MARRIOTT INTERNATIONAL REPORTS FIRST QUARTER 2022 RESULTS AND REINSTATES QUARTERLY CASH DIVIDEND

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May 4, 2022

MARRIOTT INTERNATIONAL REPORTS FIRST QUARTER 2022 RESULTS AND REINSTATES QUARTERLY CASH DIVIDEND

  • First quarter 2022 comparable systemwide constant dollar RevPAR increased 96.5 percent worldwide, 99.1 percent in the U.S. & Canada, and 88.5 percent in international markets, compared to the 2021 first quarter; 
  • First quarter 2022 comparable systemwide constant dollar RevPAR declined 19.4 percent worldwide, 14.5 percent in the U.S. & Canada, and 31.7 percent in international markets, compared to the 2019 first quarter; 
  • First quarter reported diluted EPS totaled $1.14, compared to reported diluted loss per share of $0.03 in the year-ago quarter.  First quarter adjusted diluted EPS totaled $1.25, compared to first quarter 2021 adjusted diluted EPS of $0.10;
  • First quarter reported net income totaled $377 million, compared to a reported net loss of $11 million in the year-ago quarter.  First quarter adjusted net income totaled $413 million, compared to first quarter 2021 adjusted net income of $34 million;
  • Adjusted EBITDA totaled $759 million in the 2022 first quarter, compared to first quarter 2021 adjusted EBITDA of $296 million;
  • Marriott resumes cash dividends, with the Board of Directors declaring a $0.30 per share dividend payable on June 30, 2022, to shareholders of record as of May 16, 2022;
  • The company added roughly 11,800 rooms globally during the first quarter, including approximately 5,300 rooms in international markets and a total of more than 2,500 conversion rooms;
  • At quarter end, Marriott's worldwide development pipeline totaled nearly 2,900 properties and more than 489,000 rooms, including roughly 20,800 rooms approved, but not yet subject to signed contracts.  Approximately 201,400 rooms in the pipeline were under construction as of the end of the 2022 first quarter.

BETHESDA, Md., May 4, 2022 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2022 results.

Anthony Capuano, Chief Executive Officer, said, "During the first quarter, we saw the largest surge in global demand since the pandemic began in 2020.  Worldwide occupancy1 rose dramatically from 45 percent in January, impacted by the Omicron variant, to 64 percent in March, less than 10 percentage points below pre-pandemic levels.  Rates further strengthened, with worldwide Average Daily Rate for March exceeding the same month in 2019 by 5 percent. 

"In the U.S. & Canada, RevPAR improved significantly in February and March, particularly across our urban markets, driven by occupancy and rate gains across all customer segments.  Internationally, RevPAR gains were notable during the quarter in every region except for Greater China given the stringent travel restrictions resulting from the country's dynamic zero-COVID policy.  The Middle East and Africa region was again the furthest recovered, with first quarter RevPAR up 12 percent compared to 2019. 

"Globally, robust demand trends continued in April, and going forward we expect leisure travel to remain strong, business travel to accelerate and cross border travel to gain momentum, supporting solid ADR performance.  In the U.S. & Canada, we reached a milestone in April, as we estimate that RevPAR for the month was fully recovered to 2019 levels.  RevPAR in the U.S. & Canada for the remaining quarters of this year is expected to be roughly flat with 2019 levels.  While there is currently more volatility in our international regions, assuming no major change in the global economic environment or the behavior of the virus, we are increasingly optimistic that the global RevPAR gap compared to pre-pandemic levels will continue to narrow meaningfully in 2022. 

"Owner preference for our brands remains strong.  We signed over 19,000 rooms in the quarter, nearly half of which were in international markets.  Our momentum around conversions continued, accounting for 22 percent of room additions in the quarter.  Roughly 80 percent of those conversion rooms were in the high-value upper upscale and luxury tiers.   For 2022, we still expect gross rooms growth approaching 5 percent and deletions of 1 to 1.5 percent, resulting in anticipated net rooms growth of 3.5 to 4 percent. 

