Marriott International Reports First Quarter 2021 Results

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May 10, 2021

Marriott International Reports First Quarter 2021 Results

BETHESDA, Md., May 10, 2021 /PRNewswire/ -- 

  • First quarter 2021 comparable systemwide constant dollar RevPAR declined 46.3 percent worldwide, 46.3 percent in the U.S. & Canada, and 46.1 percent in international markets, compared to the 2020 first quarter;
  • First quarter 2021 comparable systemwide constant dollar RevPAR declined 59.1 percent worldwide, 57.1 percent in the U.S. & Canada, and 64.1 percent in international markets, compared to the 2019 first quarter;
  • First quarter reported diluted loss per share totaled $0.03, compared to reported diluted EPS of $0.09 in the year-ago quarter. First quarter adjusted diluted EPS totaled $0.10, compared to first quarter 2020 adjusted diluted EPS of $0.49;
  • First quarter reported net loss totaled $11 million, compared to reported net income of $31 million in the year-ago quarter. First quarter adjusted net income totaled $34 million, compared to first quarter 2020 adjusted net income of $160 million;
  • Adjusted EBITDA totaled $296 million in the 2021 first quarter, compared to first quarter 2020 adjusted EBITDA of $442 million;
  • The company added more than 23,500 rooms globally during the first quarter, including nearly 12,000 rooms in international markets and a total of about 7,300 conversion rooms;
  • At quarter end, Marriott's worldwide development pipeline totaled over 2,800 properties and approximately 491,000 rooms, including roughly 18,000 rooms approved, but not yet subject to signed contracts. More than 222,000 rooms in the pipeline were under construction as of the end of the 2021 first quarter;
  • At the end of the first quarter, the company's net liquidity totaled approximately $4.7 billion, representing $0.6 billion in available cash balances and $4.1 billion of unused borrowing capacity under its revolving credit facility.

Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2021 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19).

Tony Capuano, Chief Executive Officer, said, "We were pleased to see demand improve meaningfully during the first quarter.  We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe.  While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level.   Occupancy[1] reached 66 percent in mainland China in March, nearly the same as in March 2019, on strong demand from both leisure and business travelers. 

"In our largest region, the U.S. & Canada, demand increased rapidly as vaccine rollouts accelerated.  Occupancy started the year at 33 percent in January and reached 49 percent by March.  Leisure demand gained momentum, particularly in ski and beach resort destinations.  We are encouraged to see green shoots in special corporate and group bookings, which have been improving as companies slowly begin to return to their offices.  The pickup in transient booking pace for the U.S. & Canada points toward continued improvement in consumer sentiment around travel.

"Our conversion signings were particularly strong in the quarter and included nearly 7,000 rooms that were part of an all-inclusive deal in our Caribbean and Latin America region.  More than 23,500 rooms joined our system in the quarter.  Consistent with our view a quarter ago, we expect gross rooms growth could accelerate to approximately 6 percent in 2021.  Including deletions, we continue to estimate our rooms distribution could grow 3 to 3.5 percent, net, for the full year.

"Throughout the pandemic we have been proactive in connecting with our Marriott Bonvoy members, and we continue to focus on enhancing our valuable loyalty platform for our 150 million members.  Over the last few weeks, we have announced several exciting new programs.   We introduced new co-brand credits cards in South Korea and Mexico, and we rolled out a new collaboration with Uber, allowing members in the U.S. to earn points through ride sharing and food delivery.

"As vaccines roll out around the world and government restrictions ease, I am optimistic that demand will continue to strengthen.  We have seen signs that there is a significant amount of pent-up demand, regardless of trip purpose, and we look forward to welcoming travelers in increasing numbers to our more than 7,600 properties around the world." 

First Quarter 2021 Results

Marriott's reported operating income totaled $84 million in the 2021 first quarter, compared to 2020 first quarter reported operating income of $114 million.  Reported net loss totaled $11 million in the 2021 first quarter, compared to 2020 first quarter reported net income of $31 million.  Reported diluted loss per share totaled $0.03 in the quarter, compared to reported diluted earnings per share (EPS) of $0.09 in the year-ago quarter.

