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Marriott International Reports Strong Fourth Quarter and Full Year 2023 Results
- Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2 percent worldwide, 3.3 percent in the U.S. & Canada, and 17.4 percent in international markets, compared to the 2022 fourth quarter;
- Fourth quarter reported diluted EPS totaled $2.87, compared to reported diluted EPS of $2.12 in the year-ago quarter. Fourth quarter adjusted diluted EPS totaled $3.57, compared to fourth quarter 2022 adjusted diluted EPS of $1.96;
- Fourth quarter reported net income totaled $848 million, compared to reported net income of $673 million in the year-ago quarter. Fourth quarter adjusted net income totaled $1,055 million, compared to fourth quarter 2022 adjusted net income of $622 million;
- Adjusted EBITDA totaled $1,197 million in the 2023 fourth quarter, compared to fourth quarter 2022 adjusted EBITDA of $1,090 million;
- The company added nearly 81,300 rooms globally during 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in international markets. Net rooms grew 4.7 percent from year-end 2022;
- At the end of the year, Marriott's worldwide development pipeline totaled nearly 3,400 properties and roughly 573,000 rooms, including over 21,000 pipeline rooms approved, but not yet subject to signed contracts. More than 232,000 rooms in the pipeline were under construction as of the end of 2023;
- For full year 2023, Marriott repurchased 21.5 million shares of common stock for $3.9 billion, including 4.7 million shares for $965 million in the fourth quarter. The company returned over $4.5 billion to shareholders through dividends and share repurchases in 2023.
Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2023 results.
Anthony Capuano, President and Chief Executive Officer, said, "Our team delivered excellent results in 2023, as demand for our industry leading portfolio of properties and offerings around the world continued to grow. Full year global RevPAR1 rose 15 percent, net rooms grew 4.7 percent, and our fee-driven, asset-light business model generated record levels of cash.
"In the fourth quarter, worldwide RevPAR rose 7 percent. International RevPAR grew 17 percent, with particular strength in Asia Pacific and Europe.
"In the U.S. & Canada, fourth quarter RevPAR rose over 3 percent. Group revenue at our hotels increased 7 percent compared to the 2022 fourth quarter, driven by solid rate increases. While already significantly above 2019 levels, hotel leisure revenue rose again, up 2 percent. Business transient revenue at our hotels grew 3 percent from the year-ago quarter, with demand from large corporate customers continuing to make gains.
"Our development team had a stellar 2023, signing a record 164,000 organic rooms globally, including 37,000 rooms from our deal with MGM Resorts International, and our development pipeline reached a new high of roughly 573,000 rooms at year end. During the year, we added nearly 81,300 rooms to our distribution, with one in four organic rooms from conversions.
"The power of our unparalleled Marriott Bonvoy loyalty program continues to increase, with 196 million members at year end. We've continued to leverage our global portfolio and have expanded our co-brand credit card offerings, with 31 cards now across 11 countries. In 2023, global card spend increased a remarkable 11 percent over the prior year.
"In 2024, we expect another year of solid growth and significant shareholder returns. With normalizing RevPAR growth around the world, we anticipate a worldwide full year RevPAR increase of 3 to 5 percent and net rooms growth of 5.5 to 6 percent. We expect this should yield adjusted EBITDA of approximately $4.9 billion to $5.0 billion for the year and enable us to return $4.1 billion to $4.3 billion to shareholders after factoring in $500 million to purchase the Sheraton Grand Chicago."
Fourth Quarter 2023 ResultsBase management and franchise fees totaled $1,026 million in the 2023 fourth quarter, a 9 percent increase compared to base management and franchise fees of $945 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth. Non-RevPAR-related franchise fees in the 2023 fourth quarter totaled $220 million, compared to $215 million in the year-ago quarter. The increase was largely driven by higher co-brand credit card fees.
Incentive management fees totaled $218 million in the 2023 fourth quarter, a 17 percent increase compared to $186 million in the 2022 fourth quarter. Managed hotels in international markets contributed two-thirds of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of direct expenses, totaled $151 million in the 2023 fourth quarter, compared to $101 million in the year-ago quarter. Results in the 2023 quarter included a $63 million ($47 million after-tax and $0.16 per share) termination fee related to a development project.
General, administrative, and other expenses for the 2023 fourth quarter totaled $330 million, compared to $236 million in the year-ago quarter. The year-over-year change reflects a $27 million ($20 million after-tax and $0.07 per share) litigation reserve related to an international hotel, as well as higher performance-related compensation expenses, professional fees, and bad debt reserves.
Interest expense, net, totaled $144 million in the 2023 fourth quarter, compared to $107 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.
In the 2023 fourth quarter, the provision for income taxes totaled a $267 million benefit, compared to a $218 million expense in the 2022 fourth quarter. The favorable year-over-year change is primarily due to international intellectual property restructuring transactions completed in the quarter resulting in $228 million ($0.77 per share) of benefits and a $223 million ($0.75 per share) favorable impact from the release of a tax valuation allowance.
Marriott's reported operating income totaled $718 million in the 2023 fourth quarter, compared to 2022 fourth quarter reported operating income of $996 million. Reported net income totaled $848 million in the 2023 fourth quarter, a 26 percent increase compared to 2022 fourth quarter reported net income of $673 million. Reported diluted earnings per share (EPS) totaled $2.87 in the quarter, compared to reported diluted EPS of $2.12 in the year-ago quarter.
Adjusted operating income in the 2023 fourth quarter totaled $992 million, compared to 2022 fourth quarter adjusted operating income of $926 million. Fourth quarter 2023 adjusted net income totaled $1,055 million, compared to 2022 fourth quarter adjusted net income of $622 million. Adjusted diluted EPS in the 2023 fourth quarter totaled $3.57, compared to adjusted diluted EPS of $1.96 in the year-ago quarter.