"I am very pleased to share that we are resuming capital returns to shareholders sooner than anticipated.  Our focus on maximizing cash flow, managing expenses, and improving our credit profile, combined with strong first quarter results, has resulted in our Board of Directors declaring a $0.30 per share quarterly cash dividend payable at the end of the second quarter.  Assuming the demand environment continues to improve and that we are within our target leverage ratio range, we also would expect to resume share repurchases in 2022. 

"Our teams have navigated these challenging times incredibly well, and I think we can all look forward with real optimism.  I believe Marriott remains extremely well-positioned to benefit from the continued recovery and to experience strong growth for years to come."

1

All occupancy, Average Daily Rate (ADR) 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.  Occupancy, ADR and RevPAR comparisons between 2022 and 2021 reflect properties that are comparable in both years. Occupancy, ADR and RevPAR comparisons between 2022 and 2019 reflect properties that are defined as comparable as of March 31, 2022, 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.  Unless otherwise stated, all comparison to pre-pandemic or 2019 are comparing to the same time period each year.

First Quarter 2022 Results

Marriott's reported operating income totaled $558 million in the 2022 first quarter, compared to 2021 first quarter reported operating income of $84 million.  Reported net income totaled $377 million in the 2022 first quarter, compared to 2021 first quarter reported net loss of $11 million.  Reported diluted earnings per share (EPS) totaled $1.14 in the quarter, compared to reported diluted loss per share of $0.03 in the year-ago quarter.

Adjusted operating income in the 2022 first quarter totaled $605 million, compared to 2021 first quarter adjusted operating income of $138 million.  Adjusted operating income in the 2022 first quarter excluded impairment charges of $5 million.

First quarter 2022 adjusted net income totaled $413 million, compared to 2021 first quarter adjusted net income of $34 million.  Adjusted diluted EPS in the 2022 first quarter totaled $1.25, compared to adjusted diluted EPS of $0.10 in the year-ago quarter.  The 2022 first quarter adjusted results excluded $11 million after-tax ($0.03 per share) of impairment charges and a $6 million after-tax ($0.02 per share) gain on an investee's property sale.  The 2021 first quarter adjusted results excluded $3 million after-tax ($0.01 per share) of impairment charges.  

Adjusted results also excluded cost reimbursement revenue, reimbursed expenses and restructuring, merger-related charges, and other expenses.  These items totaled a $31 million after-tax loss ($0.10 per share) in the 2022 first quarter and an after-tax loss of $42 million ($0.12 per share) in the 2021 first quarter.  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 $713 million in the 2022 first quarter, compared to base management and franchise fees of $412 million in the year-ago quarter.  The year-over-year increase in these fees is primarily attributable to RevPAR increases due to the ongoing recovery in lodging demand and unit growth.  Other non-RevPAR related franchise fees in the 2022 first quarter totaled $170 million, compared to $141 million in the year-ago quarter, aided by $36 million of higher credit card branding fees.

Incentive management fees totaled $102 million in the 2022 first quarter, compared to $33 million in the 2021 first quarter.  Roughly half of the year-over-year increase in incentive management fees recognized in the quarter was earned at hotels in the U.S. & Canada.    

Contract investment amortization for the 2022 first quarter totaled $24 million, compared to $17 million in the year-ago quarter.  The year-over-year change largely reflects impairments of investments in management and franchise contracts in Russia and Belarus.

Owned, leased, and other revenue, net of direct expenses, totaled $65 million of profit in the 2022 first quarter, compared to a $27 million loss in the year-ago quarter.  The $92 million increase in revenue net of expenses year over year largely reflects the ongoing recovery in lodging demand from the impacts of COVID-19, as well as $33 million of subsidies received from international government COVID-19 assistance programs.

General, administrative, and other expenses for the 2022 first quarter totaled $208 million, compared to $211 million in the year-ago quarter. 

Interest expense, net, totaled $88 million in the first quarter compared to $100 million in the year-ago quarter.  The decrease is largely due to lower interest expense associated with lower debt balances.

