MARRIOTT INTERNATIONAL REPORTS FIRST QUARTER 2024 RESULTS
- First quarter 2024 comparable systemwide constant dollar RevPAR increased 4.2 percent worldwide, 1.5 percent in the
U.S. &Canada , and 11.1 percent in international markets, compared to the 2023 first quarter; - First quarter reported diluted EPS totaled
$1.93 , compared to reported diluted EPS of$2.43 in the year-ago quarter. First quarter adjusted diluted EPS totaled$2.13 , compared to first quarter 2023 adjusted diluted EPS of$2.09 ; - First quarter reported net income totaled
$564 million , compared to reported net income of$757 million in the year-ago quarter. First quarter adjusted net income totaled$620 million , compared to first quarter 2023 adjusted net income of$648 million ;
- Adjusted EBITDA totaled
$1,142 million in the 2024 first quarter, compared to first quarter 2023 adjusted EBITDA of$1,098 million ;
- The company added roughly 46,000 net rooms during the quarter, including approximately 37,000 rooms under its agreement with MGM Resorts International;
- At the end of the quarter, Marriott's worldwide development pipeline totaled over 3,400 properties and nearly 547,000 rooms, including roughly 27,000 pipeline rooms approved, but not yet subject to signed contracts. More than 202,000 rooms in the pipeline were under construction as of the end of the first quarter;
- Marriott repurchased 4.8 million shares of common stock for
$1 .2 billion in the first quarter. Year to date throughApril 26 , the company has returned$1.7 billion to shareholders through dividends and share repurchases.
For a summary of quarterly highlights, please visit: https://mgscloud.marriott.com/public/hostedfiles/mnc/infographics/2024/q1/20240430_q124_infographic.pdf
"In the
"In February we celebrated the fifth anniversary of
"We are excited about the launch of
"Our results in the first quarter highlight the resiliency of our asset-light business model and the strength of our brands. We are raising our full year earnings guidance and now expect to return between
First Quarter 2024 Results
Base management and franchise fees totaled
Incentive management fees totaled
Owned, leased, and other revenue, net of direct expenses, totaled
General, administrative, and other expenses for the 2024 first quarter totaled
Interest expense, net, totaled
In the 2024 first quarter, the provision for income taxes totaled
Marriott's reported operating income totaled
Adjusted operating income in the 2024 first quarter totaled
Adjusted results excluded cost reimbursement revenue, reimbursed expenses and merger-related charges and other expenses. See pages A-2 and A-8 of 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
Selected Performance Information
The company added roughly 46,000 net rooms during the quarter, including approximately 37,000 rooms from its agreement with MGM Resorts International.
At the end of the quarter, Marriott's global system totaled nearly 8,900 properties, with more than 1,643,000 rooms.
At the end of the quarter, the company's worldwide development pipeline totaled 3,419 properties with nearly 547,000 rooms, including 155 properties with roughly 27,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,089 properties with more than 202,000 rooms under construction. Fifty-seven percent of rooms in the quarter-end pipeline are in international markets.