Adjusted operating income in the 2021 first quarter totaled $138 million, compared to 2020 first quarter adjusted operating income of $293 million.  Adjusted operating income in the 2020 first quarter excluded impairment charges of $101 million.

First quarter 2021 adjusted net income totaled $34 million, compared to 2020 first quarter adjusted net income of $160 million.  Adjusted diluted EPS in the 2021 first quarter totaled $0.10, compared to adjusted diluted EPS of $0.49 in the year-ago quarter.  These adjusted 2021 first quarter results and adjusted 2020 first quarter results excluded impairment charges of $3 million after-tax ($0.01 per share) and $75 million after-tax ($0.23 per share), respectively.  

Adjusted results also excluded restructuring and merger-related charges, cost reimbursement revenue, and reimbursed expenses.  See pages A-2 and A-9 for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.

Base management and franchise fees totaled $412 million in the 2021 first quarter, compared to base management and franchise fees of $629 million in the year-ago quarter.  The year-over-year decline in these fees is primarily attributable to RevPAR declines related to COVID-19.  Other non-RevPAR related franchise fees in the 2021 first quarter totaled $141 million compared to $139 million in the year-ago quarter, aided by $11 million of higher residential branding fees.

Incentive management fees totaled $33 million in the 2021 first quarter.  The company recognized no incentive management fees in the first quarter of 2020.  Roughly 45 percent of the incentive management fees recognized in the quarter were earned at hotels in the Asia Pacific region, largely in Greater China.    

Contract investment amortization for the 2021 first quarter totaled $17 million, compared to $25 million in the year-ago quarter.  The year-over-year change largely reflects impairments of investments in management and franchise contracts recorded in the 2020 first quarter.

Owned, leased, and other revenue, net of direct expenses, totaled a $27 million loss in the 2021 first quarter, compared to $8 million of profit in the year-ago quarter as a result of RevPAR declines related to COVID-19.

Depreciation, amortization, and other expenses for the 2021 first quarter totaled $52 million, compared to $150 million in the year-ago quarter.  The year-over-year change largely reflects a $90 million impairment charge recorded in the 2020 first quarter.

General, administrative, and other expenses for the 2021 first quarter totaled $211 million, compared to $270 million in the year-ago quarter.  The lower expenses in the 2021 first quarter largely reflect $50 million of lower bad debt expense and $14 million of lower guarantee reserves.  Expenses in the 2021 quarter include $14 million of additional non-recurring  executive compensation related to leadership changes. 

Interest expense, net, totaled $100 million in the first quarter compared to $87 million in the year-ago quarter.  The increase is largely due to higher interest expense associated with 2020 debt issuances.

Equity in losses for the first quarter totaled $12 million, compared to a $4 million loss in the year-ago quarter.  The increase in losses largely reflects the negative impact on results at joint venture properties due to COVID-19.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $296 million in the 2021 first quarter, compared to first quarter 2020 adjusted EBITDA of $442 million.  See page A-9 for the adjusted EBITDA calculation.

Selected Performance Information

The company added 134 new properties (23,567 rooms) to its worldwide lodging portfolio during the 2021 first quarter, including roughly 7,300 rooms converted from competitor brands and nearly 12,000 rooms in international markets.  Additions in the 2021 first quarter included 11 all-inclusive conversion properties (3,700 rooms) in the company's Caribbean and Latin America region.  One hundred and fourteen properties (17,381 rooms) exited the system during the quarter, including 88 Service Properties Trust hotels (12,803 rooms).  At quarter end, Marriott's global lodging system totaled more than 7,600 properties, with over 1,429,000 rooms.

