- Fourth quarter 2024
RevPAR1 increased 5.0 percent
worldwide, with 4.1 percent growth in the U.S. & Canada and 7.2 percent growth in
international markets
- Fourth quarter reported diluted EPS totaled
$1.63 and adjusted diluted EPS
totaled $2.45
- Fourth quarter reported net income totaled
$455 million and adjusted net
income totaled $686
million
- Fourth quarter adjusted EBITDA totaled
$1,286 million
- With record gross room additions of over 123,000 in 2024,
net rooms grew 6.8 percent from year-end 2023
- At the end of the year, Marriott's
worldwide development pipeline totaled nearly 3,800 properties and
over 577,000 rooms
- The company returned over $4.4
billion to shareholders through dividends and share
repurchases in 2024
For a summary of fourth quarter and full year 2024 highlights,
please visit:
https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/ce86e15d-fd4c-48b1-8ce5-44ad6a468787.pdf
BETHESDA, Md., Feb. 11,
2025 /PRNewswire/ -- Marriott International, Inc.
(Nasdaq: MAR) today reported fourth quarter and full year 2024
results.
Anthony Capuano, President and
Chief Executive Officer, said, "Marriott achieved excellent results
in 2024, as we delivered best-in-class experiences that helped
drive strong demand for our industry-leading portfolio of brands.
Full year global RevPAR rose 4.3 percent and, with record gross
room additions of over 123,000, net rooms grew 6.8 percent to over
1.7 million rooms worldwide at year-end.
"In the fourth quarter, worldwide RevPAR rose 5 percent, driven
by gains in both ADR and occupancy. International RevPAR increased
by more than 7 percent, with APEC and EMEA leading the way and
benefiting from strong leisure demand. RevPAR in the U.S. &
Canada rose more than 4 percent,
the region's highest RevPAR increase of the year, with all customer
segments growing versus the prior-year quarter.
"2024 was a terrific year for our development team. The company
signed a record number of new deals, and our industry-leading
development pipeline reached over 577,000 rooms at the end of the
year. For the full year, conversions represented more than
one-third of our rooms signings and over half of our room
additions.
"We continued to enhance our portfolio to deliver new travel
experiences to our guests around the world. We advanced our
presence in the midscale segment with the opening of 28 Four Points
Flex hotels across EMEA and APEC and the debut of the City Express
by Marriott brand in the U.S. & Canada. We also strengthened our
non-traditional offerings with founding deals in the outdoor
lodging segment with key players Postcard Cabins and Trailborn.
"Looking ahead, I am incredibly optimistic about Marriott's
future. With our unparalleled global rooms distribution and brand
portfolio, leading loyalty program with nearly 228 million Marriott
Bonvoy members and our dedicated associates, I believe Marriott is
well-positioned to take advantage of the continued momentum in
travel. With our powerful, cash-generating asset-light business
model, we look forward to delivering strong, valuable growth as we
continue to connect people around the world through the power of
travel."
Fourth Quarter 2024 Results
Base management and
franchise fees totaled $1,128 million
in the 2024 fourth quarter, a 10 percent increase compared to base
management and franchise fees of $1,026
million in the year-ago quarter. The increase is primarily
attributable to RevPAR increases and unit growth, as well as higher
residential and co-branded credit card fees.
Incentive management fees totaled $206
million in the 2024 fourth quarter, compared to $218 million in the 2023 fourth quarter, with
growth in APEC offset by declines in U.S. & Canada and Greater
China.
Owned, leased, and other revenue, net of direct expenses,
totaled $100 million in the 2024
fourth quarter, compared to $151
million in the 2023 fourth quarter. The decrease was
primarily driven by a $63 million
termination fee related to a development project in the year-ago
quarter.
General, administrative, and other expenses for the 2024 fourth
quarter totaled $289 million,
compared to $330 million in the
year-ago quarter. The year-over-year decline largely reflects lower
administrative, bad debt and litigation expenses.
Interest expense, net, totaled $170
million in the 2024 fourth quarter, compared to $144 million in the year-ago quarter. The
increase was largely due to higher interest expense associated with
higher debt balances.
In the 2024 fourth quarter, the provision for income taxes
totaled a $143 million expense
compared to a $267 million benefit in
the 2023 fourth quarter. The unfavorable year-over-year change is
primarily due to 2023 fourth quarter international intellectual
property transactions resulting in $228
million of benefits and a $223
million release of a tax valuation allowance in the year-ago
quarter.
Marriott's reported operating income totaled $752 million in the 2024 fourth quarter, compared
to 2023 fourth quarter reported operating income of $718
million. Reported net income totaled $455 million in the 2024 fourth quarter, compared
to 2023 fourth quarter reported net income of $848 million. Reported diluted earnings per share
(EPS) totaled $1.63 in the quarter,
compared to reported diluted EPS of $2.87 in the year-ago quarter.
Adjusted operating income in the 2024 fourth quarter totaled
$1,072 million, compared to 2023
fourth quarter adjusted operating income of $992 million. Fourth quarter 2024 adjusted net
income totaled $686 million, compared
to 2023 fourth quarter adjusted net income of $1,055 million. Adjusted diluted EPS in the 2024
fourth quarter totaled $2.45,
compared to adjusted diluted EPS of $3.57 in the year-ago quarter.
Adjusted results excluded cost reimbursement revenue, reimbursed
expenses, restructuring and merger-related charges and gain on
asset dispositions. See the press release schedules for the
calculation of adjusted results and the manner in which the
adjusted measures are determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) totaled $1,286
million in the 2024 fourth quarter, a 7 percent increase
compared to fourth quarter 2023 adjusted EBITDA of $1,197 million. See the press release schedules
for the adjusted EBITDA calculation.
Full Year 2024 EPS Results
Full year 2024 reported
diluted EPS totaled $8.33, compared
to reported diluted EPS of $10.18 in
2023. Full year 2024 adjusted diluted EPS totaled $9.33, compared to adjusted diluted EPS of
$9.99 in 2023. Reported and adjusted
results in 2024 included a $19
million ($14 million after-tax
and $0.05 per share) guarantee
reserve for a U.S. hotel, which was negotiated in connection with
the Starwood acquisition. Reported and adjusted results in 2023
included a $63 million ($47 million after‐tax and $0.15 per share) termination fee related to a
development project, $228 million
($0.75 per share) of tax benefits
from international intellectual property transactions and a
$223 million ($0.73 per share) favorable impact from the
release of a tax valuation allowance.
Selected Performance Information
Net rooms grew 6.8
percent from year-end 2023, as the company added roughly 109,000
net rooms globally during 2024, including more than 45,000 net
rooms in international markets. At the end of the year, Marriott's
global system totaled over 9,300 properties, with roughly 1,706,000
rooms.
At the end of the year, the company's worldwide development
pipeline totaled 3,766 properties with over 577,000 rooms,
including 175 properties with roughly 29,000 rooms approved
for development, but not yet subject to signed contracts. The
year-end pipeline included 1,381 properties with over 229,000 rooms
under construction, including hotels that are in the process of
converting to our system. Fifty-five percent of rooms in the
year-end pipeline are in international markets.
In the 2024 fourth quarter, worldwide RevPAR increased 5.0
percent (a 5.0 percent increase using actual dollars) compared to
the 2023 fourth quarter. RevPAR in the U.S. & Canada increased 4.1 percent (a 4.0 percent
increase using actual dollars), and RevPAR in international markets
increased 7.2 percent (a 7.1 percent increase using actual
dollars).
Balance Sheet & Common Stock
At year-end 2024,
Marriott's total debt was $14.4
billion and cash and equivalents totaled $0.4 billion, compared to $11.9 billion in debt and $0.3 billion of cash and equivalents at year-end
2023.
The company repurchased 2.0 million shares of common stock in
the 2024 fourth quarter for $0.5
billion. For full year 2024, Marriott repurchased 15.4
million shares for $3.7 billion. Year
to date through February 7, the
company has repurchased 1.2 million shares for
$350 million.
Company Outlook
|
First Quarter 2025
vs First Quarter 2024
|
Full Year 2025
vs Full Year 2024
|
|
Comparable systemwide constant
$
RevPAR growth
|
|
|
|
Worldwide
|
3% to 4%
|
2% to 4%
|
|
|
|
|
|
Year-End 2025
vs Year-End 2024
|
|
Net rooms growth
|
|
4% to 5%
|
|
|
|
|
($ in millions, except EPS)
|
First Quarter 2025
|
Full Year 2025
|
|
Gross fee
revenues
|
$1,240 to
$1,255
|
$5,370 to
$5,480
|
|
Owned, leased, and
other revenue, net of direct expenses
|
Approx. $55
|
$345 to $355
|
|
General,
administrative, and other expenses
|
$255 to $245
|
$985 to $965
|
|
Adjusted
EBITDA1,2
|
$1,170 to
$1,195
|
$5,295 to
$5,435
|
|
Adjusted EPS –
diluted2,3
|
$2.20 to
$2.26
|
$9.82 to
$10.19
|
|
Effective tax
rate
|
Approx. 22%
|
Approx. 26%
|
|
Investment
spending4
|
|
$1,000 to
$1,100
|
|
Capital return to
shareholders5
|
|
Approx.