In the 2024 first quarter, worldwide RevPAR increased 4.2 percent (a 3.9 percent increase using actual dollars) compared to the 2023 first quarter. RevPAR in the
Balance Sheet & Common Stock
At the end of the quarter, Marriott's total debt was
Year to date through
Company Outlook
Second Quarter 2024 vs Second Quarter 2023 |
Full Year 2024 vs Full Year 2023 |
||
Comparable systemwide constant $ RevPAR growth |
|||
Worldwide |
4% to 5% |
3% to 5% |
|
Year-End 2024 vs Year-End 2023 |
|||
Net rooms growth |
5.5% to 6% |
||
($ in millions, except EPS) |
Second Quarter 2024 |
Full Year 2024 |
|
Gross fee revenues |
|
|
|
Owned, leased, and other revenue, net of direct expenses |
Approx. |
|
|
General, administrative, and other expenses |
|
|
|
Adjusted EBITDA1,2 |
|
|
|
Adjusted EPS – diluted2,3 |
|
|
|
Investment spending4 |
|
||
Capital return to shareholders5 |
|
1 See pages A-9 and A-10 of the press release schedules for the adjusted EBITDA calculations. |
2 Adjusted EBITDA and Adjusted EPS – diluted for second quarter and full year 2024 do not include cost reimbursement revenue, reimbursed expenses, merger-related charges and other expenses, or any asset sales that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. |
3 Assumes the level of capital return to shareholders noted above. |
4 Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. |
5 Factors in the purchase of the Sheraton Grand Chicago and underlying land for |
The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9843. The conference ID is MAR1Q24. A telephone replay of the conference call will be available from
Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of
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
1 All occupancy, Average Daily Rate (ADR) and
IRPR#1
Tables follow
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PRESS RELEASE SCHEDULES |
|
TABLE OF CONTENTS |
|
QUARTER 1, 2024 |
|
Consolidated Statements of Income - As Reported |
A-1 |
Non-GAAP Financial Measures |
A-2 |
Total Lodging Products by Ownership Type |
A-3 |
Total Lodging Products by Tier |
A-5 |
Key Lodging Statistics |
A-6 |
Adjusted EBITDA |
A-8 |
Adjusted EBITDA Forecast - Second Quarter 2024 |
A-9 |
Adjusted EBITDA Forecast - Full Year 2024 |
A-10 |
Explanation of Non-GAAP Financial and Performance Measures |
A-11 |
|
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CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED |
|||||
FIRST QUARTER 2024 AND 2023 |
|||||
($ in millions except per share amounts, unaudited) |
|||||
As Reported |
As Reported |
Percent |
|||
Three Months Ended |
Three Months Ended |
Better/(Worse) |
|||
|
|
Reported 2024 vs. 2023 |
|||
REVENUES |
|||||
Base management fees |
$ 313 |
$ 293 |
7 |
||
Franchise fees1 |
688 |
639 |
8 |
||
Incentive management fees |
209 |
201 |
4 |
||
Gross Fee Revenues |
1,210 |
1,133 |
7 |
||
Contract investment amortization2 |
(23) |
(21) |