Adjusted results excluded cost reimbursement revenue, reimbursed expenses and merger-related charges and other expenses. See pages A-3 and A-11 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 $1,197 million in the 2023 fourth quarter, a 10 percent increase compared to fourth quarter 2022 adjusted EBITDA of $1,090 million. See page A-11 for the adjusted EBITDA calculation.
Selected Performance InformationMarriott added 558 properties (81,281 rooms) to its worldwide portfolio during 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in international markets. Sixty-three properties (9,430 rooms) exited the system during the year. At the end of the year, Marriott's global system totaled nearly 8,800 properties, with more than 1,597,000 rooms.
At the end of the year, the company's worldwide development pipeline totaled 3,379 properties with roughly 573,000 rooms, including 126 properties with over 21,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,066 properties with more than 232,000 rooms under construction, or 41 percent, including approximately 37,000 rooms from the MGM deal.
In the 2023 fourth quarter, worldwide RevPAR increased 7.2 percent (a 7.6 percent increase using actual dollars) compared to the 2022 fourth quarter. RevPAR in the U.S. & Canada increased 3.3 percent (a 3.3 percent increase using actual dollars), and RevPAR in international markets increased 17.4 percent (an 18.7 percent increase using actual dollars).
Balance Sheet & Common StockAt year-end 2023, Marriott's total debt was $11.9 billion and cash and equivalents totaled $0.3 billion, compared to $10.1 billion in debt and $0.5 billion of cash and equivalents at year-end 2022.
The company repurchased 4.7 million shares of common stock in the 2023 fourth quarter for $965 million. For full year 2023, Marriott repurchased 21.5 million shares for $3.9 billion. Year to date through February 9, the company has repurchased 1.3 million shares for $300 million.
Company Outlook
| First Quarter 2024 vs First 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) | First Quarter 2024 | Full Year 2024 |
| Gross fee revenues | $1,190 to $1,205 | $5,120 to $5,220 |
| Owned, leased, and other revenue, net of direct expenses | $65 to $70 | $320 to $330 |
| General, administrative, and other expenses | $245 to $235 | $1,035 to $1,015 |
| Adjusted EBITDA1,2 | $1,120 to $1,150 | $4,880 to $5,010 |
| Adjusted EPS – diluted2,3 | $2.12 to $2.19 | $9.18 to $9.52 |
| Investment spending4 | $1,000 to $1,200 | |
| Capital return to shareholders5 | $4,100 to $4,300 |
| 1See pages A-12 and A-13 for the adjusted EBITDA calculations. |
| 2Adjusted EBITDA and Adjusted EPS – diluted for first 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. |
| 3Assumes the level of capital return to shareholders noted above. |
| 4Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. |
| 5Factors 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) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,800 properties across more than 30 leading brands in 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world.
1 All occupancy, Average Daily Rate (ADR), RevPAR and hotel revenue statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR, RevPAR and hotel revenue comparisons between 2023 and 2022 reflect properties that are comparable in both years.
| MARRIOTT INTERNATIONAL, INC. | ||
| PRESS RELEASE SCHEDULES | ||
| TABLE OF CONTENTS | ||
| QUARTER 4, 2023 | ||
| Consolidated Statements of Income - As Reported | A-1 | |
| Non-GAAP Financial Measures | A-3 | |
| Total Lodging Products by Ownership Type | A-4 | |
| Total Lodging Products by Tier | A-6 | |
| Key Lodging Statistics | A-7 | |
| Adjusted EBITDA | A-11 | |
| Adjusted EBITDA Forecast - First Quarter 2024 | A-12 | |
| Adjusted EBITDA Forecast - Full Year 2024 | A-13 | |
| Explanation of Non-GAAP Financial and Performance Measures | A-14 | |
| MARRIOTT INTERNATIONAL, INC. | ||||||
| CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | ||||||
| FOURTH QUARTER 2023 AND 2022 | ||||||
| (in millions except per share amounts, unaudited) | ||||||
| As Reported | As Reported | Percent | ||||
| Three Months Ended | Three Months Ended | Better/(Worse) | ||||
| December 31, 2023 | December 31, 2022 | Reported 2023 vs. 2022 | ||||