Equity in earnings/losses for the first quarter totaled $2 million of earnings, compared to a $12 million loss in the year-ago quarter.  The improvement largely reflects an $8 million gain on a joint venture's sale of a hotel in the U.S.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $759 million in the 2022 first quarter, compared to first quarter 2021 adjusted EBITDA of $296 million.  See page A-9 for the adjusted EBITDA calculation.

Selected Performance Information

The company added 75 properties (11,799 rooms) to its worldwide lodging portfolio during the 2022 first quarter, including more than 2,500 rooms converted from competitor brands and approximately 5,300 rooms in international markets.  Sixteen properties (3,494 rooms) exited the system during the quarter.  At quarter end, Marriott's global lodging system totaled more than 8,000 properties, with nearly 1,488,000 rooms.

At quarter end, the company's worldwide development pipeline totaled 2,878 properties with more than 489,000 rooms, including 998 properties with approximately 201,400 rooms under construction and 127 properties with roughly 20,800 rooms approved for development, but not yet subject to signed contracts.

In the 2022 first quarter, worldwide RevPAR increased 96.5 percent (a 95.5 percent increase using actual dollars) compared to the 2021 first quarter.  RevPAR in the U.S. & Canada increased 99.1 percent (a 99.1 percent increase using actual dollars), and RevPAR in international markets increased 88.5 percent (an 84.8 percent increase using actual dollars).

Balance Sheet

At quarter end, Marriott's net debt was $8.5 billion, representing total debt of $9.5 billion less cash and cash equivalents of $1.0 billion.  At year-end 2021, the company's net debt was $8.7 billion, representing total debt of $10.1 billion less cash and cash equivalents of $1.4 billion.

Investment Spending

Marriott anticipates that full year 2022 investment spending will total $600 million to $700 million.  Total investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Wednesday, May 4, 2022, 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 3, 2023.

The telephone dial-in number for the conference call is US Toll Free: 866-342-8591 or Global: +1 203-518-9713. The conference ID is MAR1Q22.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Wednesday, May 4, 2022, until 8:00 p.m. ET, Wednesday, May 11, 2022.  To access the replay, call US Toll Free: 800-839-5127 or Global: +1 402-220-2692. 

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of May 4, 2022. 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 (COVID-19); our RevPAR estimates,  outlook and assumptions; travel and lodging demand trends and expectations; occupancy, ADR and RevPAR recovery trends and expectations; our growth prospects and expectations; future performance of the company's hotels; our development pipeline, signings, rooms growth and conversions; our investment spending expectations; the timing of future dividends and share repurchases; 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 identify 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 more than 8,000 properties under 30 leading brands spanning 139 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy™, its highly-awarded travel program.  For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.  In addition, connect with us on Facebook and @MarriottIntl on 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.

IRPR#1

Tables follow

 

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 1, 2022

































































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 2022 AND 2021

(in millions except per share amounts, unaudited)

















As Reported


As Reported


Percent



Three Months Ended


Three Months Ended


Better/(Worse)



March 31, 2022


March 31, 2021


Reported 2022 vs. 2021

REVENUES







Base management fees


$                                           213


$                                           106


101

Franchise fees 1


500


306


63

Incentive management fees


102


33


209

     Gross Fee Revenues


815


445


83

Contract investment amortization 2


(24)


(17)


(41)

     Net Fee Revenues


791


428


85

Owned, leased, and other revenue 3

262


108


143

Cost reimbursement revenue 4


3,146


1,780


77

          Total Revenues


4,199


2,316


81








OPERATING COSTS AND EXPENSES





Owned, leased, and other - direct 5

197


135


(46)

Depreciation, amortization, and other 6

48


52


8

General, administrative, and other 7

208


211


1

Restructuring, merger-related charges, and other

9


1


(800)

Reimbursed expenses 4


3,179


1,833


(73)

          Total Expenses


3,641


2,232


(63)








OPERATING INCOME


558


84


564








Gains and other income, net 8


4


1


300

Interest expense


(93)


(107)


13

Interest income 


5


7


(29)