(10) |
||
Net Fee Revenues |
1,187 |
1,112 |
7 |
||
Owned, leased, and other revenue3 |
357 |
356 |
— |
||
Cost reimbursement revenue4 |
4,433 |
4,147 |
7 |
||
Total Revenues |
5,977 |
5,615 |
6 |
||
OPERATING COSTS AND EXPENSES |
|||||
Owned, leased, and other - direct5 |
286 |
281 |
(2) |
||
Depreciation, amortization, and other6 |
45 |
44 |
(2) |
||
General, administrative, and other7 |
261 |
202 |
(29) |
||
Merger-related charges and other |
8 |
1 |
(700) |
||
Reimbursed expenses4 |
4,501 |
4,136 |
(9) |
||
Total Expenses |
5,101 |
4,664 |
(9) |
||
OPERATING INCOME |
876 |
951 |
(8) |
||
Gains and other income, net8 |
4 |
3 |
33 |
||
Interest expense |
(163) |
(126) |
(29) |
||
Interest income |
10 |
15 |
(33) |
||
Equity in earnings9 |
— |
1 |
(100) |
||
INCOME BEFORE INCOME TAXES |
727 |
844 |
(14) |
||
Provision for income taxes |
(163) |
(87) |
(87) |
||
NET INCOME |
$ 564 |
$ 757 |
(25) |
||
EARNINGS PER SHARE |
|||||
Earnings per share - basic |
$ 1.94 |
$ 2.44 |
(20) |
||
Earnings per share - diluted |
$ 1.93 |
$ 2.43 |
(21) |
||
Basic Shares |
290.4 |
309.6 |
|||
Diluted Shares |
291.6 |
311.0 |
1 Franchise fees include fees from our franchise and license agreements, application and relicensing fees, timeshare and yacht fees, co-branded credit card fees, and residential branding fees. |
|||||
2 Contract investment amortization includes amortization of capitalized costs to obtain management, franchise, and license contracts 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 properties for property-level and centralized programs and services that we operate for the benefit of our hotel owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. |
|||||
5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. |
|||||
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. |
|||||
7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. |
|||||
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. |
|||||
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
|
|||||
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 |
|||||
Three Months Ended |
|||||
Percent |
|||||
|
|
Better/ |
|||
2024 |
2023 |
(Worse) |
|||
Total revenues, as reported |
$ 5,977 |
$ 5,615 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Adjusted total revenues** |
1,544 |
1,468 |
|||
Operating income, as reported |
876 |
951 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Add: Reimbursed expenses |
4,501 |
4,136 |
|||
Add: Merger-related charges and other |
8 |
1 |
|||
Adjusted operating income** |
952 |
941 |
1 % |
||
Operating income margin |
15 % |
17 % |
|||
Adjusted operating income margin** |
62 % |
64 % |
|||
Net income, as reported |
564 |
757 |
|||
Less: Cost reimbursement revenue |
(4,433) |
(4,147) |
|||
Add: Reimbursed expenses |
4,501 |
4,136 |
|||
Add: Merger-related charges and other |
8 |
1 |
|||
Income tax effect of above adjustments |
(20) |
1 |
|||