| REVENUES | ||||||
| Base management fees | $ 321 | $ 287 | 12 | |||
| Franchise fees 1 | 705 | 658 | 7 | |||
| Incentive management fees | 218 | 186 | 17 | |||
| Gross Fee Revenues | 1,244 | 1,131 | 10 | |||
| Contract investment amortization 2 | (22) | (24) | 8 | |||
| Net Fee Revenues | 1,222 | 1,107 | 10 | |||
| Owned, leased, and other revenue 3 | 455 | 396 | 15 | |||
| Cost reimbursement revenue 4 | 4,418 | 4,420 | - | |||
| Total Revenues | 6,095 | 5,923 | 3 | |||
| OPERATING COSTS AND EXPENSES | ||||||
| Owned, leased, and other - direct 5 | 304 | 295 | (3) | |||
| Depreciation, amortization, and other 6 | 51 | 46 | (11) | |||
| General, administrative, and other 7 | 330 | 236 | (40) | |||
| Merger-related charges and other | 8 | 1 | (700) | |||
| Reimbursed expenses 4 | 4,684 | 4,349 | (8) | |||
| Total Expenses | 5,377 | 4,927 | (9) | |||
| OPERATING INCOME | 718 | 996 | (28) | |||
| Gains and other income, net 8 | 7 | 2 | 250 | |||
| Interest expense | (153) | (115) | (33) | |||
| Interest income | 9 | 8 | 13 | |||
| Equity in earnings 9 | - | - | - | |||
| INCOME BEFORE INCOME TAXES | 581 | 891 | (35) | |||
| Benefit (provision) for income taxes | 267 | (218) | 222 | |||
| NET INCOME | $ 848 | $ 673 | 26 | |||
| EARNINGS PER SHARE | ||||||
| Earnings per share - basic | $ 2.88 | $ 2.13 | 35 | |||
| Earnings per share - diluted | $ 2.87 | $ 2.12 | 35 | |||
| Basic Shares | 294.3 | 316.5 | ||||
| Diluted Shares | 295.6 | 317.9 | ||||
| 1 | Franchise fees include fees from our franchise 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 contracts with our owner and franchisee customers, and any related |
| impairments, accelerations, or write-offs. | |
| 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. | ||||||
| CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | ||||||
| FULL YEAR 2023 AND 2022 | ||||||
| (in millions except per share amounts, unaudited) | ||||||
| As Reported | As Reported | Percent | ||||
| Twelve Months Ended | Twelve Months Ended | Better/(Worse) | ||||
| December 31, 2023 | December 31, 2022 | Reported 2023 vs. 2022 | ||||
| REVENUES | ||||||
| Base management fees | $ 1,238 | $ 1,044 | 19 | |||
| Franchise fees 1 | 2,831 | 2,505 | 13 | |||
| Incentive management fees | 755 | 529 | 43 | |||
| Gross Fee Revenues | 4,824 | 4,078 | 18 | |||
| Contract investment amortization 2 | (88) | (89) | 1 | |||
| Net Fee Revenues | 4,736 | 3,989 | 19 | |||
| Owned, leased, and other revenue 3 | 1,564 | 1,367 | 14 | |||
| Cost reimbursement revenue 4 | 17,413 | 15,417 | 13 | |||
| Total Revenues | 23,713 | 20,773 | 14 | |||
| OPERATING COSTS AND EXPENSES | ||||||
| Owned, leased, and other - direct 5 | 1,165 | 1,074 | (8) | |||
| Depreciation, amortization, and other 6 | 189 | 193 | 2 | |||
| General, administrative, and other 7 | 1,011 | 891 | (13) | |||
| Merger-related charges and other | 60 | 12 | (400) | |||
| Reimbursed expenses 4 | 17,424 | 15,141 | (15) | |||
| Total Expenses | 19,849 | 17,311 | (15) | |||
| OPERATING INCOME | 3,864 | 3,462 | 12 | |||
| Gains and other income, net 8 | 40 | 11 | 264 | |||
| Interest expense | (565) | (403) | (40) | |||
| Interest income | 30 | 26 | 15 | |||
| Equity in earnings 9 | 9 | 18 | (50) | |||
| INCOME BEFORE INCOME TAXES | 3,378 | 3,114 | 8 | |||
| Provision for income taxes | (295) | (756) | 61 | |||
| NET INCOME | $ 3,083 | $ 2,358 | 31 | |||
| EARNINGS PER SHARE | ||||||
| Earnings per share - basic | $ 10.23 | $ 7.27 | 41 | |||
| Earnings per share - diluted | $ 10.18 | $ 7.24 | 41 | |||
| Basic Shares | 301.5 | 324.4 | ||||
| Diluted Shares | 302.9 | 325.8 | ||||
| 1 | Franchise fees include fees from our franchise 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 contracts with our owner and franchisee customers, and any related |
| impairments, accelerations, or write-offs. | |
| 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 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 | Twelve Months Ended | ||||||||||
| Percent | Percent | ||||||||||
| December 31, | December 31, | Better/ | December 31, | December 31, | Better/ | ||||||
| 2023 | 2022 | (Worse) | 2023 | 2022 | (Worse) | ||||||
| Total revenues, as reported | $ 6,095 | $ 5,923 | $ 23,713 | $ 20,773 | |||||||
