, Marriott's global system totaled nearly 8,900 properties, with more than 1,643,000 rooms.
At the end of the quarter, the company's worldwide development pipeline totaled 3,419 properties with nearly 547,000 rooms, including 155 properties with roughly 27,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,089 properties with more than 202,000 rooms under construction. Fifty-seven percent of rooms in the quarter-end pipeline are in international markets.
In the 2024 first quarter, worldwide RevPAR increased 4.2 percent (a 3.9 percent increase using actual dollars) compared to the 2023 first quarter. RevPAR in the U.S. & Canada increased 1.5 percent (a 1.5 percent increase using actual dollars), and RevPAR in international markets increased 11.1 percent (a 9.8 percent increase using actual dollars).
Balance Sheet & Common StockAt the end of the quarter, Marriott's total debt was $12.7 billion and cash and equivalents totaled $0.4 billion, compared to $11.9 billion in debt and $0.3 billion of cash and equivalents at year-end 2023.
Year to date through April 26, the company has repurchased 6.2 million shares for $1.5 billion.
Company Outlook
Second Quarter 2024 vs Second Quarter 2023 |
Full Year 2024 vs Full Year 2023 |
||
Comparable systemwide constant $ RevPAR growth |
|||
Worldwide |
4% to 5% |
3% to 5% |
|
Year-End 2024 vs Year-End 2023 |
|||
Net rooms growth |
5.5% to 6% |
||
($ in millions, except EPS) |
Second Quarter 2024 |
Full Year 2024 |
|
Gross fee revenues |
$1,340 to $1,355 |
$5,180 to $5,280 |
|
Owned, leased, and other revenue, net of direct expenses |
Approx. $90 |
$335 to $345 |
|
General, administrative, and other expenses |
$258 to $253 |
$1,040 to $1,020 |
|
Adjusted EBITDA1,2 |
$1,295 to $1,315 |
$4,960 to $5,090 |
|
Adjusted EPS – diluted2,3 |
$2.43 to $2.48 |
$9.31 to $9.65 |
|
Investment spending4 |
$1,000 to $1,200 |
||
Capital return to shareholders5 |
$4,200 to $4,400 |
1 See pages A-9 and A-10 of the press release schedules for the adjusted EBITDA calculations. |
2 Adjusted EBITDA and Adjusted EPS – diluted for second quarter and full year 2024 do not include cost reimbursement revenue, reimbursed expenses, merger-related charges and other expenses, or any asset sales that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. |
3 Assumes the level of capital return to shareholders noted above. |
4 Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. |
5 Factors in the purchase of the Sheraton Grand Chicago and underlying land for $500 million, $200 million of which is included in investment spending. Assumes the level of investment spending noted above and that no asset sales occur during the year. |
Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Wednesday, May 1, 2024, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at http://www.marriott.com/investor, click on "Events & Presentations" and click on the quarterly conference call link. A replay will be available at that same website until May 1, 2025.
The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9843. The conference ID is MAR1Q24. A telephone replay of the conference call will be available from 1:00 p.m. ET, Wednesday, May 1, 2024, until 8:00 p.m. ET, Wednesday, May 8, 2024. To access the replay, call US Toll Free: 800-839-3735 or Global: +1 402-220-2977.
Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of May 1, 2024. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our Marriott Bonvoy program; the resiliency of our asset-light business model; our development pipeline; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,900 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.
1 All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2024 and 2023 reflect properties that are comparable in both years.