$4,000
|
|
|
1See the
press release schedules for the adjusted EBITDA
calculations.
|
|
2Adjusted
EBITDA and Adjusted EPS – diluted for first quarter and full
year 2025 do not include cost reimbursement revenue, reimbursed
expenses, restructuring and merger-related charges, or any
potential asset sales or property or brand acquisitions 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, but excludes any
potential property or brand acquisitions, which we cannot forecast
with sufficient accuracy and which may be
significant.
|
|
5Assumes the
level and types of investment spending noted above and that no
asset sales or property or brand acquisitions 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 11, 2025,
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 11, 2026.
The telephone dial-in number for the conference call is US Toll
Free: 800-274-8461, or Global: +1 203-518-9814. The conference ID
is MAR4Q24. A telephone replay of the conference call will be
available from 1:00 p.m. ET,
Tuesday, February 11, 2025, until
8:00 p.m. ET, Tuesday, February 18, 2025. To access the
replay, call US Toll Free: 800-753-0348 or Global: +1 402-220-2672
using conference ID MAR4Q24.
Note on forward-looking statements: All statements
in this press release and the accompanying schedules are made as of
February 11, 2025. 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; cash generation and shareholder
returns; our growth prospects; our development pipeline; our
expectations regarding new brands, offerings and growth
opportunities; our Marriott Bonvoy loyalty program; 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 over 9,300 properties across more than
30 leading brands in 144 countries and territories. Marriott
operates, franchises, and licenses hotel, residential, timeshare,
and other lodging properties all around the world. The company
offers Marriott Bonvoy®, its highly awarded travel platform.
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.
|
1All occupancy, Average Daily Rate
(ADR) and Revenue Per Available Room (RevPAR) statistics and
estimates are systemwide constant dollar. Unless otherwise stated,
all changes refer to year-over-year changes for the comparable
period. Occupancy, ADR and RevPAR comparisons between 2024 and 2023
reflect properties that are comparable in both years.
|
IRPR#1
Tables follow
|
MARRIOTT
INTERNATIONAL, INC.
|
|
|
PRESS RELEASE
SCHEDULES
|
|
|
TABLE OF
CONTENTS
|
|
|
QUARTER 4,
2024
|
|
|
|
|
|
Consolidated Statements
of Income - As Reported
|
A-2
|
|
|
Non-GAAP Financial
Measures
|
A-4
|
|
|
Total Lodging Products
by Ownership Type
|
A-5
|
|
|
Total Lodging Products
by Tier
|
A-7
|
|
|
Key Lodging
Statistics
|
A-9
|
|
|
Adjusted
EBITDA
|
A-13
|
|
|
Adjusted EBITDA
Forecast - First Quarter 2025
|
A-14
|
|
|
Adjusted EBITDA
Forecast - Full Year 2025
|
A-15
|
|
|
Explanation of Non-GAAP
Financial and Performance Measures
|
A-16
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
CONSOLIDATED
STATEMENTS OF INCOME - AS REPORTED
|
|
FOURTH QUARTER 2024
AND 2023
|
|
($ in millions except
per share amounts, unaudited)
|
|
|
|
|
|
|
|
As
Reported
|
|
As
Reported
|
|
Percent
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Better/(Worse)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Reported 2024 vs.
2023
|
|
REVENUES
|
|
|
|
|
|
|
Base management
fees
|
$
333
|
|
$
321
|
|
4
|
|
Franchise
fees1
|
795
|
|
705
|
|
13
|
|
Incentive management
fees
|
206
|
|
218
|
|
(6)
|
|
Gross Fee
Revenues
|
1,334
|
|
1,244
|
|
7
|
|
Contract investment
amortization2
|
(27)
|
|
(22)
|
|
(23)
|
|
Net Fee
Revenues
|
1,307
|
|
1,222
|
|
7
|
|
Owned, leased, and
other revenue3
|
418
|
|
455
|
|
(8)
|
|
Cost reimbursement
revenue4
|
4,704
|
|
4,418
|
|
6
|
|
Total
Revenues
|
6,429
|
|
6,095
|
|
5
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES
|
|
|
|
|
|
Owned, leased, and
other - direct5
|
318
|
|
304
|
|
(5)
|
|
Depreciation,
amortization, and other6
|
46
|
|
51
|
|
10
|
|
General,
administrative, and other7
|
289
|
|
330
|
|
12
|
|
Restructuring and
merger-related charges
|
52
|
|
8
|
|
(550)
|
|
Reimbursed
expenses4
|
4,972
|
|
4,684
|
|
(6)
|
|
Total
Expenses
|
5,677
|
|
5,377
|
|
(6)
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
752
|
|
718
|
|
5
|
|
|
|
|
|
|
|
Gains and other income,
net8
|
16
|
|
7
|
|
129
|
|
Interest
expense
|
(180)
|
|
(153)
|
|
(18)
|
|
Interest
income
|
10
|
|
9
|
|
11
|
|
Equity in
earnings9
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
598
|
|
581
|
|
3
|
|
|
|
|
|
|
|
(Provision) benefit for
income taxes
|
(143)
|
|
267
|
|
(154)
|
|
|
|
|
|
|
|
NET
INCOME
|
$
455
|
|
$
848
|
|
(46)
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Earnings per
share - basic
|
$
1.63
|
|
$
2.88
|
|
(43)
|
|
Earnings per
share - diluted
|
$
1.63
|
|
$
2.87
|
|
(43)
|
|
|
|
|
|
|
|
Basic Shares
|
278.9
|
|
294.3
|
|
|
|
Diluted
Shares
|
280.1
|
|
295.6
|
|
|
|
|
|
|
|
|
|
1 Franchise fees
include fees from our franchise and license agreements for lodging
properties (including our timeshare properties), application and
relicensing fees, co-branded credit card fees, and residential
branding fees.
|
|
2 Contract investment
amortization includes amortization of capitalized costs to
obtain contracts with customers and any related
impairments.
|
|
3 Owned, leased, and other
revenue includes revenue from the properties we own or lease,
termination fees, and other revenue.
|
|
4 Cost reimbursement
revenue includes reimbursements from hotel owners and certain
other counterparties for property-level and centralized programs
and services that we operate for their benefit. Reimbursed
expenses include costs incurred by Marriott for certain
property-level operating expenses and centralized programs and
services that we operate for the benefit of our hotel owners and
certain other counterparties.
|
|
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 acquired contracts, software, and other
definite-lived intangible assets, 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 2024 AND
2023
|
|
($ in millions except
per share amounts, unaudited)
|
|
|
|
|
|
|
|
As
Reported
|
|
As
Reported
|
|
Percent
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
Better/(Worse)
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Reported 2024 vs.
2023
|
|
REVENUES
|
|
|
|
|
|
|
Base management
fees
|
$
1,288
|
|
$
1,238
|
|
4
|
|
Franchise
fees1
|
3,113
|
|
2,831
|
|
10
|
|
Incentive management
fees
|
769
|
|
755
|
|
2
|
|
Gross Fee
Revenues
|
5,170
|
|
4,824
|
|
7
|
|
Contract investment
amortization2
|
(103)
|
|
(88)
|
|
(17)
|
|
Net Fee
Revenues
|
5,067
|
|
4,736
|
|
7
|
|
Owned, leased, and
other revenue3
|
1,551
|
|
1,564
|
|
(1)
|
|
Cost reimbursement
revenue4
|
18,482
|
|
17,413
|
|
6
|
|
Total
Revenues
|
25,100
|
|
23,713
|
|
6
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES
|
|
|
|
|
|
|
Owned, leased, and
other - direct5
|
1,200
|
|
1,165
|
|
(3)
|
|
Depreciation,
amortization, and other6
|
183
|
|
189
|
|
3
|
|
General,
administrative, and other7
|
1,074
|
|
1,011
|
|
(6)
|
|
Restructuring and
merger-related charges
|
77
|
|
60
|
|
(28)
|
|
Reimbursed
expenses4
|
18,799
|
|
17,424
|
|
(8)
|
|
Total
Expenses
|
21,333
|
|
19,849
|
|
(7)
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
3,767
|
|
3,864
|
|
(3)
|
|
|
|
|
|
|
|
Gains and other income,
net8
|
31
|
|
40
|
|
(23)
|
|
Interest
expense
|
(695)
|
|
(565)
|
|
(23)
|
|
Interest
income
|
40
|
|
30
|
|
33
|
|
Equity in
earnings9
|
8
|
|
9
|
|
(11)
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
3,151
|
|
3,378
|
|
(7)
|
|
|
|
|
|
|
|
Provision for income
taxes
|
(776)
|
|
(295)
|
|
(163)
|
|
|
|
|
|
|
|
NET
INCOME
|
$
2,375
|
|
$
3,083
|
|
(23)
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
8.36
|
|
$
10.23
|
|
(18)
|
|
Earnings per share -
diluted
|
$
8.33
|
|
$
10.18
|
|
(18)
|
|
|
|
|
|
|
|
Basic Shares
|
284.2
|
|
301.5
|
|
|
|
Diluted
Shares
|
285.2
|
|
302.9
|
|
|
|
|
|
|
|
|
|
1 Franchise fees
include fees from our franchise and license agreements for lodging
properties (including our timeshare properties), application and
relicensing fees, co-branded credit card fees, and residential
branding fees.