Equity in earnings (losses) 9


2


(12)


117








INCOME (LOSS) BEFORE INCOME TAXES


476


(27)


1,863








(Provision) benefit for income taxes


(99)


16


(719)








NET INCOME (LOSS)


$                                           377


$                                            (11)


3,527








EARNINGS (LOSS) PER SHARE







     Earnings (loss) per share - basic

$                                          1.15


$                                         (0.03)


3,933

     Earnings (loss) per share - diluted

$                                          1.14


$                                         (0.03)


3,900








Basic Shares


328.3


326.7



Diluted Shares 10


330.0


326.7










 

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 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 (losses) include our equity in earnings or losses of unconsolidated equity method investments.

10

Basic and fully diluted weighted average shares outstanding used to calculate earnings (loss) 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/


2022


2021


(Worse)

Total revenues, as reported

$            4,199


$            2,316



Less: Cost reimbursement revenue

(3,146)


(1,780)



Add: Impairments 1

5


-



Adjusted total revenues **

1,058


536









Operating income, as reported

558


84



Less: Cost reimbursement revenue

(3,146)


(1,780)



Add: Reimbursed expenses

3,179


1,833



Add: Restructuring, merger-related charges, and other

9


1



Add: Impairments 1

5


-



Adjusted operating income **

605


138


338%







Operating income margin

13%


4%



Adjusted operating income margin **

57%


26%









Net income (loss), as reported

377


(11)



Less: Cost reimbursement revenue

(3,146)


(1,780)



Add: Reimbursed expenses

3,179


1,833



Add: Restructuring, merger-related charges, and other

9


1



Add: Impairments 2

11


4



Less: Gain on investee's property sale 3

(8)


-



Income tax effect of above adjustments

(9)


(13)



Adjusted net income **

$               413


$                 34


1115%







Diluted earnings (loss) per share, as reported

$              1.14


$             (0.03)



Adjusted diluted earnings per share**

$              1.25


$              0.10


1150%









**

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 $5 million in the 2022 first quarter.








2

Includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings (losses) of 


$6 million in the 2022 first quarter. Includes impairment charges reported in Equity in earnings (losses) of $4 million in the 


2021 first quarter.













3

Gain on investee's property sale reported in Equity in earnings (losses) in the 2022 first quarter.