IRPR#1
Tables follow
MARRIOTT INTERNATIONAL, INC. |
|
PRESS RELEASE SCHEDULES |
|
TABLE OF CONTENTS |
|
QUARTER 1, 2024 |
|
Consolidated Statements of Income - As Reported |
A-1 |
Non-GAAP Financial Measures |
A-2 |
Total Lodging Products by Ownership Type |
A-3 |
Total Lodging Products by Tier |
A-5 |
Key Lodging Statistics |
A-6 |
Adjusted EBITDA |
A-8 |
Adjusted EBITDA Forecast - Second Quarter 2024 |
A-9 |
Adjusted EBITDA Forecast - Full Year 2024 |
A-10 |
Explanation of Non-GAAP Financial and Performance Measures |
A-11 |
MARRIOTT INTERNATIONAL, INC. |
|||||
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED |
|||||
FIRST QUARTER 2024 AND 2023 |
|||||
($ in millions except per share amounts, unaudited) |
|||||
As Reported |
As Reported |
Percent |
|||
Three Months Ended |
Three Months Ended |
Better/(Worse) |
|||
March 31, 2024 |
March 31, 2023 |
Reported 2024 vs. 2023 |
|||
REVENUES |
|||||
Base management fees |
$ 313 |
$ 293 |
7 |
||
Franchise fees1 |
688 |
639 |
8 |
||
Incentive management fees |
209 |
201 |
4 |
||
Gross Fee Revenues |
1,210 |
1,133 |
7 |
||
Contract investment amortization2 |
(23) |
(21) |
(10) |
||
Net Fee Revenues |
1,187 |
1,112 |
7 |
||
Owned, leased, and other revenue3 |
357 |
356 |
— |
||
Cost reimbursement revenue4 |
4,433 |
4,147 |
7 |
||
Total Revenues |
5,977 |
5,615 |
6 |
||
OPERATING COSTS AND EXPENSES |
|||||
Owned, leased, and other - direct5 |
286 |
281 |
(2) |
||
Depreciation, amortization, and other6 |
45 |
44 |
(2) |
||
General, administrative, and other7 |
261 |
202 |
(29) |
||
Merger-related charges and other |
8 |
1 |
(700) |
||
Reimbursed expenses4 |
4,501 |
4,136 |
(9) |
||
Total Expenses |
5,101 |
4,664 |
(9) |
||
OPERATING INCOME |
876 |
951 |
(8) |
||
Gains and other income, net8 |
4 |
3 |
33 |
||
Interest expense |
(163) |
(126) |
(29) |
||
Interest income |
10 |
15 |
(33) |
||
Equity in earnings9 |
— |
1 |
(100) |
||
INCOME BEFORE INCOME TAXES |
727 |
844 |
(14) |
||
Provision for income taxes |
(163) |
(87) |
(87) |
||
NET INCOME |
$ 564 |
$ 757 |
(25) |
||
EARNINGS PER SHARE |
|||||
Earnings per share - basic |
$ 1.94 |
$ 2.44 |
(20) |
||
Earnings per share - diluted |
$ 1.93 |
$ 2.43 |
(21) |
||
Basic Shares |
290.4 |
309.6 |
|||
Diluted Shares |
291.6 |
311.0 |
|||
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 hotel 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 Adjusteddiluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operatingincome margin. |
|||||
Three Months Ended |
|||||
Percent |
|||||
March 31, |
March 31, |
Better/ |
|||
2024 |
2023 |
(Worse) |
|||
Total revenues, as reported |
$ 5,977 |
$ 5,615 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Adjusted total revenues |
1,544 |
1,468 |
|||
Operating income, as reported |
876 |
951 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Add: Reimbursed expenses |
4,501 |
4,136 |
|||
Add: Merger-related charges and other |
8 |
1 |
|||
Adjusted operating income |
952 |
941 |
1 % |
||
Operating income margin |
15 % |
17 % |
|||
Adjusted operating income margin |
62 % |
64 % |
|||
Net income, as reported |
564 |