|
|
2 Contract investment
amortization includes amortization of capitalized costs to
obtain contracts with customers and any related
impairments.
|
|
3 Owned, leased, and other
revenue includes revenue from the properties we own or lease,
termination fees, and other revenue.
|
|
4 Cost reimbursement
revenue includes reimbursements from hotel owners and certain
other counterparties for property-level and centralized programs
and services that we operate for their benefit. Reimbursed
expenses include costs incurred by Marriott for certain
property-level operating expenses and centralized programs and
services that we operate for the benefit of our hotel owners and
certain other counterparties.
|
|
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 acquired contracts, software, and other
definite-lived intangible assets, 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/
|
|
2024
|
|
2023
|
|
(Worse)
|
|
2024
|
|
2023
|
|
(Worse)
|
|
Total revenues, as
reported
|
$
6,429
|
|
$
6,095
|
|
|
|
$
25,100
|
|
$
23,713
|
|
|
|
Less: Cost
reimbursement revenue
|
(4,704)
|
|
(4,418)
|
|
|
|
(18,482)
|
|
(17,413)
|
|
|
|
Adjusted total
revenues†
|
1,725
|
|
1,677
|
|
|
|
6,618
|
|
6,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income, as
reported
|
752
|
|
718
|
|
|
|
3,767
|
|
3,864
|
|
|
|
Less: Cost
reimbursement revenue
|
(4,704)
|
|
(4,418)
|
|
|
|
(18,482)
|
|
(17,413)
|
|
|
|
Add: Reimbursed
expenses
|
4,972
|
|
4,684
|
|
|
|
18,799
|
|
17,424
|
|
|
|
Add: Restructuring and
merger-related charges
|
52
|
|
8
|
|
|
|
77
|
|
60
|
|
|
|
Adjusted operating
income†
|
1,072
|
|
992
|
|
8 %
|
|
4,161
|
|
3,935
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
margin
|
12 %
|
|
12 %
|
|
|
|
15 %
|
|
16 %
|
|
|
|
Adjusted operating
income margin†
|
62 %
|
|
59 %
|
|
|
|
63 %
|
|
62 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as
reported
|
455
|
|
848
|
|
|
|
2,375
|
|
3,083
|
|
|
|
Less: Cost
reimbursement revenue
|
(4,704)
|
|
(4,418)
|
|
|
|
(18,482)
|
|
(17,413)
|
|
|
|
Add: Reimbursed
expenses
|
4,972
|
|
4,684
|
|
|
|
18,799
|
|
17,424
|
|
|
|
Add: Restructuring and
merger-related charges
|
52
|
|
8
|
|
|
|
77
|
|
60
|
|
|
|
Less: Gain on asset
dispositions1
|
(11)
|
|
—
|
|
|
|
(11)
|
|
(24)
|
|
|
|
Income tax effect of
above adjustments
|
(78)
|
|
(67)
|
|
|
|
(98)
|
|
(3)
|
|
|
|
Less: Income tax
special items
|
—
|
|
—
|
|
|
|
—
|
|
(100)
|
|
|
|
Adjusted net
income†
|
$
686
|
|
$
1,055
|
|
(35) %
|
|
$
2,660
|
|
$
3,027
|
|
(12) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported
|
$
1.63
|
|
$
2.87
|
|
|
|
$
8.33
|
|
$
10.18
|
|
|
|
Adjusted diluted
earnings per share†
|
$
2.45
|
|
$
3.57
|
|
(31) %
|
|
$
9.33
|
|
$
9.99
|
|
(7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
† Denotes
non-GAAP financial measures. Please see Explanation of Non-GAAP
Financial and Performance Measures in these Press Release Schedules
for information about our reasons for providing these alternative
financial measures and the limitations on their use.
|
|
|
1 Gain on
asset dispositions reported in Gains and other income,
net.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
TOTAL LODGING
PRODUCTS BY OWNERSHIP TYPE
|
|
As of December 31,
2024
|
|
US &
Canada
|
Total
International1
|
Total
Worldwide
|
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Properties
|
Rooms
|
|
Managed
|
618
|
213,371
|
1,363
|
358,518
|
1,981
|
571,889
|
|
Marriott
Hotels
|
101
|
56,734
|
191
|
60,158
|
292
|
116,892
|
|
Sheraton
|
25
|
19,642
|
180
|
61,432
|
205
|
81,074
|
|
Courtyard
|
156
|
25,372
|
129
|
28,189
|
285
|
53,561
|
|
Westin
|
41
|
22,486
|
78
|
23,732
|
119
|
46,218
|
|
JW
Marriott
|
23
|
13,189
|
75
|
26,941
|
98
|
40,130
|
|
The
Ritz-Carlton
|
42
|
12,798
|
78
|
18,307
|
120
|
31,105
|
|
Renaissance
|
21
|
9,065
|
53
|
16,403
|
74
|
25,468
|
|
Four
Points
|
1
|
134
|
94
|
25,241
|
95
|
25,375
|
|
Le
Méridien
|
—
|
—
|
69
|
19,629
|
69
|
19,629
|
|
W
Hotels
|
23
|
6,535
|
44
|
12,145
|
67
|
18,680
|
|
St.
Regis
|
13
|
2,669
|
49
|
10,638
|
62
|
13,307
|
|
Residence
Inn
|
73
|
12,002
|
9
|
1,116
|
82
|
13,118
|
|
Delta Hotels by
Marriott
|
25
|
6,770
|
26
|
4,925
|
51
|
11,695
|
|
Gaylord
Hotels
|
6
|
10,220
|
—
|
—
|
6
|
10,220
|
|
The Luxury
Collection
|
6
|
2,296
|
41
|
7,863
|
47
|
10,159
|
|
Aloft
|
2
|
505
|
43
|
9,498
|
45
|
10,003
|
|
Fairfield by
Marriott
|
6
|
1,431
|
53
|
8,124
|
59
|
9,555
|
|
Autograph
Collection
|
9
|
2,862
|
17
|
3,167
|
26
|
6,029
|
|
Marriott
Executive Apartments
|
—
|
—
|
38
|
5,304
|
38
|
5,304
|
|
EDITION
|
5
|
1,379
|
15
|
2,844
|
20
|
4,223
|
|
Element
|
3
|
810
|
15
|
2,961
|
18
|
3,771
|
|
SpringHill
Suites
|
22
|
3,755
|
—
|
—
|
22
|
3,755
|
|
AC Hotels by
Marriott
|
8
|
1,512
|
13
|
2,223
|
21
|
3,735
|
|
Moxy
|
1
|
380
|
13
|
2,876
|
14
|
3,256
|
|
Protea
Hotels
|
—
|
—
|
22
|
2,737
|
22
|
2,737
|
|
Tribute
Portfolio
|
—
|
—
|
11
|
1,415
|
11
|
1,415
|
|
TownePlace
Suites
|
6
|
825
|
—
|
—
|
6
|
825
|
|
Bulgari
|
—
|
—
|
7
|
650
|
7
|
650
|
|
Owned/Leased
|
14
|
5,539
|
37
|
8,773
|
51
|
14,312
|
|
Sheraton
|
1
|
1,218
|
4
|
1,830
|
5
|
3,048
|
|
Marriott
Hotels
|
2
|
1,304
|
5
|
1,631
|
7
|
2,935
|
|
Courtyard
|
7
|
987
|
4
|
894
|
11
|
1,881
|
|
W
Hotels
|
2
|
765
|
2
|
665
|
4
|
1,430
|
|
Westin
|
1
|
1,073
|
—
|
—
|
1
|
1,073
|
|
Protea
Hotels
|
—
|
—
|
5
|
912
|
5
|
912
|
|
The
Ritz-Carlton
|
—
|
—
|
2
|
548
|
2
|
548
|
|
Renaissance
|
—
|
—
|
2
|
505
|
2
|
505
|
|
JW
Marriott
|
—
|
—
|
1
|
496
|
1
|
496
|
|
The Luxury
Collection
|
—
|
—
|
3
|
383
|
3
|
383
|
|
Autograph
Collection
|
—
|
—
|
5
|
360
|
5
|
360
|
|
Residence
Inn
|
1
|
192
|
1
|
140
|
2
|
332
|
|
Tribute
Portfolio
|
—
|
—
|
2
|
249
|
2
|
249
|
|
St.