| Less: Cost reimbursement revenue | (4,418) | (4,420) | (17,413) | (15,417) | |||||||
| Add: Impairments 1 | - | - | - | 5 | |||||||
| Adjusted total revenues ** | 1,677 | 1,503 | 6,300 | 5,361 | |||||||
| Operating income, as reported | 718 | 996 | 3,864 | 3,462 | |||||||
| Less: Cost reimbursement revenue | (4,418) | (4,420) | (17,413) | (15,417) | |||||||
| Add: Reimbursed expenses | 4,684 | 4,349 | 17,424 | 15,141 | |||||||
| Add: Merger-related charges and other | 8 | 1 | 60 | 12 | |||||||
| Add: Impairments 1 | - | - | - | 5 | |||||||
| Adjusted operating income ** | 992 | 926 | 7 % | 3,935 | 3,203 | 23 % | |||||
| Operating income margin | 12 % | 17 % | 16 % | 17 % | |||||||
| Adjusted operating income margin ** | 59 % | 62 % | 62 % | 60 % | |||||||
| Net income, as reported | 848 | 673 | 3,083 | 2,358 | |||||||
| Less: Cost reimbursement revenue | (4,418) | (4,420) | (17,413) | (15,417) | |||||||
| Add: Reimbursed expenses | 4,684 | 4,349 | 17,424 | 15,141 | |||||||
| Add: Merger-related charges and other | 8 | 1 | 60 | 12 | |||||||
| Add: Impairments 2 | - | - | - | 11 | |||||||
| Less: Gains on investees' property sales 3 | - | - | - | (23) | |||||||
| Less: Gain on asset dispositions 4 | - | - | (24) | (2) | |||||||
| Income tax effect of above adjustments | (67) | 19 | (3) | 69 | |||||||
| Less: Income tax special items | - | - | (100) | 30 | |||||||
| Adjusted net income ** | $ 1,055 | $ 622 | 70 % | $ 3,027 | $ 2,179 | 39 % | |||||
| Diluted earnings per share, as reported | $ 2.87 | $ 2.12 | $ 10.18 | $ 7.24 | |||||||
| Adjusted diluted earnings per share** | $ 3.57 | $ 1.96 | 82 % | $ 9.99 | $ 6.69 | 49 % | |||||
| ** | 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 | Twelve months ended December 31, 2022 includes impairment charges reported in Contract investment amortization of $5 million. |
| 2 | Twelve months ended December 31, 2022 includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings of $6 million. |
| 3 | Gains on investees' property sales reported in Equity in earnings. |
| 4 | Gain on asset dispositions reported in Gains and other income, net. |
| MARRIOTT INTERNATIONAL, INC. | ||||||
| TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE | ||||||
| As of December 31, 2023 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Properties | Rooms | Properties | Rooms | Properties | Rooms | |
| Managed | 624 | 215,246 | 1,422 | 360,717 | 2,046 | 575,963 |
| Marriott Hotels | 102 | 56,993 | 181 | 57,199 | 283 | 114,192 |
| Sheraton | 26 | 20,869 | 185 | 62,777 | 211 | 83,646 |
| Courtyard | 158 | 25,723 | 124 | 27,046 | 282 | 52,769 |
| Westin | 41 | 22,669 | 79 | 24,032 | 120 | 46,701 |
| JW Marriott | 23 | 13,189 | 73 | 25,940 | 96 | 39,129 |
| The Ritz-Carlton | 41 | 12,358 | 75 | 17,842 | 116 | 30,200 |
| Renaissance | 22 | 9,438 | 55 | 17,041 | 77 | 26,479 |
| Four Points | 1 | 134 | 86 | 24,130 | 87 | 24,264 |
| Le Méridien | 1 | 100 | 72 | 19,800 | 73 | 19,900 |
| W Hotels | 23 | 6,516 | 43 | 11,938 | 66 | 18,454 |
| Residence Inn | 73 | 11,857 | 9 | 1,116 | 82 | 12,973 |
| St. Regis | 11 | 2,169 | 46 | 10,053 | 57 | 12,222 |
| Delta Hotels by Marriott | 25 | 6,770 | 27 | 5,052 | 52 | 11,822 |
| Fairfield by Marriott | 6 | 1,431 | 78 | 9,858 | 84 | 11,289 |
| Aloft | 2 | 505 | 44 | 9,747 | 46 | 10,252 |
| Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 |
| The Luxury Collection | 6 | 2,296 | 40 | 7,819 | 46 | 10,115 |
| AC Hotels by Marriott | 8 | 1,512 | 68 | 8,465 | 76 | 9,977 |
| Autograph Collection | 9 | 2,862 | 24 | 3,728 | 33 | 6,590 |
| Marriott Executive Apartments | — | — | 36 | 5,171 | 36 | 5,171 |
| SpringHill Suites | 25 | 4,241 | — | — | 25 | 4,241 |
| EDITION | 5 | 1,379 | 14 | 2,779 | 19 | 4,158 |
| Element | 3 | 810 | 14 | 2,803 | 17 | 3,613 |
| Protea Hotels | — | — | 24 | 2,897 | 24 | 2,897 |
| Moxy | 1 | 380 | 8 | 1,551 | 9 | 1,931 |
| Tribute Portfolio | — | — | 10 | 1,283 | 10 | 1,283 |
| TownePlace Suites | 6 | 825 | — | — | 6 | 825 |
| Bulgari | — | — | 7 | 650 | 7 | 650 |
| Franchised | 5,259 | 752,630 | 1,210 | 218,830 | 6,469 | 971,460 |
| Courtyard | 901 | 120,381 | 118 | 21,929 | 1,019 | 142,310 |
| Fairfield by Marriott | 1,147 | 108,014 | 59 | 10,079 | 1,206 | 118,093 |
| Residence Inn | 787 | 93,862 | 32 | 4,279 | 819 | 98,141 |