Less: Income tax special items |
— |
(100) |
|||
Adjusted net income** |
$ 620 |
$ 648 |
(4) % |
||
Diluted earnings per share, as reported |
$ 1.93 |
$ 2.43 |
|||
Adjusted diluted earnings per share** |
$ 2.13 |
$ 2.09 |
2 % |
||
** Denotes non-GAAP financial measures. Please see pages A-11 and A-12 for information about our reasons for providing these alternative financial measures and the limitations on their use. |
|||||
|
||||||
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE |
||||||
As of |
||||||
US & |
|
Total Worldwide |
||||
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
|
Managed |
620 |
214,308 |
1,349 |
352,636 |
1,969 |
566,944 |
Marriott Hotels |
101 |
56,736 |
183 |
57,693 |
284 |
114,429 |
Sheraton |
26 |
20,869 |
182 |
61,235 |
208 |
82,104 |
Courtyard |
158 |
25,723 |
125 |
27,202 |
283 |
52,925 |
Westin |
41 |
22,670 |
77 |
23,402 |
118 |
46,072 |
JW Marriott |
23 |
13,189 |
74 |
26,494 |
97 |
39,683 |
The Ritz-Carlton |
41 |
12,354 |
75 |
17,848 |
116 |
30,202 |
Renaissance |
21 |
9,065 |
55 |
17,045 |
76 |
26,110 |
Four Points |
1 |
134 |
85 |
24,057 |
86 |
24,191 |
Le Méridien |
1 |
100 |
71 |
19,861 |
72 |
19,961 |
W Hotels |
23 |
6,516 |
42 |
11,800 |
65 |
18,316 |
Residence Inn |
72 |
11,713 |
9 |
1,116 |
81 |
12,829 |
St. Regis |
11 |
2,169 |
46 |
10,053 |
57 |
12,222 |
Delta Hotels by Marriott |
25 |
6,770 |
26 |
4,924 |
51 |
11,694 |
Fairfield by Marriott |
6 |
1,431 |
78 |
9,848 |
84 |
11,279 |
Gaylord Hotels |
6 |
10,220 |
— |
— |
6 |
10,220 |
Aloft |
2 |
505 |
44 |
9,696 |
46 |
10,201 |
The Luxury Collection |
6 |
2,296 |
38 |
7,678 |
44 |
9,974 |
Autograph Collection |
9 |
2,862 |
15 |
3,021 |
24 |
5,883 |
Marriott Executive Apartments |
— |
— |
35 |
5,011 |
35 |
5,011 |
EDITION |
5 |
1,379 |
14 |
2,779 |
19 |
4,158 |
SpringHill Suites |
24 |
4,080 |
— |
— |
24 |
4,080 |
Element |
3 |
810 |
14 |
2,803 |
17 |
3,613 |
AC Hotels by Marriott |
8 |
1,512 |
10 |
1,649 |
18 |
3,161 |
Moxy |
1 |
380 |
11 |
2,663 |
12 |
3,043 |
Protea Hotels |
— |
— |
23 |
2,824 |
23 |
2,824 |
Tribute Portfolio |
— |
— |
10 |
1,284 |
10 |
1,284 |
TownePlace Suites |
6 |
825 |
— |
— |
6 |
825 |
Bulgari |
— |
— |
7 |
650 |
7 |
650 |
Owned/Leased |
13 |
4,335 |
37 |
8,776 |
50 |
13,111 |
Marriott Hotels |
2 |
1,304 |
5 |
1,631 |
7 |
2,935 |
Courtyard |
7 |
987 |
4 |
894 |
11 |
1,881 |
Sheraton |
— |
— |
4 |
1,830 |
4 |
1,830 |
W Hotels |
2 |
779 |
2 |
665 |
4 |
1,444 |
Westin |
1 |
1,073 |
— |
— |
1 |
1,073 |
Protea Hotels |
— |
— |
5 |
912 |
5 |
912 |
The Ritz-Carlton |
— |
— |
2 |
550 |
2 |
550 |
Renaissance |
— |
— |
2 |
505 |
2 |
505 |
JW Marriott |
— |
— |
1 |
496 |
1 |
496 |
The Luxury Collection |
— |
— |
3 |
383 |
3 |
383 |
Autograph Collection |
— |
— |
5 |
361 |
5 |
361 |
Residence Inn |
1 |
192 |
1 |
140 |
2 |
332 |
Tribute Portfolio |
— |
— |
2 |
249 |
2 |
249 |
St. Regis |
— |
— |
1 |
160 |
1 |
160 |
|
||||||