Regis
|
—
|
—
|
1
|
160
|
1
|
160
|
|
Franchised,
Licensed, and Other
|
5,603
|
835,489
|
1,589
|
268,957
|
7,192
|
1,104,446
|
|
Courtyard
|
913
|
122,312
|
132
|
24,426
|
1,045
|
146,738
|
|
Fairfield by
Marriott
|
1,168
|
110,064
|
104
|
14,631
|
1,272
|
124,695
|
|
Residence
Inn
|
799
|
95,055
|
37
|
4,723
|
836
|
99,778
|
|
Marriott
Hotels
|
233
|
73,945
|
70
|
20,066
|
303
|
94,011
|
|
Sheraton
|
140
|
43,394
|
81
|
23,124
|
221
|
66,518
|
|
Autograph
Collection
|
153
|
34,542
|
148
|
29,567
|
301
|
64,109
|
|
SpringHill
Suites
|
541
|
62,911
|
—
|
—
|
541
|
62,911
|
|
TownePlace
Suites
|
519
|
52,383
|
—
|
—
|
519
|
52,383
|
|
Westin
|
94
|
31,764
|
33
|
10,232
|
127
|
41,996
|
|
Four
Points
|
147
|
21,894
|
90
|
16,437
|
237
|
38,331
|
|
AC Hotels by
Marriott
|
118
|
19,517
|
105
|
15,323
|
223
|
34,840
|
|
Aloft
|
164
|
23,505
|
28
|
5,253
|
192
|
28,758
|
|
Renaissance
|
69
|
19,250
|
33
|
8,726
|
102
|
27,976
|
|
Moxy
|
43
|
7,425
|
104
|
19,649
|
147
|
27,074
|
|
MGM Collection
with Marriott Bonvoy**
|
12
|
26,210
|
—
|
—
|
12
|
26,210
|
|
Tribute
Portfolio
|
88
|
16,578
|
53
|
7,493
|
141
|
24,071
|
|
Timeshare*
|
72
|
18,839
|
21
|
3,911
|
93
|
22,750
|
|
Delta Hotels by
Marriott
|
67
|
15,047
|
21
|
4,627
|
88
|
19,674
|
|
The Luxury
Collection
|
13
|
7,607
|
57
|
10,429
|
70
|
18,036
|
|
City Express by
Marriott
|
1
|
83
|
152
|
17,694
|
153
|
17,777
|
|
Element
|
87
|
11,618
|
5
|
722
|
92
|
12,340
|
|
Design
Hotels*
|
20
|
2,157
|
141
|
9,949
|
161
|
12,106
|
|
Le
Méridien
|
24
|
5,262
|
24
|
6,184
|
48
|
11,446
|
|
JW
Marriott
|
12
|
6,080
|
15
|
3,273
|
27
|
9,353
|
|
Sonder by
Marriott Bonvoy
|
104
|
6,501
|
59
|
2,694
|
163
|
9,195
|
|
Four Points Flex
by Sheraton***
|
—
|
—
|
28
|
5,037
|
28
|
5,037
|
|
Protea
Hotels
|
—
|
—
|
37
|
3,283
|
37
|
3,283
|
|
W
Hotels
|
1
|
1,117
|
1
|
226
|
2
|
1,343
|
|
Marriott
Executive Apartments
|
—
|
—
|
4
|
509
|
4
|
509
|
|
The
Ritz-Carlton
|
1
|
429
|
—
|
—
|
1
|
429
|
|
The Ritz-Carlton
Yacht Collection*
|
—
|
—
|
2
|
377
|
2
|
377
|
|
Apartments by
Marriott Bonvoy
|
—
|
—
|
2
|
231
|
2
|
231
|
|
Bulgari
|
—
|
—
|
2
|
161
|
2
|
161
|
|
Residences
|
72
|
7,664
|
65
|
8,020
|
137
|
15,684
|
|
The Ritz-Carlton
Residences
|
43
|
4,754
|
21
|
1,854
|
64
|
6,608
|
|
St. Regis
Residences
|
11
|
1,267
|
14
|
1,947
|
25
|
3,214
|
|
W
Residences
|
10
|
1,092
|
8
|
765
|
18
|
1,857
|
|
Marriott Hotels
Residences
|
—
|
—
|
4
|
1,145
|
4
|
1,145
|
|
JW Marriott
Residences
|
—
|
—
|
3
|
767
|
3
|
767
|
|
Westin
Residences
|
3
|
266
|
2
|
353
|
5
|
619
|
|
Bulgari
Residences
|
—
|
—
|
5
|
526
|
5
|
526
|
|
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
|
|
Le Méridien
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
|
Autograph
Collection Residences
|
—
|
—
|
1
|
14
|
1
|
14
|
|
Grand
Total
|
6,307
|
1,062,063
|
3,054
|
644,268
|
9,361
|
1,706,331
|
|
|
1
"International" refers to: (i) Europe, Middle East & Africa,
(ii) Greater China, (iii) Asia Pacific excluding China, and (iv)
Caribbean & Latin America.
|
|
* Timeshare, Design
Hotels, and The Ritz-Carlton Yacht Collection counts are included
in this table by geographical location. For external reporting
purposes, these offerings are captured within "Unallocated
corporate and other."
|
|
** Excludes five MGM
Collection with Marriott Bonvoy properties (two Autograph
Collection, one Tribute Portfolio, one The Luxury Collection and
one W Hotels) which are presented in "Franchised, Licensed and
Other" within their respective brands.
|
|
*** Four Points Flex by
Sheraton refers to properties previously referred to as Four Points
Express.
|
|
Property and room
counts presented by brand in the above table include certain hotels
in our system that are not yet operating under such brand, but are
expected to operate under such brand following the completion of
planned renovations.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
TOTAL LODGING
PRODUCTS BY TIER
|
|
As of December 31,
2024
|
|
US &
Canada
|
Total
International1
|
Total
Worldwide
|
|
Total
Systemwide
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Properties
|
Rooms
|
|
Luxury
|
209
|
62,150
|
449
|
102,080
|
658
|
164,230
|
|
JW
Marriott
|
35
|
19,269
|
91
|
30,710
|
126
|
49,979
|
|
JW Marriott
Residences
|
—
|
—
|
3
|
767
|
3
|
767
|
|
The
Ritz-Carlton
|
43
|
13,227
|
80
|
18,855
|
123
|
32,082
|
|
The Ritz-Carlton
Residences
|
43
|
4,754
|
21
|
1,854
|
64
|
6,608
|
|
The Ritz-Carlton
Yacht Collection*
|
—
|
—
|
2
|
377
|
2
|
377
|
|
The Luxury
Collection
|
19
|
9,903
|
101
|
18,675
|
120
|
28,578
|
|
The Luxury
Collection Residences
|
1
|
91
|
3
|
115
|
4
|
206
|
|
W
Hotels
|
26
|
8,417
|
47
|
13,036
|
73
|
21,453
|
|
W
Residences
|
10
|
1,092
|
8
|
765
|
18
|
1,857
|
|
St.