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of March 31, 2022









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Managed

636

218,211

1,308

333,745

1,944

551,956

     Marriott Hotels

108

58,561

186

54,404

294

112,965

     Marriott Hotels Serviced Apartments

-

-

1

154

1

154

     Sheraton

27

23,113

182

61,382

209

84,495

     Courtyard

169

27,259

108

23,418

277

50,677

     Westin

40

21,865

75

23,170

115

45,035

     JW Marriott

21

12,712

63

23,405

84

36,117

     The Ritz-Carlton

38

11,410

67

16,927

105

28,337

     The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

     Renaissance

24

10,607

57

17,587

81

28,194

     Four Points

1

134

77

21,681

78

21,815

     Le Méridien

1

100

69

19,147

70

19,247

     W Hotels

22

6,262

36

9,784

58

16,046

     W Hotels Serviced Apartments

-

-

1

160

1

160

     Residence Inn

76

12,199

8

982

84

13,181

     St. Regis

10

1,968

39

9,153

49

11,121

     St. Regis Serviced Apartments

-

-

1

70

1

70

     The Luxury Collection

6

2,296

50

8,795

56

11,091

     Gaylord Hotels

6

10,220

-

-

6

10,220

     Aloft

2

505

43

9,560

45

10,065

     AC Hotels by Marriott

7

1,165

68

8,260

75

9,425

     Fairfield by Marriott

7

1,539

55

7,573

62

9,112

     Delta Hotels

25

6,770

2

477

27

7,247

     Autograph Collection

8

2,494

16

2,451

24

4,945

     Marriott Executive Apartments

-

-

34

4,866

34

4,866

     SpringHill Suites

26

4,360

-

-

26

4,360

     EDITION

4

1,207

10

2,122

14

3,329

     Protea Hotels

-

-

27

3,296

27

3,296

     Element

2

640

12

2,273

14

2,913

     Moxy

-

-

5

887

5

887

     TownePlace Suites

6

825

-

-

6

825

     Tribute Portfolio

-

-

6

604

6

604

     Bulgari

-

-

5

442

5

442

Franchised

5,026

720,230

818

166,821

5,844

887,051

     Courtyard

852

113,557

110

20,618

962

134,175

     Fairfield by Marriott

1,116

104,981

42

7,093

1,158

112,074

     Residence Inn

771

92,006

21

2,818

792

94,824

     Marriott Hotels

230

73,053

61

17,980

291

91,033

     Sheraton

151

45,711

70

20,358

221

66,069

     SpringHill Suites

491

56,809

-

-

491

56,809

     TownePlace Suites

473

48,192

-

-

473

48,192

     Autograph Collection

133

26,288

98

21,067

231

47,355

     Westin

91

30,817

25

7,575

116

38,392

     Four Points

158

23,901

63

10,517

221

34,418

     Renaissance

62

17,681

28

7,483

90

25,164

     Aloft

146

21,001

21

3,394

167

24,395

     AC Hotels by Marriott

94

15,567

41

7,503

135

23,070

     Moxy

26

4,913

79

14,940

105

19,853

     Delta Hotels

57

12,542

10

2,414

67

14,956

     The Luxury Collection

12

3,188

51

9,331

63

12,519

     Element

73

9,725

2

269

75

9,994

     Tribute Portfolio

43

6,766

24

3,104

67

9,870

     Le Méridien

24

5,543

16

4,127

40

9,670

     JW Marriott

13

6,247

9

2,305

22

8,552

     Protea Hotels

-

-

34

2,636

34

2,636

     Design Hotels

9

1,313

10

1,062

19

2,375

     The Ritz-Carlton

1

429

-

-

1

429

     Bulgari

-

-

2

161

2

161

     Marriott Executive Apartments

-

-

1

66

1

66

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of March 31, 2022









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Owned/Leased

26

6,483

38

9,199

64

15,682

     Courtyard

19

2,814

4

884

23

3,698

     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

-

-

5

912

5

912

     Renaissance

1

317

2

505

3

822

     Autograph Collection1

-

-

6

576

6

576

     The Ritz-Carlton

-

-

2

550

2

550

     JW Marriott

-

-

1

496

1

496

     The Luxury Collection2

-

-

4

417

4

417

     Residence Inn

1

192

1

140

2

332

     St. Regis

-

-

1

160

1

160

Residences

64

6,807

40

3,484

104

10,291

     The Ritz-Carlton Residences

38

4,234

14

1,131

52

5,365

     St. Regis Residences

10

1,082

9

1,045

19

2,127

     W Residences

10

1,089

4

359

14

1,448

     Bulgari Residences

-

-

5

514

5

514

     Westin Residences

3

266

1

9

4

275

     Marriott Hotels Residences

-

-

2

246

2

246

     The Luxury Collection Residences

1

91

3

115

4

206

     Sheraton Residences

-

-

1

50

1

50

     EDITION Residences

2

45

-

-

2

45

     Le Méridien Residences

-

-

1

15

1

15

Timeshare*

72

18,839

20

3,862

92

22,701

Grand Total

5,824

970,570

2,224

517,111

8,048

1,487,681


*Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within "Unallocated corporate and other."