At quarter end, the company's worldwide development pipeline totaled 2,825 properties with approximately 491,000 rooms, including 1,141 properties with more than 222,000 rooms under construction and 105 properties with roughly 18,000 rooms approved for development, but not yet subject to signed contracts.

In the 2021 first quarter, worldwide RevPAR declined 46.3 percent (a 45.9 percent decline using actual dollars) compared to the 2020 first quarter.  RevPAR in the U.S. & Canada declined 46.3 percent (a 46.3 percent decline using actual dollars), and RevPAR in international markets declined 46.1 percent (a 44.8 percent decline using actual dollars).

Balance Sheet and Liquidity

At quarter end, Marriott's net debt was $9.6 billion, representing total debt of $10.2 billion less cash and cash equivalents of $0.6 billion.  At year-end 2020, the company's net debt was $9.5 billion, representing total debt of $10.4 billion less cash and cash equivalents of $0.9 billion.

In the first quarter, the company issued $1.1 billion of Series HH Senior Notes due in 2031 with a 2.85 percent interest rate coupon. 

The company's net liquidity was approximately $4.7 billion at the end of the first quarter, representing $0.6 billion in available cash balances and $4.1 billion of unused borrowing capacity under its revolving credit facility.

The company halted share repurchases in February of 2020 and suspended its quarterly dividend beginning in the second quarter of 2020.

COVID-19

Due to the numerous uncertainties associated with COVID-19, Marriott cannot presently estimate the impact of this unprecedented situation on its future results, which is highly dependent on the severity and duration of the pandemic and its impacts, but expects that COVID-19 will continue to be material to the company's results. 

The company expects to provide additional information about the current impact of COVID-19 on its business on its call later this morning.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, May 10, 2021 at 8:30 a.m. Eastern Time (ET).  The conference call will be webcast simultaneously via Marriott's investor relations website at http://www.marriott.com/investor, click on "Events & Presentations" and click on the quarterly conference call link.  A replay will be available at that same website until May 9, 2022.

The telephone dial-in number for the conference call is 1-706-679-3455 and the conference ID is 9559023.  A telephone replay of the conference call will be available from 2:00 p.m. ET, Monday, May 10, 2021 until 8:00 p.m. ET, Monday, May 17, 2021.  To access the replay, call 1-404-537-3406.  The conference ID for the recording is 9559023.

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of May 10, 2021. 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 the possible effects on our business of the COVID-19 pandemic and efforts to contain it (COVID-19); travel and lodging demand; future performance of the company's hotels; booking trends; our development pipeline, rooms growth and conversions; 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 those we identify below and other risk factors that we identify in our Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the availability and distribution of effective vaccines or treatments; its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting, banning, or cautioning against travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees have taken and may continue to take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry and in the labor market; relationships with customers and property owners; the availability of capital to finance hotel growth and refurbishment; the extent to which we experience adverse effects from data security incidents; and changes in tax laws in countries in which we earn significant income. 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 more than 7,600 properties under 30 leading brands spanning 133 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 Twitter and Instagram.

Marriott may post updates about COVID-19 and other matters on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on these websites, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.

1 All occupancy and RevPAR statistics are systemwide constant dollar and include hotels that have been temporarily closed due to COVID-19.  Unless otherwise stated, all changes refer to year-over-year changes for the comparable period.  RevPAR comparisons between 2021 and 2020 reflect properties that are comparable in both years. RevPAR comparisons between 2021 and 2019 reflect properties that are defined as comparable as of March 31, 2021, even if they were not open and operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019.