Regis
|
13
|
2,669
|
50
|
10,798
|
63
|
13,467
|
|
St. Regis
Residences
|
11
|
1,267
|
14
|
1,947
|
25
|
3,214
|
|
EDITION
|
5
|
1,379
|
15
|
2,844
|
20
|
4,223
|
|
EDITION
Residences
|
3
|
82
|
—
|
—
|
3
|
82
|
|
Bulgari
|
—
|
—
|
9
|
811
|
9
|
811
|
|
Bulgari
Residences
|
—
|
—
|
5
|
526
|
5
|
526
|
|
Premium
|
1,240
|
406,402
|
1,361
|
326,188
|
2,601
|
732,590
|
|
Marriott
Hotels
|
336
|
131,983
|
266
|
81,855
|
602
|
213,838
|
|
Marriott Hotels
Residences
|
—
|
—
|
4
|
1,145
|
4
|
1,145
|
|
Sheraton
|
166
|
64,254
|
265
|
86,386
|
431
|
150,640
|
|
Sheraton
Residences
|
—
|
—
|
3
|
472
|
3
|
472
|
|
Westin
|
136
|
55,323
|
111
|
33,964
|
247
|
89,287
|
|
Westin
Residences
|
3
|
266
|
2
|
353
|
5
|
619
|
|
Autograph
Collection
|
162
|
37,404
|
170
|
33,094
|
332
|
70,498
|
|
Autograph
Collection Residences
|
—
|
—
|
1
|
14
|
1
|
14
|
|
Renaissance
|
90
|
28,315
|
88
|
25,634
|
178
|
53,949
|
|
Renaissance
Residences
|
1
|
112
|
—
|
—
|
1
|
112
|
|
Delta Hotels by
Marriott
|
92
|
21,817
|
47
|
9,552
|
139
|
31,369
|
|
Le
Méridien
|
24
|
5,262
|
93
|
25,813
|
117
|
31,075
|
|
Le Méridien
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
|
MGM Collection
with Marriott Bonvoy**
|
12
|
26,210
|
—
|
—
|
12
|
26,210
|
|
Tribute
Portfolio
|
88
|
16,578
|
66
|
9,157
|
154
|
25,735
|
|
Design
Hotels*
|
20
|
2,157
|
141
|
9,949
|
161
|
12,106
|
|
Gaylord
Hotels
|
6
|
10,220
|
—
|
—
|
6
|
10,220
|
|
Sonder by
Marriott Bonvoy
|
104
|
6,501
|
59
|
2,694
|
163
|
9,195
|
|
Marriott
Executive Apartments
|
—
|
—
|
42
|
5,813
|
42
|
5,813
|
|
Apartments by
Marriott Bonvoy
|
—
|
—
|
2
|
231
|
2
|
231
|
|
Select
|
4,785
|
574,589
|
1,043
|
189,358
|
5,828
|
763,947
|
|
Courtyard
|
1,076
|
148,671
|
265
|
53,509
|
1,341
|
202,180
|
|
Fairfield by
Marriott
|
1,174
|
111,495
|
157
|
22,755
|
1,331
|
134,250
|
|
Residence
Inn
|
873
|
107,249
|
47
|
5,979
|
920
|
113,228
|
|
SpringHill
Suites
|
563
|
66,666
|
—
|
—
|
563
|
66,666
|
|
Four
Points
|
148
|
22,028
|
184
|
41,678
|
332
|
63,706
|
|
TownePlace
Suites
|
525
|
53,208
|
—
|
—
|
525
|
53,208
|
|
Aloft
|
166
|
24,010
|
71
|
14,751
|
237
|
38,761
|
|
AC Hotels by
Marriott
|
126
|
21,029
|
118
|
17,546
|
244
|
38,575
|
|
Moxy
|
44
|
7,805
|
117
|
22,525
|
161
|
30,330
|
|
Element
|
90
|
12,428
|
20
|
3,683
|
110
|
16,111
|
|
Protea
Hotels
|
—
|
—
|
64
|
6,932
|
64
|
6,932
|
|
Midscale
|
1
|
83
|
180
|
22,731
|
181
|
22,814
|
|
City Express by
Marriott
|
1
|
83
|
152
|
17,694
|
153
|
17,777
|
|
Four Points Flex
by Sheraton***
|
—
|
—
|
28
|
5,037
|
28
|
5,037
|
|
Timeshare*
|
72
|
18,839
|
21
|
3,911
|
93
|
22,750
|
|
Grand
Total
|
6,307
|
1,062,063
|
3,054
|
644,268
|
9,361
|
1,706,331
|
|
|
1
"International" refers to: (i) Europe, Middle East & Africa,
(ii) Greater China, (iii) Asia Pacific excluding China, and (iv)
Caribbean & Latin America.
|
|
* Timeshare, Design
Hotels, and The Ritz-Carlton Yacht Collection counts are included
in this table by geographical location. For external reporting
purposes, these offerings are captured within "Unallocated
corporate and other."
|
|
** Excludes five MGM
Collection with Marriott Bonvoy properties (two Autograph
Collection, one Tribute Portfolio, one The Luxury Collection and
one W Hotels) which are presented within their respective
brands.
|
|
*** Four Points Flex by
Sheraton refers to properties previously referred to as Four Points
Express.
|
|
Property and room
counts presented by brand in the above table include certain hotels
in our system that are not yet operating under such brand, but are
expected to operate under such brand following the completion of
planned renovations.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
KEY LODGING
STATISTICS
|
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated US & Canada Properties
|
|
|
Three Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Brand
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
JW Marriott
|
|
$ 231.25
|
|
7.1 %
|
|
69.9 %
|
|
2.7 %
|
pts.
|
|
$ 330.63
|
|
2.9 %
|
|
The
Ritz-Carlton
|
|
$ 355.73
|
|
8.5 %
|
|
64.7 %
|
|
1.1 %
|
pts.
|
|
$ 549.45
|
|
6.6 %
|
|
W Hotels
|
|
$ 217.14
|
|
3.1 %
|
|
66.3 %
|
|
1.7 %
|
pts.
|
|
$ 327.53
|
|
0.4 %
|
|
Composite US &
Canada Luxury1
|
|
$ 298.79
|
|
4.9 %
|
|
67.6 %
|
|
1.4 %
|
pts.
|
|
$ 441.90
|
|
2.8 %
|
|
Marriott
Hotels
|
|
$ 163.85
|
|
4.0 %
|
|
66.3 %
|
|
0.3 %
|
pts.
|
|
$ 247.31
|
|
3.6 %
|
|
Sheraton
|
|
$ 155.85
|
|
9.0 %
|
|
64.6 %
|
|
1.8 %
|
pts.
|
|
$ 241.44
|
|
5.9 %
|
|
Westin
|
|
$ 166.27
|
|
3.3 %
|
|
66.1 %
|
|
0.3 %
|
pts.
|
|
$ 251.55
|
|
2.9 %
|
|
Composite US &
Canada Premium2
|
|
$ 161.05
|
|
3.9 %
|
|
65.8 %
|
|
0.2 %
|
pts.
|
|
$ 244.78
|
|
3.6 %
|
|
US & Canada
Full-Service3
|
|
$ 190.69
|
|
4.2 %
|
|
66.2 %
|
|
0.5 %
|
pts.
|
|
$ 288.11
|
|
3.5 %
|
|
Courtyard
|
|
$ 108.30
|
|
5.8 %
|
|
65.2 %
|
|
2.3 %
|
pts.
|
|
$ 166.06
|
|
2.1 %
|
|
Residence
Inn
|
|
$ 142.67
|
|
3.0 %
|
|
73.8 %
|
|
0.8 %
|
pts.
|
|
$ 193.31
|
|
1.9 %
|
|
Composite US &
Canada Select4
|
|
$ 120.77
|
|
4.2 %
|
|
68.6 %
|
|
2.0 %
|
pts.
|
|
$ 175.95
|
|
1.1 %
|
|
US & Canada -
All5
|
|
$ 173.93
|
|
4.2 %
|
|
66.8 %
|
|
0.8 %
|
pts.
|
|
$ 260.48
|
|
2.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide US & Canada Properties
|
|
|
Three Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Brand
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
JW Marriott
|
|
$ 221.96
|
|
6.1 %
|
|
69.5 %
|
|
1.4 %
|
pts.
|
|
$ 319.38
|
|
3.9 %
|
|
The
Ritz-Carlton
|
|
$ 354.42
|
|
9.0 %
|
|
65.1 %
|
|
1.3 %
|
pts.
|
|
$ 544.19
|
|
6.8 %
|
|
W Hotels
|
|
$ 217.14
|
|
3.1 %
|
|
66.3 %
|
|
1.7 %
|
pts.
|
|
$ 327.53
|
|
0.4 %
|
|
Composite US &
Canada Luxury1
|
|
$ 279.24
|
|
4.9 %
|
|
68.0 %
|
|
1.1 %
|
pts.
|
|
$ 410.79
|
|
3.2 %
|
|
Marriott
Hotels
|
|
$ 134.64
|
|
4.4 %
|
|
64.4 %
|
|
0.7 %
|
pts.
|
|
$ 209.18
|
|
3.2 %
|
|
Sheraton
|
|
$ 124.37
|
|
7.7 %
|
|
63.8 %
|
|
1.6 %
|
pts.
|
|
$ 195.03
|
|
5.0 %
|
|
Westin
|
|
$ 154.30
|
|
4.0 %
|
|
66.1 %
|
|
-0.1 %
|
pts.
|
|
$ 233.47
|
|
4.2 %
|
|
Composite US &
Canada Premium2
|
|
$ 139.98
|
|
5.1 %
|
|
65.0 %
|
|
0.9 %
|
pts.
|
|
$ 215.35
|
|
3.6 %
|
|
US & Canada
Full-Service3
|
|
$ 155.83
|
|
5.0 %
|
|
65.3 %
|
|
1.0 %
|
pts.