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE |
||||||
As of |
||||||
US & |
|
Total Worldwide |
||||
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
|
Franchised, Licensed, and Other |
5,383 |
812,706 |
1,333 |
236,467 |
6,716 |
1,049,173 |
Courtyard |
904 |
120,934 |
121 |
22,328 |
1,025 |
143,262 |
Fairfield by Marriott |
1,154 |
108,704 |
62 |
10,640 |
1,216 |
119,344 |
Residence Inn |
791 |
94,354 |
33 |
4,368 |
824 |
98,722 |
Marriott Hotels |
231 |
73,738 |
67 |
19,385 |
298 |
93,123 |
Sheraton |
141 |
43,688 |
80 |
23,193 |
221 |
66,881 |
SpringHill Suites |
528 |
61,290 |
— |
— |
528 |
61,290 |
Autograph Collection |
148 |
32,999 |
134 |
26,519 |
282 |
59,518 |
TownePlace Suites |
502 |
50,708 |
— |
— |
502 |
50,708 |
Westin |
93 |
31,432 |
31 |
9,774 |
124 |
41,206 |
Four Points |
151 |
22,582 |
73 |
12,722 |
224 |
35,304 |
AC Hotels by Marriott |
112 |
18,289 |
106 |
15,636 |
218 |
33,925 |
Aloft |
161 |
23,140 |
26 |
4,966 |
187 |
28,106 |
Renaissance |
68 |
19,157 |
30 |
7,671 |
98 |
26,828 |
MGM Collection with Marriott Bonvoy** |
12 |
26,210 |
— |
— |
12 |
26,210 |
Moxy |
36 |
6,503 |
95 |
17,921 |
131 |
24,424 |
Timeshare* |
72 |
18,839 |
21 |
3,906 |
93 |
22,745 |
Tribute Portfolio |
69 |
13,698 |
42 |
5,259 |
111 |
18,957 |
Delta Hotels by Marriott |
67 |
14,960 |
17 |
3,985 |
84 |
18,945 |
City Express by Marriott |
— |
— |
150 |
17,431 |
150 |
17,431 |
The Luxury Collection |
12 |
7,045 |
54 |
9,869 |
66 |
16,914 |
Le Méridien |
24 |
5,389 |
22 |
5,748 |
46 |
11,137 |
Element |
81 |
10,833 |
2 |
269 |
83 |
11,102 |
Design Hotels* |
13 |
1,713 |
110 |
7,887 |
123 |
9,600 |
JW Marriott |
12 |
6,072 |
15 |
3,272 |
27 |
9,344 |
Protea Hotels |
— |
— |
33 |
2,748 |
33 |
2,748 |
The Ritz-Carlton |
1 |
429 |
— |
— |
1 |
429 |
W Hotels |
— |
— |
1 |
246 |
1 |
246 |
Marriott Executive Apartments |
— |
— |
3 |
242 |
3 |
242 |
Bulgari |
— |
— |
2 |
161 |
2 |
161 |
The Ritz-Carlton Yacht Collection* |
— |
— |
1 |
149 |
1 |
149 |
Apartments by |
— |
— |
1 |
107 |
1 |
107 |
Four Points Express |
— |
— |
1 |
65 |
1 |
65 |
Residences |
69 |
7,410 |
57 |
6,534 |
126 |
13,944 |
The |
41 |
4,569 |
18 |
1,644 |
59 |
6,213 |
St. Regis Residences |
10 |
1,198 |
13 |
1,777 |
23 |
2,975 |
W Residences |
10 |
1,092 |
7 |
549 |
17 |
1,641 |
Marriott Hotels Residences |
— |
— |
4 |
981 |
4 |
981 |
Westin Residences |
3 |
266 |
2 |
353 |
5 |
619 |
Bulgari Residences |
— |
— |
5 |
519 |
5 |
519 |
Sheraton Residences |
— |
— |
3 |
472 |
3 |
472 |
The Luxury Collection Residences |
1 |
91 |
3 |
115 |
4 |
206 |
Renaissance Residences |
1 |
112 |
— |
— |
1 |
112 |
EDITION Residences |
3 |
82 |
— |
— |
3 |
82 |
JW Marriott Residences |
— |
— |
1 |
62 |
1 |
62 |
Le Méridien Residences |
— |
— |
1 |
62 |
1 |
62 |
Grand Total |
6,085 |
1,038,759 |
2,776 |
604,413 |
8,861 |
1,643,172 |
1 "International" refers to: (i) |
* Timeshare, |