1 Includes 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, 2022









US & Canada

Total International

Total Worldwide

Total Systemwide

Units

Rooms

Units

Rooms

Units

Rooms

Luxury

190

53,039

384

88,822

574

141,861

     JW Marriott

34

18,959

73

26,206

107

45,165

     The Ritz-Carlton

39

11,839

69

17,477

108

29,316

     The Ritz-Carlton Residences

38

4,234

14

1,131

52

5,365

     The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

     The Luxury Collection1

18

5,484

105

18,543

123

24,027

     The Luxury Collection Residences

1

91

3

115

4

206

     W Hotels

24

7,041

38

10,449

62

17,490

     W Residences

10

1,089

4

359

14

1,448

     W Hotels Serviced Apartments

-

-

1

160

1

160

     St. Regis

10

1,968

40

9,313

50

11,281

     St. Regis Residences

10

1,082

9

1,045

19

2,127

     St. Regis Serviced Apartments

-

-

1

70

1

70

     EDITION

4

1,207

10

2,122

14

3,329

     EDITION Residences

2

45

-

-

2

45

     Bulgari

-

-

7

603

7

603

     Bulgari Residences

-

-

5

514

5

514

Full-Service

1,046

356,408

994

274,773

2,040

631,181

     Marriott Hotels

340

132,922

253

74,448

593

207,370

     Marriott Hotels Residences

-

-

2

246

2

246

     Marriott Hotels Serviced Apartments

-

-

1

154

1

154

     Sheraton

178

68,824

256

83,570

434

152,394

     Sheraton Residences

-

-

1

50

1

50

     Westin

132

53,755

100

30,745

232

84,500

     Westin Residences

3

266

1

9

4

275

     Renaissance

87

28,605

87

25,575

174

54,180

     Autograph Collection2

141

28,782

120

24,094

261

52,876

     Le Méridien

25

5,643

85

23,274

110

28,917

     Le Méridien Residences

-

-

1

15

1

15

     Delta Hotels

82

19,312

12

2,891

94

22,203

     Tribute Portfolio

43

6,766

30

3,708

73

10,474

     Gaylord Hotels

6

10,220

-

-

6

10,220

     Marriott Executive Apartments

-

-

35

4,932

35

4,932

     Design Hotels

9

1,313

10

1,062

19

2,375

Limited-Service

4,516

542,284

826

149,654

5,342

691,938

     Courtyard

1,040

143,630

222

44,920

1,262

188,550

     Fairfield by Marriott

1,123

106,520

97

14,666

1,220

121,186

     Residence Inn

848

104,397

30

3,940

878

108,337

     SpringHill Suites

517

61,169

-

-

517

61,169

     Four Points

159

24,035

140

32,198

299

56,233

     TownePlace Suites

479

49,017

-

-

479

49,017

     Aloft

148

21,506

64

12,954

212

34,460

     AC Hotels by Marriott

101

16,732

109

15,763

210

32,495

     Moxy

26

4,913

84

15,827

110

20,740

     Element

75

10,365

14

2,542

89

12,907

     Protea Hotels

-

-

66

6,844

66

6,844

Timeshare*

72

18,839

20

3,862

92

22,701

Grand Total

5,824

970,570

2,224

517,111

8,048

1,487,681









*Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within "Unallocated corporate and other."

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.

2 Includes 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, 2022 and March 31, 2021



REVPAR


Occupancy


Average Daily Rate

Brand


2022

 vs. 2021


2022

 vs. 2021


2022

 vs. 2021

JW Marriott


$189.66

117.3%


56.0%

24.7%

pts.


$338.56

21.7%

The Ritz-Carlton


$321.89

108.7%


57.4%

24.6%

pts.


$560.94

19.3%

W Hotels


$212.45

115.1%


50.7%

22.2%

pts.


$419.42

20.6%

Composite US & Canada Luxury1

$268.84

116.2%


56.6%

25.6%

pts.


$474.84

18.6%

Marriott Hotels


$107.67

211.5%


52.0%

28.4%

pts.


$206.99

41.5%

Sheraton


$115.86

349.8%


53.7%

36.6%

pts.


$215.66

43.1%

Westin


$124.89

198.2%


53.9%

29.6%

pts.


$231.53

34.8%

Composite US & Canada Premium2

$109.57

228.8%


51.5%

29.6%

pts.


$212.96

39.6%

US & Canada Full-Service3


$143.78

171.7%


52.6%

28.7%

pts.


$273.55

23.2%

Courtyard


$78.65

108.9%


55.1%

14.1%

pts.


$142.79

55.3%

Residence Inn


$121.40

57.3%


70.6%

9.2%

pts.