IRPR#1

Tables follow

 

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 1, 2021

































































Consolidated Statements of Income - As Reported









A-1

















Non-GAAP Financial Measures 












A-2

















Total Lodging Products














A-3

















Key Lodging Statistics














A-6

















Adjusted EBITDA














A-9

















Explanation of Non-GAAP Financial and Performance Measures






A-10

 


MARRIOTT INTERNATIONAL, INC.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


FIRST QUARTER 2021 AND 2020


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Three Months Ended


Three Months Ended


Better/(Worse)




March 31, 2021


March 31, 2020


Reported 2021 vs. 2020


REVENUES








Base management fees


$                                           106


$                                           214


(50)


Franchise fees 1


306


415


(26)


Incentive management fees


33


-


 * 


Gross Fee Revenues


445


629


(29)


Contract investment amortization 2


(17)


(25)


32


Net Fee Revenues


428


604


(29)


Owned, leased, and other revenue 3


108


280


(61)


Cost reimbursement revenue 4


1,780


3,797


(53)


  Total Revenues


2,316


4,681


(51)










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


135


272


50


Depreciation, amortization, and other 6


52


150


65


General, administrative, and other 7


211


270


22


Restructuring and merger-related charges (recoveries)


1


(2)


(150)


Reimbursed expenses 4


1,833


3,877


53


  Total Expenses


2,232


4,567


51










OPERATING INCOME


84


114


(26)










Gains (losses) and other income, net 8


1


(4)


125


Interest expense


(107)


(93)


(15)


Interest income 


7


6


17


Equity in losses 9


(12)


(4)


(200)










(LOSS) INCOME BEFORE INCOME TAXES


(27)


19


(242)










Benefit for income taxes


16


12


33










NET (LOSS) INCOME


$                                            (11)


$                                             31


(135)










(LOSS) EARNINGS PER SHARE








  (Loss) Earnings per share - basic


$                                         (0.03)


$                                          0.10


(130)


  (Loss) Earnings per share - diluted


$                                         (0.03)


$                                          0.09


(133)










Basic Shares


326.7


325.4




Diluted Shares 10


326.7


327.4











 * 

Calculated percentage is not meaningful.







1

Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, 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 (losses) 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 losses include our equity in losses of unconsolidated equity method investments.





10

Basic and fully diluted weighted average shares outstanding used to calculate (loss) earnings per share for the period in which we had a loss are the same because 


inclusion of additional equivalents would be anti-dilutive.





 


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 








Percent




March 31,


March 31,


Better/




2021


2020


(Worse)



Total revenues, as reported

$            2,316


$            4,681





Less: Cost reimbursement revenue

(1,780)


(3,797)





Add: Impairments 1

-


7





Adjusted total revenues **

536


891













Operating income, as reported

84


114





Less: Cost reimbursement revenue

(1,780)


(3,797)





Add: Reimbursed expenses

1,833


3,877





Add (Less): Restructuring and merger-related charges (recoveries) 

1


(2)





Add: Impairments2

-


101





Adjusted operating income **

138


293


-53%











Operating income margin

4%


2%





Adjusted operating income margin **

26%


33%













Net (loss) income, as reported

(11)


31





Less: Cost reimbursement revenue

(1,780)


(3,797)





Add: Reimbursed expenses

1,833


3,877





Add (Less): Restructuring and merger-related charges (recoveries) 

1


(2)





Add: Impairments3

4


101





Income tax effect of above adjustments

(13)


(50)





Adjusted net income **

$                 34


$               160


-79%











Diluted (loss) earnings per share, as reported

$             (0.03)


$              0.09





Adjusted diluted earnings per share**

$              0.10


$              0.49


-80%










**

Denotes non-GAAP financial measures. Please see pages A-10 and A-11 for information about our reasons for providing 



these alternative financial measures and the limitations on their use.














1

Includes impairment charges reported in Contract investment amortization of $7 million in the 2020 first quarter.










2

 Includes impairment charges reported in Contract investment amortization of $7 million; and Depreciation, amortization, and


other of $94 million in the 2020 first quarter.















3

Includes impairment charges reported in Equity in losses of $4 million in the 2021 first quarter. Includes impairment 



charges reported in Contract investment amortization of $7 million; and Depreciation, amortization, and other of $94 million



 in the 2020 first quarter.