| Marriott Hotels | 233 | 74,555 | 64 | 18,378 | 297 | 92,933 |
| Sheraton | 142 | 44,054 | 79 | 22,664 | 221 | 66,718 |
| SpringHill Suites | 522 | 60,533 | — | — | 522 | 60,533 |
| Autograph Collection | 144 | 28,459 | 122 | 25,474 | 266 | 53,933 |
| TownePlace Suites | 497 | 50,238 | — | — | 497 | 50,238 |
| Westin | 92 | 31,078 | 30 | 9,305 | 122 | 40,383 |
| Four Points | 153 | 22,831 | 69 | 11,877 | 222 | 34,708 |
| Aloft | 160 | 22,952 | 26 | 4,966 | 186 | 27,918 |
| AC Hotels by Marriott | 109 | 17,874 | 51 | 9,127 | 160 | 27,001 |
| Renaissance | 66 | 18,603 | 30 | 7,671 | 96 | 26,274 |
| Moxy | 34 | 6,192 | 95 | 17,921 | 129 | 24,113 |
| Delta Hotels by Marriott | 67 | 14,960 | 16 | 3,732 | 83 | 18,692 |
| City Express by Marriott | — | — | 150 | 17,431 | 150 | 17,431 |
| Tribute Portfolio | 66 | 10,725 | 40 | 4,870 | 106 | 15,595 |
| The Luxury Collection | 11 | 3,112 | 53 | 9,818 | 64 | 12,930 |
| Le Méridien | 24 | 5,389 | 22 | 5,740 | 46 | 11,129 |
| Element | 80 | 10,712 | 2 | 269 | 82 | 10,981 |
| JW Marriott | 12 | 6,072 | 12 | 2,733 | 24 | 8,805 |
| Design Hotels | 11 | 1,605 | 100 | 7,097 | 111 | 8,702 |
| Protea Hotels | — | — | 34 | 2,802 | 34 | 2,802 |
| The Ritz-Carlton | 1 | 429 | — | — | 1 | 429 |
| W Hotels | — | — | 1 | 246 | 1 | 246 |
| Bulgari | — | — | 2 | 161 | 2 | 161 |
| Marriott Executive Apartments | — | — | 2 | 154 | 2 | 154 |
| Apartments by Marriott Bonvoy | — | — | 1 | 107 | 1 | 107 |
| MARRIOTT INTERNATIONAL, INC. | ||||||
| TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE | ||||||
| As of December 31, 2023 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Properties | Rooms | Properties | Rooms | Properties | Rooms | |
| Owned/Leased | 13 | 4,339 | 37 | 8,776 | 50 | 13,115 |
| Marriott Hotels | 2 | 1,308 | 5 | 1,631 | 7 | 2,939 |
| 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 |
| Residences | 69 | 7,416 | 57 | 6,532 | 126 | 13,948 |
| The Ritz-Carlton Residences | 41 | 4,575 | 18 | 1,644 | 59 | 6,219 |
| St. Regis Residences | 10 | 1,198 | 13 | 1,777 | 23 | 2,975 |
| W Residences | 10 | 1,092 | 7 | 547 | 17 | 1,639 |
| 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 |
| Timeshare* | 72 | 18,839 | 21 | 3,906 | 93 | 22,745 |
| Yacht* | — | — | 1 | 149 | 1 | 149 |
| Grand Total | 6,037 | 998,470 | 2,748 | 598,910 | 8,785 | 1,597,380 |
| *Timeshare and Yacht counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." | ||||||
| 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. | ||||||
| TOTAL LODGING PRODUCTS BY TIER | ||||||
| As of December 31, 2023 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Total Systemwide | Properties | Rooms | Properties | Rooms | Properties | Rooms |
| Luxury | 200 | 55,337 | 422 | 96,897 | 622 | 152,234 |
| JW Marriott | 35 | 19,261 | 86 | 29,169 | 121 | 48,430 |
| JW Marriott Residences | — | — | 1 | 62 | 1 | 62 |
| The Ritz-Carlton | 42 | 12,787 | 77 | 18,392 | 119 | 31,179 |
| The Ritz-Carlton Residences | 41 | 4,575 | 18 | 1,644 | 59 | 6,219 |
| The Luxury Collection | 17 | 5,408 | 96 | 18,020 | 113 | 23,428 |
| The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 |
| W Hotels | 25 | 7,295 | 46 | 12,849 | 71 | 20,144 |
| W Residences | 10 | 1,092 | 7 | 547 | 17 | 1,639 |
| 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 | 1,084 | 362,108 | 1,203 | 307,719 | 2,287 | 669,827 |
| Marriott Hotels | 337 | 132,856 | 250 | 77,208 | 587 | 210,064 |
| Marriott Hotels Residences | — | — | 4 | 981 | 4 | 981 |
| Sheraton | 168 | 64,923 | 268 | 87,271 | 436 | 152,194 |
| Sheraton Residences | — | — | 3 | 472 | 3 | 472 |
| Westin | 134 | 54,820 | 109 | 33,337 | 243 | 88,157 |
| Westin Residences | 3 | 266 | 2 | 353 | 5 | 619 |
| Autograph Collection | 153 | 31,321 | 151 | 29,563 | 304 | 60,884 |
| Renaissance | 88 | 28,041 | 87 | 25,217 | 175 | 53,258 |
| Renaissance Residences | 1 | 112 | — | — | 1 | 112 |
| Le Méridien | 25 | 5,489 | 94 | 25,540 | 119 | 31,029 |
| Le Méridien Residences | — | — | 1 | 62 | 1 | 62 |
| Delta Hotels by Marriott | 92 | 21,730 | 43 | 8,784 | 135 | 30,514 |
| Tribute Portfolio | 66 | 10,725 | 52 | 6,402 | 118 | 17,127 |
| Gaylord Hotels | 6 | 10,220 | — | — | 6 | 10,220 |
| Design Hotels | 11 | 1,605 | 100 | 7,097 | 111 | 8,702 |