$171.89

36.9%

Composite US & Canada Limited-Service4

$92.15

93.4%


60.2%

14.6%

pts.


$153.08

46.5%

US & Canada - All5


$131.59

154.7%


54.4%

25.4%

pts.


$242.05

35.7%























Comparable Systemwide US & Canada Properties














Three Months Ended March 31, 2022 and March 31, 2021



REVPAR


Occupancy


Average Daily Rate

Brand


2022

 vs. 2021


2022

 vs. 2021


2022

 vs. 2021

JW Marriott


$193.97

131.0%


58.9%

25.5%

pts.


$329.45

30.9%

The Ritz-Carlton


$313.79

111.4%


56.7%

25.0%

pts.


$553.57

18.3%

W Hotels


$212.45

115.1%


50.7%

22.2%

pts.


$419.42

20.6%

Composite US & Canada Luxury1

$251.55

122.6%


57.3%

25.8%

pts.


$438.90

22.3%

Marriott Hotels


$94.14

157.9%


51.2%

23.8%

pts.


$183.88

38.2%

Sheraton


$83.24

177.0%


50.1%

23.7%

pts.


$166.13

45.8%

Westin


$115.97

179.4%


54.5%

27.4%

pts.


$212.92

38.8%

Composite US & Canada Premium2

$99.45

159.6%


51.7%

24.3%

pts.


$192.20

37.5%

US & Canada Full-Service3


$117.21

149.2%


52.4%

24.5%

pts.


$223.72

32.6%

Courtyard


$79.55

84.8%


58.0%

14.4%

pts.


$137.16

38.8%

Residence Inn


$101.25

42.8%


69.8%

7.7%

pts.


$145.05

27.1%

Fairfield by Marriott


$69.08

64.9%


60.0%

12.9%

pts.


$115.05

29.6%

Composite US & Canada Limited-Service4

$81.91

64.7%


62.1%

12.3%

pts.


$131.89

32.1%

US & Canada - All5


$96.78

99.1%


58.0%

17.4%

pts.


$166.82

39.3%
























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, 2022 and March 31, 2021



REVPAR


Occupancy


Average Daily Rate

Region


2022

 vs. 2021


2022

 vs. 2021


2022

 vs. 2021

Greater China


$53.80

-6.9%


41.9%

-5.7%

pts.


$128.30

5.7%

Asia Pacific excluding China


$58.29

66.6%


45.0%

11.7%

pts.


$129.59

23.4%

Caribbean & Latin America


$130.79

152.4%


57.5%

26.7%

pts.


$227.39

35.5%

Europe


$81.16

401.9%


42.7%

30.3%

pts.


$190.20

45.7%

Middle East & Africa


$128.71

97.7%


66.1%

23.5%

pts.


$194.82

27.3%












International - All1


$78.47

75.1%


48.2%

13.0%

pts.


$162.88

28.0%












Worldwide2


$102.61

114.1%


51.0%

18.6%

pts.


$201.25

36.0%























Comparable Systemwide International Properties














Three Months Ended March 31, 2022 and March 31, 2021



REVPAR


Occupancy


Average Daily Rate

Region


2022

 vs. 2021


2022

 vs. 2021


2022

 vs. 2021

Greater China


$51.21

-6.2%


41.3%

-5.4%

pts.


$123.87

6.0%

Asia Pacific excluding China


$58.32

62.0%


45.1%

11.2%

pts.


$129.18

21.8%

Caribbean & Latin America


$100.83

166.6%


53.1%

24.6%

pts.


$190.02

43.2%

Europe


$63.76

400.3%


38.9%

27.7%

pts.


$163.81

44.6%

Middle East & Africa


$117.61

99.4%


64.5%

23.2%

pts.


$182.20

27.7%












International - All1


$71.11

88.5%


46.2%

14.8%

pts.


$153.85

28.3%












Worldwide2


$89.18

96.5%


54.5%

16.6%

pts.


$163.56

36.5%












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 - 2022 vs 2019

In Constant $












Comparable Systemwide Properties1