|
|
$ 238.50
|
|
3.5 %
|
|
Courtyard
|
|
$ 105.19
|
|
2.5 %
|
|
65.2 %
|
|
0.4 %
|
pts.
|
|
$ 161.38
|
|
2.0 %
|
|
Residence
Inn
|
|
$ 123.91
|
|
3.3 %
|
|
73.4 %
|
|
1.0 %
|
pts.
|
|
$ 168.77
|
|
1.9 %
|
|
Fairfield by
Marriott
|
|
$
86.67
|
|
3.0 %
|
|
65.4 %
|
|
0.5 %
|
pts.
|
|
$ 132.56
|
|
2.2 %
|
|
Composite US &
Canada Select4
|
|
$ 105.60
|
|
3.1 %
|
|
68.1 %
|
|
0.8 %
|
pts.
|
|
$ 154.96
|
|
2.0 %
|
|
US & Canada -
All5
|
|
$ 126.05
|
|
4.1 %
|
|
67.0 %
|
|
0.8 %
|
pts.
|
|
$ 188.13
|
|
2.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Brand
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
JW Marriott
|
|
$ 232.59
|
|
3.9 %
|
|
70.4 %
|
|
0.7 %
|
pts.
|
|
$ 330.26
|
|
2.8 %
|
|
The
Ritz-Carlton
|
|
$ 343.28
|
|
4.0 %
|
|
66.0 %
|
|
1.1 %
|
pts.
|
|
$ 520.44
|
|
2.3 %
|
|
W Hotels
|
|
$ 214.90
|
|
1.1 %
|
|
67.0 %
|
|
1.0 %
|
pts.
|
|
$ 320.94
|
|
-0.4 %
|
|
Composite US &
Canada Luxury1
|
|
$ 291.59
|
|
2.4 %
|
|
68.5 %
|
|
0.8 %
|
pts.
|
|
$ 425.71
|
|
1.2 %
|
|
Marriott
Hotels
|
|
$ 170.12
|
|
4.3 %
|
|
70.0 %
|
|
0.6 %
|
pts.
|
|
$ 242.87
|
|
3.4 %
|
|
Sheraton
|
|
$ 160.07
|
|
8.0 %
|
|
68.1 %
|
|
2.3 %
|
pts.
|
|
$ 235.17
|
|
4.4 %
|
|
Westin
|
|
$ 173.15
|
|
4.1 %
|
|
69.5 %
|
|
0.7 %
|
pts.
|
|
$ 248.96
|
|
3.0 %
|
|
Composite US &
Canada Premium2
|
|
$ 166.40
|
|
4.3 %
|
|
69.2 %
|
|
0.5 %
|
pts.
|
|
$ 240.48
|
|
3.6 %
|
|
US & Canada
Full-Service3
|
|
$ 193.35
|
|
3.6 %
|
|
69.0 %
|
|
0.6 %
|
pts.
|
|
$ 280.04
|
|
2.8 %
|
|
Courtyard
|
|
$ 112.33
|
|
2.7 %
|
|
67.1 %
|
|
0.7 %
|
pts.
|
|
$ 167.38
|
|
1.5 %
|
|
Residence
Inn
|
|
$ 150.27
|
|
1.5 %
|
|
76.3 %
|
|
-0.3 %
|
pts.
|
|
$ 197.05
|
|
1.9 %
|
|
Composite US &
Canada Select4
|
|
$ 125.41
|
|
2.2 %
|
|
70.4 %
|
|
0.5 %
|
pts.
|
|
$ 178.09
|
|
1.4 %
|
|
US & Canada -
All5
|
|
$ 177.07
|
|
3.4 %
|
|
69.4 %
|
|
0.5 %
|
pts.
|
|
$ 255.23
|
|
2.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide US & Canada Properties
|
|
|
Twelve Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Brand
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
JW Marriott
|
|
$ 225.02
|
|
3.7 %
|
|
70.9 %
|
|
0.3 %
|
pts.
|
|
$ 317.30
|
|
3.3 %
|
|
The
Ritz-Carlton
|
|
$ 341.41
|
|
4.3 %
|
|
66.3 %
|
|
1.2 %
|
pts.
|
|
$ 514.56
|
|
2.4 %
|
|
W Hotels
|
|
$ 214.90
|
|
1.1 %
|
|
67.0 %
|
|
1.0 %
|
pts.
|
|
$ 320.94
|
|
-0.4 %
|
|
Composite US &
Canada Luxury1
|
|
$ 274.18
|
|
2.5 %
|
|
69.1 %
|
|
0.7 %
|
pts.
|
|
$ 396.56
|
|
1.5 %
|
|
Marriott
Hotels
|
|
$ 142.05
|
|
4.3 %
|
|
68.0 %
|
|
0.8 %
|
pts.
|
|
$ 208.88
|
|
3.2 %
|
|
Sheraton
|
|
$ 127.89
|
|
6.3 %
|
|
66.9 %
|
|
1.6 %
|
pts.
|
|
$ 191.15
|
|
3.7 %
|
|
Westin
|
|
$ 159.62
|
|
3.6 %
|
|
69.7 %
|
|
0.4 %
|
pts.
|
|
$ 229.17
|
|
2.9 %
|
|
Composite US &
Canada Premium2
|
|
$ 144.81
|
|
4.5 %
|
|
68.1 %
|
|
0.9 %
|
pts.
|
|
$ 212.64
|
|
3.0 %
|
|
US & Canada
Full-Service3
|
|
$ 159.54
|
|
4.1 %
|
|
68.2 %
|
|
0.9 %
|
pts.
|
|
$ 233.87
|
|
2.7 %
|
|
Courtyard
|
|
$ 111.97
|
|
1.2 %
|
|
68.8 %
|
|
-0.3 %
|
pts.
|
|
$ 162.77
|
|
1.7 %
|
|
Residence
Inn
|
|
$ 131.10
|
|
2.2 %
|
|
76.5 %
|
|
0.2 %
|
pts.
|
|
$ 171.36
|
|
2.0 %
|
|
Fairfield by
Marriott
|
|
$
92.86
|
|
1.1 %
|
|
68.9 %
|
|
-0.4 %
|
pts.
|
|
$ 134.73
|
|
1.7 %
|
|
Composite US &
Canada Select4
|
|
$ 111.84
|
|
1.9 %
|
|
71.5 %
|
|
0.0 %
|
pts.
|
|
$ 156.50
|
|
1.9 %
|
|
US & Canada -
All5
|
|
$ 131.26
|
|
3.0 %
|
|
70.1 %
|
|
0.4 %
|
pts.
|
|
$ 187.14
|
|
2.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes
JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St.
Regis, and EDITION.
|
|
2 Includes
Marriott Hotels, Sheraton, Westin, Renaissance, Autograph
Collection, Delta Hotels by Marriott, and Gaylord Hotels.
Systemwide also includes Le Méridien and Tribute
Portfolio.
|
|
3 Includes
Composite US & Canada Luxury and Composite US & Canada
Premium.
|
|
4 Includes
Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites,
TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by
Marriott. Systemwide also includes Moxy.
|
|
5 Includes
US & Canada Full-Service and Composite US & Canada
Select.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
KEY LODGING
STATISTICS
|
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated International Properties
|
|
|
Three Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Region
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
Europe
|
|
$ 201.35
|
|
6.2 %
|
|
72.2 %
|
|
0.9 %
|
pts.
|
|
$ 278.89
|
|
4.9 %
|
|
Middle East &
Africa
|
|
$ 164.07
|
|
8.7 %
|
|
74.1 %
|
|
3.1 %
|
pts.
|
|
$ 221.34
|
|
4.2 %
|
|
Greater
China
|
|
$
84.87
|
|
-1.8 %
|
|
69.1 %
|
|
1.4 %
|
pts.
|
|
$ 122.90
|
|
-3.8 %
|
|
Asia Pacific excluding
China
|
|
$ 134.72
|
|
11.6 %
|
|
74.1 %
|
|
1.9 %
|
pts.
|
|
$ 181.85
|
|
8.8 %
|
|
Caribbean & Latin
America
|
|
$ 188.08
|
|
9.5 %
|
|
65.9 %
|
|
0.6 %
|
pts.
|
|
$ 285.28
|
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$ 132.84
|
|
6.4 %
|
|
71.5 %
|
|
1.7 %
|
pts.
|
|
$ 185.84
|
|
3.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$ 150.30
|
|
5.3 %
|
|
69.5 %
|
|
1.3 %
|
pts.
|
|
$ 216.32
|
|
3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide International Properties
|
|
|
Three Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Region
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
Europe
|
|
$ 145.51
|
|
7.2 %
|
|
70.0 %
|
|
2.8 %
|
pts.
|
|
$ 207.80
|
|
2.9 %
|
|
Middle East &
Africa
|
|
$ 152.57
|
|
9.7 %
|
|
73.5 %
|
|
3.3 %
|
pts.