| Marriott Executive Apartments | — | — | 38 | 5,325 | 38 | 5,325 |
| Apartments by Marriott Bonvoy | — | — | 1 | 107 | 1 | 107 |
| Select | 4,681 | 562,186 | 951 | 172,808 | 5,632 | 734,994 |
| Courtyard | 1,066 | 147,091 | 246 | 49,869 | 1,312 | 196,960 |
| Fairfield by Marriott | 1,153 | 109,445 | 137 | 19,937 | 1,290 | 129,382 |
| Residence Inn | 861 | 105,911 | 42 | 5,535 | 903 | 111,446 |
| SpringHill Suites | 547 | 64,774 | — | — | 547 | 64,774 |
| Four Points | 154 | 22,965 | 155 | 36,007 | 309 | 58,972 |
| TownePlace Suites | 503 | 51,063 | — | — | 503 | 51,063 |
| Aloft | 162 | 23,457 | 70 | 14,713 | 232 | 38,170 |
| AC Hotels by Marriott | 117 | 19,386 | 119 | 17,592 | 236 | 36,978 |
| Moxy | 35 | 6,572 | 103 | 19,472 | 138 | 26,044 |
| Element | 83 | 11,522 | 16 | 3,072 | 99 | 14,594 |
| Protea Hotels | — | — | 63 | 6,611 | 63 | 6,611 |
| Midscale | — | — | 150 | 17,431 | 150 | 17,431 |
| City Express by Marriott | — | — | 150 | 17,431 | 150 | 17,431 |
| Timeshare* | 72 | 18,839 | 21 | 3,906 | 93 | 22,745 |
| Yacht* | — | — | 1 | 149 | 1 | 149 |
| Grand Total | 6,037 | 998,470 | 2,748 | 598,910 | 8,785 | 1,597,380 |
| *Timeshare and Yacht counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." | ||||||
| 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 December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| JW Marriott | $216.01 | 4.3 % | 67.2 % | 0.5 % | pts. | $321.37 | 3.6 % | |||
| The Ritz-Carlton | $320.06 | -1.1 % | 64.0 % | 0.4 % | pts. | $499.85 | -1.7 % | |||
| W Hotels | $214.88 | 5.1 % | 64.9 % | 3.5 % | pts. | $331.27 | -0.6 % | |||
| Composite US & Canada Luxury1 | $282.21 | 2.0 % | 66.4 % | 0.9 % | pts. | $425.24 | 0.6 % | |||
| Marriott Hotels | $160.56 | 6.7 % | 65.9 % | 1.3 % | pts. | $243.70 | 4.7 % | |||
| Sheraton | $142.88 | 3.6 % | 63.2 % | -0.2 % | pts. | $225.99 | 4.0 % | |||
| Westin | $165.74 | 4.3 % | 65.9 % | 0.2 % | pts. | $251.54 | 4.0 % | |||
| Composite US & Canada Premium2 | $157.36 | 4.7 % | 65.7 % | 0.5 % | pts. | $239.69 | 3.9 % | |||
| US & Canada Full-Service3 | $183.74 | 3.8 % | 65.8 % | 0.6 % | pts. | $279.23 | 2.9 % | |||
| Courtyard | $102.41 | 3.0 % | 62.9 % | 0.1 % | pts. | $162.88 | 2.8 % | |||
| Residence Inn | $137.50 | 1.9 % | 72.6 % | -1.4 % | pts. | $189.41 | 3.9 % | |||
| Composite US & Canada Select4 | $115.39 | 2.7 % | 66.3 % | -0.6 % | pts. | $174.00 | 3.6 % | |||
| US & Canada - All5 | $167.34 | 3.6 % | 65.9 % | 0.3 % | pts. | $253.83 | 3.1 % | |||
| Comparable Systemwide US & Canada Properties | ||||||||||
| Three Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| JW Marriott | $209.27 | 3.4 % | 68.1 % | 0.6 % | pts. | $307.46 | 2.5 % | |||
| The Ritz-Carlton | $317.65 | -1.1 % | 64.2 % | 0.4 % | pts. | $494.90 | -1.7 % | |||
| W Hotels | $214.88 | 5.1 % | 64.9 % | 3.5 % | pts. | $331.27 | -0.6 % | |||
| Composite US & Canada Luxury1 | $264.35 | 1.7 % | 66.9 % | 0.9 % | pts. | $395.05 | 0.3 % | |||
| Marriott Hotels | $130.26 | 6.4 % | 63.3 % | 1.3 % | pts. | $205.71 | 4.3 % | |||
| Sheraton | $111.56 | 4.4 % | 61.2 % | 0.4 % | pts. | $182.40 | 3.7 % | |||
| Westin | $150.71 | 4.2 % | 66.2 % | 1.2 % | pts. | $227.72 | 2.3 % | |||
| Composite US & Canada Premium2 | $135.49 | 4.7 % | 64.1 % | 0.9 % | pts. | $211.50 | 3.3 % | |||
| US & Canada Full-Service3 | $149.93 | 4.1 % | 64.4 % | 0.9 % | pts. | $232.88 | 2.7 % | |||
| Courtyard | $102.04 | 2.3 % | 64.7 % | -0.3 % | pts. | $157.81 | 2.7 % | |||
| Residence Inn | $119.27 | 3.0 % | 72.2 % | -0.3 % | pts. | $165.14 | 3.4 % | |||
| Fairfield by Marriott | $83.72 | 1.4 % | 64.8 % | -0.9 % | pts. | $129.24 | 2.7 % | |||
| Composite US & Canada Select4 | $101.83 | 2.5 % | 67.2 % | -0.3 % | pts. | $151.55 | 3.0 % | |||
| US & Canada - All5 | $121.68 | 3.3 % | 66.0 % | 0.2 % | pts. | $184.28 | 3.1 % | |||
| 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 | ||||||||||
| Twelve Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| JW Marriott | $224.01 | 10.9 % | 69.7 % | 4.8 % | pts. | $321.24 | 3.2 % | |||
| The Ritz-Carlton | $323.71 | 0.2 % | 65.3 % | 1.3 % | pts. | $496.09 | -1.7 % | |||
| W Hotels | $214.97 | 8.5 % | 66.3 % | 5.2 % | pts. | $324.33 | 0.0 % | |||
| Composite US & Canada Luxury1 | $282.35 | 5.3 % | 67.9 % | 3.3 % | pts. | $416.06 | 0.2 % | |||