757 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Add: Reimbursed expenses |
4,501 |
4,136 |
|||
Add: Merger-related charges and other |
8 |
1 |
|||
Income tax effect of above adjustments |
(20) |
1 |
|||
Less: Income tax special items |
— |
(100) |
|||
Adjusted net income |
$ 620 |
$ 648 |
(4) % |
||
Diluted earnings per share, as reported |
$ 1.93 |
$ 2.43 |
|||
Adjusted diluted earnings per share |
$ 2.13 |
$ 2.09 |
2 % |
||
Denotes non-GAAP financial measures. Please see pages A-11 and A-12 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 March 31, 2024 |
||||||
US & Canada |
Total International1 |
Total Worldwide |
||||
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
|
Managed |
620 |
214,308 |
1,349 |
352,636 |
1,969 |
566,944 |
Marriott Hotels |
101 |
56,736 |
183 |
57,693 |
284 |
114,429 |
Sheraton |
26 |
20,869 |
182 |
61,235 |
208 |
82,104 |
Courtyard |
158 |
25,723 |
125 |
27,202 |
283 |
52,925 |
Westin |
41 |
22,670 |
77 |
23,402 |
118 |
46,072 |
JW Marriott |
23 |
13,189 |
74 |
26,494 |
97 |
39,683 |
The Ritz-Carlton |
41 |
12,354 |
75 |
17,848 |
116 |
30,202 |
Renaissance |
21 |
9,065 |
55 |
17,045 |
76 |
26,110 |
Four Points |
1 |
134 |
85 |
24,057 |
86 |
24,191 |
Le Méridien |
1 |
100 |
71 |
19,861 |
72 |
19,961 |
W Hotels |
23 |
6,516 |
42 |
11,800 |
65 |
18,316 |
Residence Inn |
72 |
11,713 |
9 |
1,116 |
81 |
12,829 |
St. Regis |
11 |
2,169 |
46 |
10,053 |
57 |
12,222 |
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 |
38 |
7,678 |
44 |
9,974 |
Autograph Collection |
9 |
2,862 |
15 |
3,021 |
24 |
5,883 |
Marriott Executive Apartments |
— |
— |
35 |
5,011 |
35 |
5,011 |
EDITION |
5 |
1,379 |
14 |
2,779 |
19 |
4,158 |
SpringHill Suites |
24 |
4,080 |
— |
— |
24 |
4,080 |
Element |
3 |
810 |
14 |
2,803 |
17 |
3,613 |
AC Hotels by Marriott |
8 |
1,512 |
10 |
1,649 |
18 |
3,161 |
Moxy |
1 |
380 |
11 |
2,663 |
12 |
3,043 |
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 |
8,776 |
50 |
13,111 |
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 |
361 |
5 |
361 |
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 March 31, 2024 |
||||||
US & Canada |
Total International1 |
Total Worldwide |
||||
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
|
Franchised, Licensed, and Other |
5,383 |
812,706 |
1,333 |
236,467 |
6,716 |
1,049,173 |
Courtyard |
904 |
120,934 |
121 |
22,328 |
1,025 |
143,262 |
Fairfield by Marriott |
1,154 |
108,704 |
62 |
10,640 |
1,216 |
119,344 |
Residence Inn |
791 |
94,354 |
33 |
4,368 |
824 |
98,722 |
Marriott Hotels |
231 |
73,738 |
67 |
19,385 |
298 |
93,123 |
Sheraton |
141 |
43,688 |
80 |
23,193 |
221 |
66,881 |
SpringHill Suites |
528 |
61,290 |
— |
— |
528 |
61,290 |
Autograph Collection |
148 |
32,999 |
134 |
26,519 |
282 |
59,518 |
TownePlace Suites |
502 |
50,708 |
— |
— |
502 |
50,708 |
Westin |
93 |
31,432 |
31 |
9,774 |
124 |
41,206 |
Four Points |
151 |
22,582 |
73 |
12,722 |
224 |
35,304 |
AC Hotels by Marriott |
112 |
18,289 |
106 |
15,636 |
218 |
33,925 |
Aloft |
161 |
23,140 |
26 |
4,966 |
187 |
28,106 |
Renaissance |
68 |
19,157 |
30 |
7,671 |
98 |
26,828 |
MGM Collection with Marriott Bonvoy* |
12 |
26,210 |
— |
— |