|
|
$ 207.49
|
|
4.8 %
|
|
Greater
China
|
|
$
79.52
|
|
-1.7 %
|
|
68.2 %
|
|
1.2 %
|
pts.
|
|
$ 116.57
|
|
-3.3 %
|
|
Asia Pacific excluding
China
|
|
$ 138.35
|
|
12.5 %
|
|
74.4 %
|
|
2.3 %
|
pts.
|
|
$ 186.03
|
|
9.1 %
|
|
Caribbean & Latin
America
|
|
$ 148.88
|
|
7.3 %
|
|
65.0 %
|
|
0.0 %
|
pts.
|
|
$ 228.95
|
|
7.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$ 126.71
|
|
7.2 %
|
|
70.4 %
|
|
2.0 %
|
pts.
|
|
$ 179.92
|
|
4.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$ 126.26
|
|
5.0 %
|
|
68.1 %
|
|
1.2 %
|
pts.
|
|
$ 185.42
|
|
3.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes
Europe, Middle East & Africa, Greater China, Asia Pacific
excluding China, and Caribbean & Latin America.
|
|
2 Includes
US & Canada - All and International - All.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
KEY LODGING
STATISTICS
|
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated International Properties
|
|
|
Twelve Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Region
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
Europe
|
|
$ 215.26
|
|
7.0 %
|
|
72.1 %
|
|
0.7 %
|
pts.
|
|
$ 298.73
|
|
6.0 %
|
|
Middle East &
Africa
|
|
$ 132.47
|
|
11.2 %
|
|
68.6 %
|
|
2.9 %
|
pts.
|
|
$ 193.15
|
|
6.5 %
|
|
Greater
China
|
|
$
84.57
|
|
-2.5 %
|
|
68.7 %
|
|
1.2 %
|
pts.
|
|
$ 123.16
|
|
-4.2 %
|
|
Asia Pacific excluding
China
|
|
$ 122.13
|
|
12.2 %
|
|
72.5 %
|
|
3.7 %
|
pts.
|
|
$ 168.45
|
|
6.5 %
|
|
Caribbean & Latin
America
|
|
$ 182.62
|
|
8.7 %
|
|
66.0 %
|
|
2.0 %
|
pts.
|
|
$ 276.82
|
|
5.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$ 124.96
|
|
6.6 %
|
|
69.9 %
|
|
2.1 %
|
pts.
|
|
$ 178.79
|
|
3.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$ 147.09
|
|
4.9 %
|
|
69.7 %
|
|
1.5 %
|
pts.
|
|
$ 211.12
|
|
2.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide International Properties
|
|
|
Twelve Months Ended
December 31, 2024 and December 31, 2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
|
Region
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
2024
|
|
vs.
2023
|
|
Europe
|
|
$ 154.31
|
|
7.6 %
|
|
70.3 %
|
|
2.7 %
|
pts.
|
|
$ 219.39
|
|
3.5 %
|
|
Middle East &
Africa
|
|
$ 123.62
|
|
12.1 %
|
|
68.0 %
|
|
2.8 %
|
pts.
|
|
$ 181.72
|
|
7.6 %
|
|
Greater
China
|
|
$
78.91
|
|
-2.3 %
|
|
67.7 %
|
|
1.0 %
|
pts.
|
|
$ 116.55
|
|
-3.7 %
|
|
Asia Pacific excluding
China
|
|
$ 124.66
|
|
12.9 %
|
|
72.5 %
|
|
3.8 %
|
pts.
|
|
$ 171.98
|
|
6.9 %
|
|
Caribbean & Latin
America
|
|
$ 151.98
|
|
8.8 %
|
|
65.8 %
|
|
1.8 %
|
pts.
|
|
$ 231.13
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$ 121.75
|
|
7.6 %
|
|
69.2 %
|
|
2.4 %
|
pts.
|
|
$ 175.89
|
|
3.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$ 128.23
|
|
4.3 %
|
|
69.8 %
|
|
1.0 %
|
pts.
|
|
$ 183.58
|
|
2.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes
Europe, Middle East & Africa, Greater China, Asia Pacific
excluding China, and Caribbean & Latin America.
|
|
2 Includes
US & Canada - All and International - All.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
NON-GAAP FINANCIAL
MEASURES
ADJUSTED
EBITDA
($ in
millions)
|
|
|
Fiscal Year
2024
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
|
Net income, as
reported
|
$
564
|
|
$
772
|
|
$
584
|
|
$
455
|
|
$ 2,375
|
|
Cost reimbursement
revenue
|
(4,433)
|
|
(4,728)
|
|
(4,617)
|
|
(4,704)
|
|
(18,482)
|
|
Reimbursed
expenses
|
4,501
|
|
4,645
|
|
4,681
|
|
4,972
|
|
18,799
|
|
Interest
expense
|
163
|
|
173
|
|
179
|
|
180
|
|
695
|
|
Interest expense from
unconsolidated joint ventures
|
2
|
|
2
|
|
1
|
|
3
|
|
8
|
|
Provision for income
taxes
|
163
|
|
268
|
|
202
|
|
143
|
|
776
|
|
Depreciation and
amortization
|
45
|
|
47
|
|
45
|
|
46
|
|
183
|
|
Contract investment
amortization
|
23
|
|
27
|
|
26
|
|
27
|
|
103
|
|
Depreciation and
amortization classified in reimbursed expenses
|
48
|
|
50
|
|
52
|
|
56
|
|
206
|
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
5
|
|
3
|
|
4
|
|
3
|
|
15
|
|
Stock-based
compensation
|
53
|
|
57
|
|
63
|
|
64
|
|
237
|
|
Restructuring and
merger-related charges
|
8
|
|
8
|
|
9
|
|
52
|
|
77
|
|
Gain on asset
dispositions
|
—
|
|
—
|
|
—
|
|
(11)
|
|
(11)
|
|
Adjusted
EBITDA†
|
$ 1,142
|
|
$ 1,324
|
|
$ 1,229
|
|
$ 1,286
|
|
$ 4,981
|
|
|
|
|
|
|
|
|
|
|
|
Change from 2023
Adjusted EBITDA†
|
4 %
|
|
9 %
|
|
8 %
|
|
7 %
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Restructuring and
merger-related charges
|
1
|
|
38
|
|
13
|
|
8
|
|
60
|
|
Gain on asset
dispositions
|
—
|
|
—
|
|
(24)
|
|
—
|
|
(24)
|
|
Adjusted
EBITDA†
|
$
1,098
|
|
$
1,219
|
|
$
1,142
|
|
$
1,197
|
|
$
4,656
|
|
|
|
|
|
|
|
|
|
|
|
† Denotes
non-GAAP financial measures. Please see Explanation of Non-GAAP
Financial and Performance Measures in these Press Release Schedules
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
2025
|
|
($ in
millions)
|
|
|
|
|
|
|
|
Range
|
|
|
|
Estimated
First Quarter 2025
|
|
First Quarter
2024
|
|
Net income excluding
certain items1
|
$
611
|
|
$
630
|
|
|
|
Interest
expense
|
191
|
|
191
|
|
|
|
Interest expense from
unconsolidated joint ventures
|
2
|
|
2
|
|
|
|
Provision for income
taxes
|
172
|
|
178
|
|
|
|
Depreciation and
amortization
|
47
|
|
47
|
|
|
|
Contract investment
amortization
|
28
|
|
28
|
|
|
|
Depreciation and
amortization classified in reimbursed expenses
|
60
|
|
60
|
|
|
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
4
|
|
4
|
|
|
|
Stock-based
compensation
|
55
|
|
55
|
|
|
|
Adjusted
EBITDA†
|
$
1,170
|
|
$
1,195
|
|
$
1,142
|
|
|
|
|
|
|
|
Increase over 2024
Adjusted EBITDA†
|
2 %
|
|
5 %
|
|
|
|
|
|
|
|
|
|
† Denotes
non-GAAP financial measures. Please see Explanation of Non-GAAP
Financial and Performance Measures in these Press Release Schedules
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
restructuring and merger-related charges, 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 potential
asset sales or property or brand acquisitions 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.