| Marriott Hotels | $166.07 | 14.3 % | 69.5 % | 4.6 % | pts. | $239.09 | 6.6 % | |||
| Sheraton | $149.43 | 14.2 % | 67.1 % | 5.1 % | pts. | $222.64 | 5.5 % | |||
| Westin | $170.97 | 10.3 % | 69.0 % | 3.2 % | pts. | $247.68 | 5.1 % | |||
| Composite US & Canada Premium2 | $162.08 | 13.3 % | 69.0 % | 4.7 % | pts. | $235.05 | 5.5 % | |||
| US & Canada Full-Service3 | $187.49 | 10.6 % | 68.7 % | 4.4 % | pts. | $272.81 | 3.5 % | |||
| Courtyard | $109.37 | 9.5 % | 66.3 % | 2.0 % | pts. | $164.96 | 6.1 % | |||
| Residence Inn | $147.26 | 6.1 % | 76.3 % | 0.2 % | pts. | $193.02 | 5.8 % | |||
| Composite US & Canada Select4 | $122.12 | 8.3 % | 69.6 % | 1.5 % | pts. | $175.50 | 5.9 % | |||
| US & Canada - All5 | $171.81 | 10.2 % | 68.9 % | 3.7 % | pts. | $249.25 | 4.3 % | |||
| Comparable Systemwide US & Canada Properties | ||||||||||
| Twelve Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| JW Marriott | $217.17 | 8.7 % | 70.7 % | 4.3 % | pts. | $307.33 | 2.2 % | |||
| The Ritz-Carlton | $321.09 | 0.5 % | 65.5 % | 1.5 % | pts. | $490.30 | -1.7 % | |||
| W Hotels | $214.97 | 8.5 % | 66.3 % | 5.2 % | pts. | $324.33 | 0.0 % | |||
| Composite US & Canada Luxury1 | $265.70 | 5.2 % | 68.6 % | 3.3 % | pts. | $387.44 | 0.1 % | |||
| Marriott Hotels | $138.12 | 13.0 % | 67.1 % | 4.5 % | pts. | $205.75 | 5.5 % | |||
| Sheraton | $118.69 | 13.0 % | 64.9 % | 4.5 % | pts. | $182.92 | 5.2 % | |||
| Westin | $156.38 | 11.0 % | 69.3 % | 4.3 % | pts. | $225.78 | 4.1 % | |||
| Composite US & Canada Premium2 | $141.33 | 11.7 % | 67.4 % | 4.4 % | pts. | $209.70 | 4.4 % | |||
| US & Canada Full-Service3 | $155.27 | 10.4 % | 67.5 % | 4.3 % | pts. | $229.92 | 3.4 % | |||
| Courtyard | $109.90 | 8.0 % | 68.9 % | 2.0 % | pts. | $159.44 | 4.8 % | |||
| Residence Inn | $127.73 | 6.7 % | 76.2 % | 0.6 % | pts. | $167.69 | 5.9 % | |||
| Fairfield by Marriott | $91.40 | 6.4 % | 69.3 % | 1.3 % | pts. | $131.95 | 4.4 % | |||
| Composite US & Canada Select4 | $109.27 | 7.5 % | 71.3 % | 1.6 % | pts. | $153.17 | 5.1 % | |||
| US & Canada - All5 | $128.25 | 8.9 % | 69.8 % | 2.7 % | pts. | $183.83 | 4.7 % | |||
| 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 December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| Greater China | $85.33 | 87.4 % | 68.9 % | 23.6 % | pts. | $123.90 | 23.2 % | |||
| Asia Pacific excluding China | $124.20 | 10.8 % | 72.3 % | 3.2 % | pts. | $171.84 | 6.0 % | |||
| Caribbean & Latin America | $177.82 | 4.3 % | 65.9 % | 2.9 % | pts. | $269.64 | -0.2 % | |||
| Europe | $170.44 | 9.3 % | 70.8 % | 3.1 % | pts. | $240.85 | 4.4 % | |||
| Middle East & Africa | $159.41 | 2.6 % | 71.8 % | 1.0 % | pts. | $222.06 | 1.2 % | |||
| International - All1 | $125.46 | 20.1 % | 70.3 % | 10.3 % | pts. | $178.37 | 2.5 % | |||
| Worldwide2 | $143.46 | 11.2 % | 68.4 % | 6.0 % | pts. | $209.60 | 1.4 % | |||
| Comparable Systemwide International Properties | ||||||||||
| Three Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| Greater China | $80.49 | 80.9 % | 68.0 % | 22.3 % | pts. | $118.36 | 21.4 % | |||
| Asia Pacific excluding China | $125.45 | 13.3 % | 72.3 % | 3.1 % | pts. | $173.52 | 8.5 % | |||
| Caribbean & Latin America | $145.16 | 3.1 % | 65.7 % | 1.3 % | pts. | $221.11 | 1.1 % | |||
| Europe | $133.94 | 9.5 % | 68.4 % | 3.3 % | pts. | $195.71 | 4.1 % | |||
| Middle East & Africa | $147.10 | 4.0 % | 70.3 % | 0.6 % | pts. | $209.15 | 3.1 % | |||
| International - All1 | $119.68 | 17.4 % | 69.2 % | 8.1 % | pts. | $173.08 | 3.6 % | |||
| Worldwide2 | $121.06 | 7.2 % | 67.0 % | 2.6 % | pts. | $180.69 | 3.0 % | |||
| 1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa. |
| 2 Includes US & Canada - All and International - All. |
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS | ||||||||||
| In Constant $ | ||||||||||
| Comparable Company-Operated International Properties | ||||||||||
| Twelve Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| Greater China | $88.18 | 80.3 % | 68.9 % | 22.4 % | pts. | $128.03 | 21.7 % | |||
| Asia Pacific excluding China | $117.33 | 41.9 % | 69.5 % | 11.5 % | pts. | $168.86 | 18.4 % | |||
| Caribbean & Latin America | $168.44 | 13.8 % | 64.0 % | 4.4 % | pts. | $263.19 | 6.0 % | |||
| Europe | $183.67 | 21.2 % | 70.7 % | 7.7 % | pts. | $259.65 | 8.0 % | |||