 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of March 31, 2021









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Managed

642

221,256

1,270

327,459

1,912

548,715

Marriott Hotels

114

61,576

181

52,740

295

114,316

Marriott Hotels Serviced Apartments

-

-

1

154

1

154

Sheraton

28

23,609

188

63,250

216

86,859

Courtyard

169

27,264

103

22,356

272

49,620

Westin

41

22,347

72

21,924

113

44,271

JW Marriott

21

12,711

63

23,356

84

36,067

Renaissance

24

10,607

59

18,402

83

29,009

The Ritz-Carlton

38

11,406

63

16,175

101

27,581

The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

Le Méridien

1

100

70

20,031

71

20,131

Four Points

1

134

78

21,455

79

21,589

Residence Inn

76

12,198

8

982

84

13,180

W Hotels

22

6,403

33

8,985

55

15,388

W Hotels Serviced Apartments

-

-

1

160

1

160

The Luxury Collection

6

2,296

49

8,879

55

11,175

Gaylord Hotels

6

9,918

-

-

6

9,918

St. Regis

10

1,968

35

8,253

45

10,221

Aloft

1

330

39

8,957

40

9,287

St. Regis Serviced Apartments

-

-

1

70

1

70

AC Hotels by Marriott

5

901

68

8,263

73

9,164

Delta Hotels

25

6,770

1

360

26

7,130

Fairfield by Marriott

7

1,539

45

6,287

52

7,826

SpringHill Suites

28

4,632

-

-

28

4,632

Marriott Executive Apartments

-

-

33

4,812

33

4,812

Autograph Collection

8

2,335

14

2,200

22

4,535

Protea Hotels

-

-

30

3,737

30

3,737

EDITION

4

1,207

7

1,488

11

2,695

TownePlace Suites

6

825

-

-

6

825

Element

1

180

8

1,690

9

1,870

Moxy

-

-

5

887

5

887

Tribute Portfolio

-

-

5

453

5

453

Bulgari

-

-

5

438

5

438

Franchised

4,788

686,986

705

145,131

5,493

832,117

Courtyard

830

110,872

94

17,348

924

128,220

Fairfield by Marriott

1,066

99,548

32

5,557

1,098

105,105

Residence Inn

748

89,055

16

2,246

764

91,301

Marriott Hotels

225

71,333

61

18,428

286

89,761

Sheraton

154

46,458

67

18,679

221

65,137

SpringHill Suites

469

54,027

-

-

469

54,027

TownePlace Suites

443

44,800

-

-

443

44,800

Autograph Collection

115

23,188

77

16,131

192

39,319

Westin

87

29,076

23

7,163

110

36,239

Four Points

158

23,795

58

9,520

216

33,315

Renaissance

61

17,607

27

7,514

88

25,121

Aloft

138

19,937

21

3,409

159

23,346

AC Hotels by Marriott

74

12,455

37

6,614

111

19,069

Moxy

26

4,913

50

9,913

76

14,826

Delta Hotels

55

12,284

7

1,706

62

13,990

The Luxury Collection

10

2,644

49

9,068

59

11,712

Le Méridien

20

4,588

16

4,222

36

8,810

Element

60

8,014

2

293

62

8,307

JW Marriott

13

5,947

6

1,624

19

7,571

Tribute Portfolio

30

5,163

17

1,797

47

6,960

Protea Hotels

-

-

36

2,949

36

2,949

Design Hotels

5

853

7

799

12

1,652

The Ritz-Carlton

1

429

-

-

1

429

Bulgari

-

-

1

85

1

85

Marriott Executive Apartments

-

-

1

66

1

66

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of March 31, 2021









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Owned/Leased

26

6,483

40

9,417

66

15,900

Courtyard

19

2,814

4

894

23

3,708

Marriott Hotels

2

1,308

6

2,064

8

3,372

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

-

-

6

991

6

991

Renaissance

1

317

2

505

3

822

Autograph Collection1

-

-

7

705

7

705

The Ritz-Carlton

-

-

2

550

2

550

JW Marriott

-

-

1

496

1

496

The Luxury Collection 2

-

-

4

417

4

417

Residence Inn

1

192

1

140

2

332

St. Regis

-

-

1

160

1

160

Residences

63

6,773

36

2,924

99

9,697

The Ritz-Carlton Residences

37

4,177

12

965

49

5,142

St. Regis Residences

10

1,105

7

598

17

1,703

W Residences

10

1,089

4

359

14

1,448

Bulgari Residences

-

-

5

514

5

514

Westin Residences

3

266

-

-

3

266

Marriott Hotels Residences

-

-

2

246

2

246

The Luxury Collection Residences

1

91

3

115

4

206

Autograph Collection Residences

-

-

1

62

1

62

Sheraton Residences

-

-

1

50

1

50

EDITION Residences

2

45

-

-

2

45

Le Méridien Residences

-

-

1

15

1

15

Timeshare*

72

18,880

20

3,862

92

22,742

Grand Total

5,591

940,378

2,071

488,793

7,662

1,429,171








*Timeshare property and room counts are included on this table in their geographical locations.  For external reporting purposes, these counts are captured in the Corporate segment.

1Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations.

2 Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations.