** Excludes four |
In the above table, under Owned/Leased, The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased |
|
||||||
TOTAL LODGING PRODUCTS BY TIER |
||||||
As of |
||||||
US & |
|
Total Worldwide |
||||
Total Systemwide |
Properties |
Rooms |
Properties |
Rooms |
Properties |
Rooms |
Luxury |
201 |
59,260 |
425 |
97,919 |
626 |
157,179 |
JW Marriott |
35 |
19,261 |
90 |
30,262 |
125 |
49,523 |
JW Marriott Residences |
— |
— |
1 |
62 |
1 |
62 |
The Ritz-Carlton |
42 |
12,783 |
77 |
18,398 |
119 |
31,181 |
The |
41 |
4,569 |
18 |
1,644 |
59 |
6,213 |
The Ritz-Carlton Yacht Collection* |
— |
— |
1 |
149 |
1 |
149 |
The Luxury Collection |
18 |
9,341 |
95 |
17,930 |
113 |
27,271 |
The Luxury Collection Residences |
1 |
91 |
3 |
115 |
4 |
206 |
W Hotels |
25 |
7,295 |
45 |
12,711 |
70 |
20,006 |
W Residences |
10 |
1,092 |
7 |
549 |
17 |
1,641 |
St. Regis |
11 |
2,169 |
47 |
10,213 |
58 |
12,382 |
St. Regis Residences |
10 |
1,198 |
13 |
1,777 |
23 |
2,975 |
EDITION |
5 |
1,379 |
14 |
2,779 |
19 |
4,158 |
EDITION Residences |
3 |
82 |
— |
— |
3 |
82 |
Bulgari |
— |
— |
9 |
811 |
9 |
811 |
Bulgari Residences |
— |
— |
5 |
519 |
5 |
519 |
Premium |
1,103 |
395,031 |
1,219 |
309,690 |
2,322 |
704,721 |
Marriott Hotels |
334 |
131,778 |
255 |
78,709 |
589 |
210,487 |
Marriott Hotels Residences |
— |
— |
4 |
981 |
4 |
981 |
Sheraton |
167 |
64,557 |
266 |
86,258 |
433 |
150,815 |
Sheraton Residences |
— |
— |
3 |
472 |
3 |
472 |
Westin |
135 |
55,175 |
108 |
33,176 |
243 |
88,351 |
Westin Residences |
3 |
266 |
2 |
353 |
5 |
619 |
Autograph Collection |
157 |
35,861 |
154 |
29,901 |
311 |
65,762 |
Renaissance |
89 |
28,222 |
87 |
25,221 |
176 |
53,443 |
Renaissance Residences |
1 |
112 |
— |
— |
1 |
112 |
Le Méridien |
25 |
5,489 |
93 |
25,609 |
118 |
31,098 |
Le Méridien Residences |
— |
— |
1 |
62 |
1 |
62 |
Delta Hotels by Marriott |
92 |
21,730 |
43 |
8,909 |
135 |
30,639 |
MGM Collection with Marriott Bonvoy** |
12 |
26,210 |
— |
— |
12 |
26,210 |
Tribute Portfolio |
69 |
13,698 |
54 |
6,792 |
123 |
20,490 |
Gaylord Hotels |
6 |
10,220 |
— |
— |
6 |
10,220 |
Design Hotels* |
13 |
1,713 |
110 |
7,887 |
123 |
9,600 |
Marriott Executive Apartments |
— |
— |
38 |
5,253 |
38 |
5,253 |
Apartments by |
— |
— |
1 |
107 |
1 |
107 |
Select |
4,709 |
565,629 |
960 |
175,402 |
5,669 |
741,031 |
Courtyard |
1,069 |
147,644 |
250 |
50,424 |
1,319 |
198,068 |
Fairfield by Marriott |
1,160 |
110,135 |
140 |
20,488 |
1,300 |
130,623 |
Residence Inn |
864 |
106,259 |
43 |
5,624 |
907 |
111,883 |
SpringHill Suites |
552 |
65,370 |
— |
— |
552 |
65,370 |
Four Points |
152 |
22,716 |
158 |
36,779 |
310 |
59,495 |
TownePlace Suites |
508 |
51,533 |
— |
— |
508 |
51,533 |
Aloft |
163 |
23,645 |
70 |
14,662 |
233 |
38,307 |
AC Hotels by Marriott |
120 |
19,801 |
116 |
17,285 |
236 |
37,086 |
Moxy |
37 |
6,883 |
106 |
20,584 |
143 |
27,467 |
Element |
84 |
11,643 |
16 |
3,072 |
100 |
14,715 |
Protea Hotels |
— |
— |
61 |
