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.

BETHESDA, Md., Feb. 13, 2024 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2023 results.

Marriott International, Inc. (PRNewsfoto/Marriott International, Inc.)
Marriott International, Inc. (PRNewsfoto/Marriott International, Inc.)

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.

ADVERTISEMENT

"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 Results
Base 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 Information
Marriott 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 Stock
At 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) will conduct its quarterly earnings review for the investment community and news media on Tuesday, February 13, 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 February 13, 2025.

The telephone dial-in number for the conference call is US Toll Free: 800-245-3047, or Global: +1 203-518-9765. The conference ID is MAR4Q23.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, February 13, 2024, until 8:00 p.m. ET, Tuesday, February 20, 2024.  To access the replay, call US Toll Free: 800-934-2730 or Global: +1 402-220-1141.

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of February 13, 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; travel and lodging demand trends and expectations; our development pipeline and growth expectations; 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 8,800 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. 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.

IRPR#1

Tables follow

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

$   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