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of March 31, 2021









US & Canada

Total International

Total Worldwide

Total Systemwide

Units

Rooms

Units

Rooms

Units

Rooms

Luxury

187

52,297

359

84,135

546

136,432

JW Marriott

34

18,658

70

25,476

104

44,134

The Ritz-Carlton

39

11,835

65

16,725

104

28,560

The Ritz-Carlton Residences

37

4,177

12

965

49

5,142

The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

The Luxury Collection 1

16

4,940

102

18,364

118

23,304

The Luxury Collection Residences

1

91

3

115

4

206

W Hotels

24

7,182

35

9,650

59

16,832

W Residences

10

1,089

4

359

14

1,448

W Hotels Serviced Apartments

-

-

1

160

1

160

St. Regis

10

1,968

36

8,413

46

10,381

St. Regis Residences

10

1,105

7

598

17

1,703

St. Regis Serviced Apartments

-

-

1

70

1

70

EDITION

4

1,207

7

1,488

11

2,695

EDITION Residences

2

45

-

-

2

45

Bulgari

-

-

6

523

6

523

Bulgari Residences

-

-

5

514

5

514

Full-Service

1,006

350,776

951

266,308

1,957

617,084

Marriott Hotels

341

134,217

248

73,232

589

207,449

Marriott Hotels Residences

-

-

2

246

2

246

Marriott Hotels Serviced Apartments

-

-

1

154

1

154

Sheraton

182

70,067

259

83,759

441

153,826

Sheraton Residences

-

-

1

50

1

50

Westin

129

52,496

95

29,087

224

81,583

Westin Residences

3

266

-

-

3

266

Renaissance

86

28,531

88

26,421

174

54,952

Autograph Collection 2

123

25,523

98

19,036

221

44,559

Autograph Collection Residences

-

-

1

62

1

62

Le Méridien

21

4,688

86

24,253

107

28,941

Le Méridien Residences

-

-

1

15

1

15

Delta Hotels

80

19,054

8

2,066

88

21,120

Gaylord Hotels

6

9,918

-

-

6

9,918

Tribute Portfolio

30

5,163

22

2,250

52

7,413

Marriott Executive Apartments

-

-

34

4,878

34

4,878

Design Hotels

5

853

7

799

12

1,652

Limited-Service

4,326

518,425

741

134,488

5,067

652,913

Courtyard

1,018

140,950

201

40,598

1,219

181,548

Fairfield by Marriott

1,073

101,087

77

11,844

1,150

112,931

Residence Inn

825

101,445

25

3,368

850

104,813

SpringHill Suites

497

58,659

-

-

497

58,659

Four Points

159

23,929

136

30,975

295

54,904

TownePlace Suites

449

45,625

-

-

449

45,625

Aloft

139

20,267

60

12,366

199

32,633

AC Hotels by Marriott

79

13,356

105

14,877

184

28,233

Moxy

26

4,913

55

10,800

81

15,713

Element

61

8,194

10

1,983

71

10,177

Protea Hotels

-

-

72

7,677

72

7,677

Timeshare*

72

18,880

20

3,862

92

22,742

Grand Total

5,591

940,378

2,071

488,793

7,662

1,429,171