6,484 |
61 |
6,484 |
Midscale |
— |
— |
151 |
17,496 |
151 |
17,496 |
City Express by Marriott |
— |
— |
150 |
17,431 |
150 |
17,431 |
Four Points Express |
— |
— |
1 |
65 |
1 |
65 |
Timeshare* |
72 |
18,839 |
21 |
3,906 |
93 |
22,745 |
Grand Total |
6,085 |
1,038,759 |
2,776 |
604,413 |
8,861 |
1,643,172 |
1 "International" refers to: (i) |
* Timeshare, |
** Excludes four |
In the above table, The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased |
|
|||||||||||||
KEY LODGING STATISTICS |
|||||||||||||
In Constant $ |
|||||||||||||
|
|||||||||||||
Three Months Ended |
|||||||||||||
REVPAR |
Occupancy |
Average Daily Rate |
|||||||||||
Brand |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
|||||||
|
$ 261.98 |
3.3 % |
71.2 % |
0.6 % |
pts. |
$ 368.20 |
2.4 % |
||||||
The Ritz-Carlton |
$ 350.65 |
1.3 % |
65.0 % |
-0.1 % |
pts. |
$ 539.57 |
1.4 % |
||||||
|
$ 188.44 |
-1.0 % |
58.6 % |
1.1 % |
pts. |
$ 321.71 |
-2.9 % |
||||||
Composite US & Canada Luxury1 |
$ 313.60 |
1.2 % |
67.4 % |
0.7 % |
pts. |
$ 465.13 |
0.1 % |
||||||
|
$ 156.77 |
4.5 % |
66.3 % |
1.0 % |
pts. |
$ 236.37 |
2.9 % |
||||||
Sheraton |
$ 154.05 |
11.2 % |
66.1 % |
3.9 % |
pts. |
$ 233.16 |
4.7 % |
||||||
Westin |
$ 154.61 |
3.4 % |
64.1 % |
0.4 % |
pts. |
$ 241.37 |
2.8 % |
||||||
Composite US & Canada Premium2 |
$ 154.31 |
4.2 % |
65.7 % |
0.7 % |
pts. |
$ 235.04 |
3.1 % |
||||||
US & Canada Full-Service3 |
$ 188.09 |
3.1 % |
66.0 % |
0.7 % |
pts. |
$ 284.86 |
2.0 % |
||||||
Courtyard |
$ 101.57 |
0.0 % |
62.0 % |
-0.4 % |
pts. |
$ 163.70 |
0.7 % |
||||||
|
$ 143.38 |
-0.3 % |
72.7 % |
-2.0 % |
pts. |
$ 197.17 |
2.5 % |
||||||
Composite US & Canada Select4 |
$ 116.51 |
0.4 % |
65.9 % |
-0.9 % |
pts. |
$ 176.93 |
1.7 % |
||||||
US & |
$ 170.75 |
2.6 % |
66.0 % |
0.3 % |
pts. |
$ 258.76 |
2.1 % |
|
|||||||||||||
Three Months Ended |
|||||||||||||
REVPAR |
Occupancy |
Average Daily Rate |
|||||||||||
Brand |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
|||||||
|
$ 248.38 |
2.7 % |
71.2 % |
-0.1 % |
pts. |
$ 349.05 |
2.9 % |
||||||
The Ritz-Carlton |
$ 342.68 |
1.2 % |
64.7 % |
0.1 % |
pts. |
$ 529.45 |
1.1 % |
||||||
|
$ 188.44 |
-1.0 % |
58.6 % |
1.1 % |
pts. |
$ 321.71 |
-2.9 % |
||||||
Composite US & Canada Luxury1 |
$ 288.81 |
1.0 % |
67.6 % |
0.4 % |
pts. |
$ 427.14 |
0.4 % |
||||||
|
$ 129.54 |
3.0 % |
63.4 % |
0.2 % |
pts. |
$ 204.20 |
2.6 % |
||||||
Sheraton |
$ 112.52 |
6.7 % |
61.5 % |
1.5 % |
pts. |
$ 183.10 |
4.0 % |
||||||
Westin |
$ 148.48 |
2.3 % |
65.7 % |
0.4 % |
pts. |
$ 225.89 |
1.6 % |
||||||
Composite US & Canada Premium2 |
$ 132.20 |
3.1 % |
63.5 % |
0.6 % |
pts. |
$ 208.05 |
2.2 % |
||||||
US & Canada Full-Service3 |
$ 149.61 |
2.7 % |
64.0 % |
0.6 % |
pts. |
$ 233.78 |
1.8 % |
||||||
Courtyard |
$ 98.88 |
-0.3 % |
63.8 % |
-1.2 % |
pts. |
$ 155.11 |
1.5 % |
||||||
|
$ 118.41 |
0.5 % |
72.0 % |
-1.0 % |
pts. |
$ 164.47 |
1.9 % |
||||||
|
$ 79.35 |