12 |
26,210 |
Moxy |
36 |
6,503 |
95 |
17,921 |
131 |
24,424 |
Timeshare |
72 |
18,839 |
21 |
3,906 |
93 |
22,745 |
Tribute Portfolio |
69 |
13,698 |
42 |
5,259 |
111 |
18,957 |
Delta Hotels by Marriott |
67 |
14,960 |
17 |
3,985 |
84 |
18,945 |
City Express by Marriott |
— |
— |
150 |
17,431 |
150 |
17,431 |
The Luxury Collection |
12 |
7,045 |
54 |
9,869 |
66 |
16,914 |
Le Méridien |
24 |
5,389 |
22 |
5,748 |
46 |
11,137 |
Element |
81 |
10,833 |
2 |
269 |
83 |
11,102 |
Design Hotels |
13 |
1,713 |
110 |
7,887 |
123 |
9,600 |
JW Marriott |
12 |
6,072 |
15 |
3,272 |
27 |
9,344 |
Protea Hotels |
— |
— |
33 |
2,748 |
33 |
2,748 |
The Ritz-Carlton |
1 |
429 |
— |
— |
1 |
429 |
W Hotels |
— |
— |
1 |
246 |
1 |
246 |
Marriott Executive Apartments |
— |
— |
3 |
242 |
3 |
242 |
Bulgari |
— |
— |
2 |
161 |
2 |
161 |
The Ritz-Carlton Yacht Collection |
— |
— |
1 |
149 |
1 |
149 |
Apartments by Marriott Bonvoy |
— |
— |
1 |
107 |
1 |
107 |
Four Points Express |
— |
— |
1 |
65 |
1 |
65 |
Residences |
69 |
7,410 |
57 |
6,534 |
126 |
13,944 |
The Ritz-Carlton Residences |
41 |
4,569 |
18 |
1,644 |
59 |
6,213 |
St. Regis Residences |
10 |
1,198 |
13 |
1,777 |
23 |
2,975 |
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 |
Grand Total |
6,085 |
1,038,759 |
2,776 |
604,413 |
8,861 |
1,643,172 |
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 March 31, 2024 |
||||||
US & Canada |
Total International1 |
Total Worldwide |
||||
Total Systemwide |
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
Luxury |
201 |
59,260 |
425 |
97,919 |
626 |
157,179 |
JW Marriott |
35 |
19,261 |
90 |
30,262 |
125 |
49,523 |
JW Marriott Residences |
— |
— |
1 |
62 |
1 |
62 |
The Ritz-Carlton |
42 |
12,783 |
77 |
18,398 |
119 |
31,181 |
The Ritz-Carlton Residences |
41 |
4,569 |
18 |
1,644 |
59 |
6,213 |
The Ritz-Carlton Yacht Collection |
— |
— |
1 |
149 |
1 |
149 |
The Luxury Collection |
18 |
9,341 |
95 |
17,930 |
113 |
27,271 |
The Luxury Collection Residences |
1 |
91 |
3 |
115 |
4 |
206 |
W Hotels |
25 |
7,295 |
45 |
12,711 |
70 |
20,006 |
W Residences |
10 |
1,092 |
7 |
549 |
17 |
1,641 |
St. Regis |
11 |
2,169 |
47 |
10,213 |
58 |
12,382 |
St. Regis Residences |
10 |
1,198 |
13 |
1,777 |
23 |
2,975 |
EDITION |
5 |
1,379 |
14 |
2,779 |
19 |
4,158 |
EDITION Residences |
3 |
82 |
— |
— |
3 |
82 |
Bulgari |
— |
— |
9 |
811 |
9 |
811 |
Bulgari Residences |
— |
— |
5 |
519 |
5 |
519 |
Premium |
1,103 |
395,031 |
1,219 |
309,690 |
2,322 |
704,721 |
Marriott Hotels |
334 |
131,778 |
255 |
78,709 |
589 |
210,487 |
Marriott Hotels Residences |
— |
— |
4 |
981 |
4 |
981 |
Sheraton |
167 |
64,557 |
266 |
86,258 |
433 |
150,815 |
Sheraton Residences |
— |
— |
3 |
472 |
3 |
472 |
Westin |
135 |
55,175 |
108 |
33,176 |
243 |
88,351 |
Westin Residences |
3 |
266 |
2 |
353 |
5 |
619 |
Autograph Collection |
157 |
35,861 |
154 |
29,901 |
311 |
65,762 |
Renaissance |
89 |
28,222 |
87 |
25,221 |
176 |
53,443 |
Renaissance Residences |
1 |
112 |
— |
— |
1 |
112 |
Le Méridien |
25 |
5,489 |
93 |
25,609 |
118 |
31,098 |
Le Méridien Residences |
— |
— |
1 |
62 |
1 |
62 |
Delta Hotels by Marriott |
92 |
21,730 |
43 | |||