*Timeshare property and room counts are included on this table in their geographical locations.  For external reporting purposes, these counts are captured in the Corporate segment.

1 Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations.

2Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations.

 

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $












Comparable Company-Operated US & Canada Properties














Three Months Ended March 31, 2021 and March 31, 2020



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$89.82

-45.1%


32.3%

-26.0%

pts.


$278.10

-1.0%

The Ritz-Carlton


$183.46

-26.6%


35.4%

-21.1%

pts.


$518.62

17.2%

W Hotels


$91.01

-49.6%


28.0%

-29.5%

pts.


$325.20

3.5%

Composite US & Canada Luxury1


$133.07

-38.7%


31.9%

-26.2%

pts.


$416.55

11.6%

Marriott Hotels


$34.93

-70.2%


24.1%

-32.6%

pts.


$145.03

-29.8%

Sheraton


$25.88

-76.6%


17.4%

-37.3%

pts.


$148.59

-26.4%

Westin


$39.97

-66.0%


23.6%

-31.5%

pts.


$169.16

-20.8%

Composite US & Canada Premium2


$33.71

-70.5%


22.2%

-33.9%

pts.


$151.96

-25.3%

US & Canada Full-Service3


$53.80

-60.1%


24.2%

-32.3%

pts.


$222.70

-6.7%

Courtyard


$37.27

-50.5%


40.7%

-12.2%

pts.


$91.47

-35.7%

Residence Inn


$76.55

-32.1%


61.0%

-5.2%

pts.


$125.39

-26.4%

Composite US & Canada Limited-Service4


$47.20

-45.3%


45.4%

-11.7%

pts.


$103.94

-31.2%

US & Canada - All5


$52.31

-57.8%


29.0%

-27.7%

pts.


$180.57

-17.5%























Comparable Systemwide US & Canada Properties














Three Months Ended March 31, 2021 and March 31, 2020



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$85.33

-47.6%


34.2%

-23.8%

pts.


$249.16

-11.1%

The Ritz-Carlton


$176.39

-27.7%


34.2%

-21.6%

pts.


$516.07

17.9%

W Hotels


$91.01

-49.6%


28.0%

-29.5%

pts.


$325.20

3.5%

Composite US & Canada Luxury1


$120.22

-41.2%


32.4%

-25.7%

pts.


$371.32

5.4%

Marriott Hotels


$36.60

-63.4%


27.4%

-27.3%

pts.


$133.80

-26.8%

Sheraton


$29.76

-65.3%


26.0%

-27.3%

pts.


$114.33

-28.8%

Westin


$40.89

-63.9%


26.7%

-30.0%

pts.


$153.08

-23.4%

Composite US & Canada Premium2


$38.01

-62.4%


27.3%

-27.7%

pts.


$139.39

-24.3%

US & Canada Full-Service3


$47.50

-58.0%


27.9%

-27.4%

pts.


$170.52

-16.6%

Courtyard


$42.87

-41.8%


43.4%

-11.0%

pts.


$98.76

-27.1%

Residence Inn


$70.61

-23.5%


62.1%

-2.3%

pts.


$113.76

-20.6%

Fairfield by Marriott


$41.41

-28.6%


46.9%

-6.3%

pts.


$88.33

-18.9%

Composite US & Canada Limited-Service4


$49.52

-32.8%


49.7%

-7.3%

pts.


$99.65

-22.9%

US & Canada - All5


$48.65

-46.3%


40.3%

-16.0%

pts.