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
ADJUSTED EBITDA
FORECAST
|
|
FULL YEAR
2025
|
|
($ in
millions)
|
|
|
|
|
|
|
|
Range
|
|
|
|
Estimated
Full Year 2025
|
|
Full Year
2024
|
|
Net income excluding
certain items1
|
$
2,697
|
|
$
2,799
|
|
|
|
Interest
expense
|
810
|
|
810
|
|
|
|
Interest expense from
unconsolidated joint ventures
|
7
|
|
7
|
|
|
|
Provision for income
taxes
|
950
|
|
988
|
|
|
|
Depreciation and
amortization
|
200
|
|
200
|
|
|
|
Contract investment
amortization
|
118
|
|
118
|
|
|
|
Depreciation and
amortization classified in reimbursed expenses
|
270
|
|
270
|
|
|
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
18
|
|
18
|
|
|
|
Stock-based
compensation
|
225
|
|
225
|
|
|
|
Adjusted
EBITDA†
|
$
5,295
|
|
$
5,435
|
|
$
4,981
|
|
|
|
|
|
|
|
Increase over 2024
Adjusted EBITDA†
|
6 %
|
|
9 %
|
|
|
|
|
|
|
|
|
|
† Denotes
non-GAAP financial measures. Please see Explanation of Non-GAAP
Financial and Performance Measures in these Press Release Schedules
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
restructuring and merger-related charges, 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 potential
asset sales or property or brand acquisitions 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.
|
|
MARRIOTT INTERNATIONAL,
INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE
MEASURES
In our press release and schedules, on the related conference
call, and in the infographic made available in connection with our
press release, we report certain financial measures that are not
required by, or presented in accordance with, United States generally accepted accounting
principles ("GAAP"). These non-GAAP financial
measures are labeled as "adjusted" and/or identified with the
symbol "†". We discuss the manner in which the non-GAAP measures
reported in this press release, schedules, and infographic are
determined and management's reasons for reporting these non-GAAP
measures below, and the press release schedules reconcile each to
the most directly comparable GAAP measures (with respect to the
forward-looking non-GAAP measures, to the extent available without
unreasonable efforts). Although management evaluates and presents
these non-GAAP measures for the reasons described below, please be
aware that these non-GAAP measures have limitations and should not
be considered in isolation or as a substitute for revenue,
operating income, net income, earnings per share, or any other
comparable operating measure prescribed by GAAP. In addition, we
may calculate and/or present these non-GAAP financial measures
differently than measures with the same or similar names that other
companies report, and as a result, the non-GAAP measures we report
may not be comparable to those reported by others.
Adjusted Operating Income and Adjusted Operating Income
Margin. Adjusted operating income and Adjusted operating
income margin exclude cost reimbursement revenue, reimbursed
expenses, restructuring and merger-related charges, and certain
non-cash impairment charges (when applicable). Adjusted operating
income margin reflects Adjusted operating income divided by
Adjusted total revenues. We believe that these are meaningful
metrics because they allow for period-over-period comparisons of
our ongoing operations before these items and for the reasons
further described below.
Adjusted Net Income and Adjusted Diluted Earnings Per
Share. Adjusted net income and Adjusted diluted earnings per
share reflect our net income and diluted earnings per share
excluding the impact of cost reimbursement revenue, reimbursed
expenses, restructuring and merger-related charges, certain
non-cash impairment charges (when applicable), and gains and losses
on asset dispositions made by us or by our joint venture investees
(when applicable and if above a specified threshold). Additionally,
Adjusted net income and Adjusted diluted earnings per share exclude
the income tax effect of the above adjustments (calculated using an
estimated tax rate applicable to each adjustment) and income tax
special items, which in 2023 primarily related to the resolution of
tax audits. We believe that these measures are meaningful
indicators of our performance because they allow for
period-over-period comparisons of our ongoing operations before
these items and for the reasons further described below.
Adjusted Earnings Before Interest Expense, Taxes,
Depreciation and Amortization ("Adjusted EBITDA"). Adjusted
EBITDA reflects net income excluding the impact of the following
items: cost reimbursement revenue and reimbursed expenses, interest
expense, depreciation and amortization, provision (benefit) for
income taxes, restructuring and merger-related charges, and
stock-based compensation expense for all periods presented. When
applicable, Adjusted EBITDA also excludes certain non-cash
impairment charges and gains and losses on asset dispositions made
by us or by our joint venture investees (if above a specified
threshold).
In our presentations of Adjusted operating income and Adjusted
operating income margin, Adjusted net income and Adjusted diluted
earnings per share, and Adjusted EBITDA, we exclude restructuring
and merger-related charges as well as non-cash impairment charges
(if above a specified threshold) related to our management and
franchise contracts (if the impairment is non-routine), leases,
equity investments, and other capitalized assets, which we record
in the "Contract investment amortization," "Depreciation,
amortization, and other," and "Equity in earnings" captions of our
Consolidated Statements of Income (our "Income Statements"), to
allow for period-over period comparisons of our ongoing operations
before the impact of these items. We exclude cost reimbursement
revenue and reimbursed expenses, which relate to property-level and
centralized programs and services that we operate for the benefit
of our hotel owners and certain other counterparties. We do not
operate these programs and services to generate a profit over the
long term, and accordingly, when we recover the costs that we incur
for these programs and services from our hotel owners and certain
other counterparties, we do not seek a mark-up. For property-level
services, we are typically reimbursed at the same time that we
incur expenses. However, for centralized programs and services, we
may be reimbursed before or after we incur expenses, causing timing
differences between the costs we incur and the related
reimbursement from hotel owners and certain other counterparties in
our operating and net income. Over the long term, these programs
and services are not designed to impact our economics, either
positively or negatively. Because we do not retain any such profits
or losses over time, we exclude the net impact when evaluating
period-over-period changes in our operating results.
We believe that Adjusted EBITDA is a meaningful indicator of our
operating performance because it permits period-over-period
comparisons of our ongoing operations before these items. Our use
of Adjusted EBITDA also facilitates comparison with results from
other lodging companies because it excludes certain items that can
vary widely across different industries or among companies within
the same industry. For example, interest expense can be dependent
on a company's capital structure, debt levels, and credit ratings.
Accordingly, the impact of interest expense on earnings can vary
significantly among companies. The tax positions of companies can
also vary because of their differing abilities to take advantage of
tax benefits and because of the tax policies of the jurisdictions
in which they operate. As a result, effective tax rates and
provisions for income taxes can vary considerably among companies.
Our Adjusted EBITDA also excludes depreciation and amortization
expense, which we report under "Depreciation, amortization, and
other" as well as depreciation and amortization classified in
"Contract investment amortization," "Reimbursed expenses," and
"Equity in earnings" of our Income Statements, because companies
utilize productive assets of different ages and use different
methods of both acquiring and depreciating productive assets.
Depreciation and amortization classified in "Reimbursed expenses"
reflects depreciation and amortization of Marriott-owned assets,
for which we receive cash from hotel owners and certain other
counterparties to reimburse the company for its investments made
for the benefit of the system. These differences can result in
considerable variability in the relative costs of productive assets
and the depreciation and amortization expense among companies. We
exclude stock-based compensation expense in all periods presented
to address the considerable variability among companies in
recording compensation expense because companies use stock-based
payment awards differently, both in the type and quantity of awards
granted.
RevPAR. In addition to the foregoing non-GAAP financial
measures, we present Revenue per Available Room ("RevPAR") as a
performance measure. We believe RevPAR, which we calculate by
dividing property level room revenue by total rooms available for
the period, is a meaningful indicator of our performance because it
measures the period-over-period change in room revenues. RevPAR may
not be comparable to similarly titled measures, such as revenues,
and should not be viewed as necessarily correlating with our fee
revenue. We also believe occupancy and average daily rate ("ADR"),
which are components of calculating RevPAR, are meaningful
indicators of our performance. Occupancy, which we calculate by
dividing total rooms sold by total rooms available for the period,
measures the utilization of a property's available capacity. ADR,
which we calculate by dividing property level room revenue by total
rooms sold, measures average room price and is useful in assessing
pricing levels. Comparisons to prior periods are on a constant U.S.
dollar basis, which we calculate by applying exchange rates for the
current period to the prior comparable period. We believe constant
dollar analysis provides valuable information regarding the
performance of hotels in our system as it removes currency
fluctuations from the presentation of such results.
We define our comparable properties as hotels in our system that
were open and operating under one of our brands since the beginning
of the last full calendar year (since January 1, 2023 for the current period) and have
not, in either the current or previous year: (1) undergone
significant room or public space renovations or expansions, (2)
been converted between company-operated and franchised, or (3)
sustained substantial property damage or business interruption. Our
comparable properties also exclude MGM Collection with Marriott
Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, and
timeshare properties.
We use the term "hotel owners" throughout these schedules to
refer, collectively, to owners of hotels and other lodging
offerings operating in our system pursuant to management
agreements, franchise agreements, license agreements or similar
arrangements, and we use the term "hotels in our system" to refer
to hotels and other lodging offerings operating in our system
pursuant to such arrangements, as well as hotels that we own or
lease. The terms "hotel owners" and "hotels in our system" exclude
Homes & Villas by Marriott Bonvoy® (which we
also exclude from our property and room count), timeshare,
residential, and The Ritz-Carlton Yacht
Collection®.
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SOURCE Marriott International, Inc.