-0.8 % |
62.8 % |
-1.4 % |
pts. |
$ 126.44 |
1.4 % |
||||||
Composite US & Canada Select4 |
$ 99.21 |
0.3 % |
66.5 % |
-0.8 % |
pts. |
$ 149.15 |
1.6 % |
||||||
US & |
$ 119.61 |
1.5 % |
65.5 % |
-0.3 % |
pts. |
$ 182.63 |
1.9 % |
||||||
1 |
|||||||||||||
2 |
|||||||||||||
Systemwide also includes Le Méridien and Tribute Portfolio. |
|||||||||||||
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. |
|||||||||||||
4 Includes Courtyard, |
|||||||||||||
and |
|||||||||||||
5 Includes US & Canada Full-Service and Composite US & Canada Select. |
|
|||||||||||||
KEY LODGING STATISTICS |
|||||||||||||
In Constant $ |
|||||||||||||
|
|||||||||||||
Three Months Ended |
|||||||||||||
REVPAR |
Occupancy |
Average Daily Rate |
|||||||||||
Region |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
|||||||
|
$ 147.12 |
5.5 % |
61.6 % |
1.2 % |
pts. |
$ 238.86 |
3.4 % |
||||||
|
$ 146.26 |
12.2 % |
70.3 % |
3.4 % |
pts. |
$ 207.97 |
6.9 % |
||||||
|
$ 82.48 |
6.0 % |
65.2 % |
2.3 % |
pts. |
$ 126.42 |
2.3 % |
||||||
|
$ 123.78 |
16.1 % |
72.0 % |
5.5 % |
pts. |
$ 171.86 |
7.2 % |
||||||
|
$ 221.29 |
9.6 % |
68.0 % |
2.0 % |
pts. |
$ 325.25 |
6.4 % |
||||||
International - All1 |
$ 122.00 |
10.4 % |
67.8 % |
3.2 % |
pts. |
$ 179.99 |
5.1 % |
||||||
Worldwide2 |
$ 142.87 |
6.3 % |
67.0 % |
2.0 % |
pts. |
$ 213.20 |
3.2 % |
|
|||||||||||||
Three Months Ended |
|||||||||||||
REVPAR |
Occupancy |
Average Daily Rate |
|||||||||||
Region |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
2024 |
vs. 2023 |
|||||||
|
$ 105.64 |
7.6 % |
59.0 % |
3.5 % |
pts. |
$ 179.02 |
1.2 % |
||||||
|
$ 134.09 |
13.3 % |
68.5 % |
2.7 % |
pts. |
$ 195.75 |
8.8 % |
||||||
|
$ 76.87 |
6.0 % |
64.4 % |
2.3 % |
pts. |
$ 119.33 |
2.2 % |
||||||
|
$ 123.02 |
16.5 % |
71.3 % |
5.1 % |
pts. |
$ 172.51 |
8.2 % |
||||||
|
$ 185.36 |
11.6 % |
69.7 % |
3.7 % |
pts. |
$ 265.96 |
5.6 % |
||||||
International - All1 |
$ 114.88 |
11.1 % |
65.9 % |
3.4 % |
pts. |
$ 174.24 |
5.3 % |
||||||
Worldwide2 |
$ 118.13 |
4.2 % |
65.6 % |
0.9 % |
pts. |
$ 179.99 |
2.8 % |
1 Includes |
2 Includes US & |
NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) |
|
Fiscal Year 2024 |
|
First Quarter |
|
Net income, as reported |
$ 564 |
Cost reimbursement revenue |
(4,433) |
Reimbursed expenses |
4,501 |
Interest expense |
163 |
Interest expense from unconsolidated joint ventures |
2 |
Provision for income taxes |
163 |
Depreciation and amortization |
45 |
Contract investment amortization |
23 |
Depreciation and amortization classified in reimbursed expenses |
48 |
Depreciation, amortization, and impairments from unconsolidated joint ventures |
5 |
Stock-based compensation |
53 |
Merger-related charges and other |
8 |
Adjusted EBITDA ** |
$ 1,142 |
Change from 2023 Adjusted EBITDA ** |
4 % |
Fiscal Year 2023 |
|||||||||
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Total |
|||||
Net income, as reported |
$ 757 |