$120.79

-25.0%























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, 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 Limited-Service.






 

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $












Comparable Company-Operated International Properties














Three Months Ended March 31, 2021 and March 31, 2020



REVPAR


Occupancy


Average Daily Rate

Region


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

Greater China


$55.37

80.4%


47.9%

23.6%

pts.


$115.50

-8.2%

Asia Pacific excluding China


$37.34

-56.4%


33.6%

-19.6%

pts.


$111.02

-31.1%

Caribbean & Latin America


$56.16

-49.5%


31.2%

-24.0%

pts.


$179.84

-10.7%

Europe


$17.24

-80.4%


13.3%

-34.1%

pts.


$129.87

-30.2%

Middle East & Africa


$64.08

-30.6%


41.6%

-17.1%

pts.


$154.22

-2.0%












International - All1


$44.46

-39.3%


34.8%

-9.9%

pts.


$127.65

-22.0%












Worldwide2


$48.14

-50.3%


32.1%

-18.2%

pts.


$150.08

-22.1%























Comparable Systemwide International Properties














Three Months Ended March 31, 2021 and March 31, 2020



REVPAR


Occupancy


Average Daily Rate

Region


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

Greater China


$53.59

76.8%


47.5%

23.2%

pts.


$112.78

-9.5%

Asia Pacific excluding China


$38.54

-54.1%


34.6%

-17.9%

pts.


$111.25

-30.3%

Caribbean & Latin America


$40.19

-56.3%


28.5%

-23.6%

pts.


$140.89

-20.2%

Europe


$15.18

-80.4%


13.1%

-33.5%

pts.


$116.34

-30.0%

Middle East & Africa


$58.52

-31.3%


40.4%

-17.4%

pts.


$144.93

-1.8%












International - All1


$38.51

-46.1%


31.6%

-13.8%

pts.


$121.75

-22.6%












Worldwide2


$45.68

-46.3%


37.7%

-15.3%

pts.


$121.02

-24.5%












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 - 2021 vs 2019

In Constant $












Comparable Systemwide Properties1













Three Months Ended March 31, 2021 and March 31, 2019



REVPAR


Occupancy


Average Daily Rate

Region


2021

 vs. 2019


2021

 vs. 2019


2021

 vs. 2019

Greater China


$53.59

-37.9%


47.5%

-15.2%

pts.


$112.78

-18.1%

Asia Pacific excluding China


$38.54

-68.3%


34.6%

-37.2%

pts.


$111.25

-34.3%

Caribbean & Latin America


$40.19

-65.9%


28.5%

-35.9%

pts.


$140.89

-23.1%

Europe


$15.18

-85.8%


13.1%

-49.4%

pts.


$116.34

-31.9%

Middle East & Africa


$58.52

-44.9%


40.4%

-28.8%

pts.


$144.93

-5.6%












International - All2


$38.51

-64.1%


31.6%

-34.4%

pts.


$121.75

-25.0%












US & Canada - All


$48.65

-57.1%


40.3%

-28.7%

pts.


$120.79

-26.6%












Worldwide3


$45.68

-59.1%


37.7%

-30.4%

pts.


$121.02

-26.2%























1 The comparisons between 2021 and 2019 reflect properties that are defined as comparable as of March 31, 2021, even if in 2019 they were not open and operating for the full year or did not meet all the other criteria for comparable in 2019.

2 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa.


3 Includes US & Canada - All and International - All.




 

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

($ in millions)












Fiscal Year 2021










First
Quarter









Net (loss), as reported

$                  (11)









Cost reimbursement revenue

(1,780)









Reimbursed expenses

1,833









Interest expense

107









Interest expense from unconsolidated joint ventures 

2









(Benefit) for income taxes

(16)









Depreciation and amortization

52









Contract investment amortization

17









Depreciation and amortization classified in reimbursed expenses

28









Depreciation, amortization and impairments from unconsolidated joint ventures 

10