| Middle East & Africa | $128.99 | 12.5 % | 67.6 % | 3.2 % | pts. | $190.71 | 7.2 % | |||
| International - All1 | $120.78 | 35.6 % | 68.8 % | 13.1 % | pts. | $175.62 | 9.7 % | |||
| Worldwide2 | $142.69 | 21.2 % | 68.8 % | 9.1 % | pts. | $207.27 | 5.1 % | |||
| Comparable Systemwide International Properties | ||||||||||
| Twelve Months Ended December 31, 2023 and December 31, 2022 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2023 | vs. 2022 | 2023 | vs. 2022 | 2023 | vs. 2022 | ||||
| Greater China | $82.77 | 78.6 % | 67.9 % | 22.2 % | pts. | $121.91 | 20.2 % | |||
| Asia Pacific excluding China | $117.89 | 43.2 % | 69.4 % | 10.9 % | pts. | $169.93 | 20.7 % | |||
| Caribbean & Latin America | $142.85 | 13.9 % | 64.7 % | 4.2 % | pts. | $220.73 | 6.5 % | |||
| Europe | $142.88 | 21.8 % | 68.7 % | 8.3 % | pts. | $207.86 | 7.2 % | |||
| Middle East & Africa | $120.67 | 14.7 % | 66.6 % | 2.9 % | pts. | $181.18 | 9.7 % | |||
| International - All1 | $116.81 | 32.6 % | 67.9 % | 11.7 % | pts. | $172.05 | 9.7 % | |||
| Worldwide2 | $124.70 | 14.9 % | 69.2 % | 5.5 % | pts. | $180.24 | 5.8 % | |||
| 1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa. |
| 2 Includes US & Canada - All and International - All. |
| MARRIOTT INTERNATIONAL, INC. | |||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||
| ADJUSTED EBITDA | |||||||||
| (in millions) | |||||||||
| 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 | ||||
| Change from 2022 Adjusted EBITDA ** | 45 % | 20 % | 16 % | 10 % | 21 % | ||||
| Fiscal Year 2022 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||
| Net income, as reported | $ 377 | $ 678 | $ 630 | $ 673 | $ 2,358 | ||||
| Cost reimbursement revenue | (3,146) | (3,920) | (3,931) | (4,420) | (15,417) | ||||
| Reimbursed expenses | 3,179 | 3,827 | 3,786 | 4,349 | 15,141 | ||||
| Interest expense | 93 | 95 | 100 | 115 | 403 | ||||
| Interest expense from unconsolidated joint ventures | 1 | 2 | 2 | 1 | 6 | ||||
| Provision for income taxes | 99 | 200 | 239 | 218 | 756 | ||||
| Depreciation and amortization | 48 | 49 | 50 | 46 | 193 | ||||
| Contract investment amortization | 24 | 19 | 22 | 24 | 89 | ||||
| Depreciation and amortization classified in reimbursed expenses | 26 | 29 | 32 | 31 | 118 | ||||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 13 | 3 | 7 | 4 | 27 | ||||
| Stock-based compensation | 44 | 52 | 48 | 48 | 192 | ||||
| Merger-related charges and other | 9 | - | 2 | 1 | 12 | ||||
| Gains on investees' property sales | (8) | (13) | (2) | - | (23) | ||||
| Gain on asset dispositions | - | (2) | - | - | (2) | ||||
| Adjusted EBITDA ** | $ 759 | $1,019 | $ 985 | $1,090 | $ 3,853 | ||||
| ** 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 | |||||
| FIRST QUARTER 2024 | |||||
| ($ in millions) | |||||
| Range | |||||
| Estimated First Quarter 2024 | First Quarter 2023 ** | ||||
| Net income excluding certain items 1 | $ 616 | $ 638 | |||
| Interest expense | 160 | 160 | |||
| Interest expense from unconsolidated joint ventures | 2 | 2 | |||
| Provision for income taxes | 177 | 185 | |||
| Depreciation and amortization | 45 | 45 | |||
| Contract investment amortization | 20 | 20 | |||
| Depreciation and amortization classified in reimbursed expenses | 43 | 43 | |||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 4 | 4 | |||
| Stock-based compensation | 53 | 53 | |||
| Adjusted EBITDA ** | $ 1,120 | $ 1,150 | $ 1,098 | ||
| Increase over 2023 Adjusted EBITDA ** | 2 % | 5 % | |||
| ** Denotes non-GAAP financial measures. 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 items 1 | $ 2,621 | $ 2,718 | |||
| Interest expense | 680 | 680 | |||
| Interest expense from unconsolidated joint ventures | 7 | 7 | |||
| Provision for income taxes | 875 | 908 | |||
| Depreciation and amortization | 180 | 180 | |||
| Contract investment amortization | 100 | 100 | |||
| Depreciation and amortization classified in reimbursed expenses | 180 | 180 | |||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 17 | 17 | |||
| Stock-based compensation | 220 | 220 | |||
| Adjusted EBITDA ** | $ 4,880 | $ 5,010 | $ 4,656 | ||
| Increase over 2023 Adjusted EBITDA ** | 5 % | 8 % | |||
| ** Denotes non-GAAP financial measures. 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. |