MARRIOTT INTERNATIONAL REPORTS OUTSTANDING THIRD QUARTER 2022 RESULTS

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Nov 3, 2022

MARRIOTT INTERNATIONAL REPORTS OUTSTANDING THIRD QUARTER 2022 RESULTS

  • Third quarter 2022 comparable systemwide constant dollar RevPAR increased 36.3 percent worldwide, 28.5 percent in the U.S. & Canada, and 66.1 percent in international markets, compared to the 2021 third quarter; 
  • Third quarter 2022 comparable systemwide constant dollar RevPAR increased 1.8 percent worldwide and 3.5 percent in the U.S. & Canada, while RevPAR declined 2.4 percent in international markets, compared to the 2019 third quarter; 
  • Third quarter reported diluted EPS totaled $1.94, compared to reported diluted EPS of $0.67 in the year-ago quarter.  Third quarter adjusted diluted EPS totaled $1.69, compared to third quarter 2021 adjusted diluted EPS of $0.99;
  • Third quarter reported net income totaled $630 million, compared to reported net income of $220 million in the year-ago quarter.  Third quarter adjusted net income totaled $551 million, compared to third quarter 2021 adjusted net income of $327 million;
  • Adjusted EBITDA totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million;
  • The company added roughly 14,000 rooms globally during the third quarter, including approximately 8,700 rooms in international markets and nearly 3,900 conversion rooms;
  • At quarter end, Marriott's worldwide development pipeline totaled over 3,000 properties and more than 502,000 rooms, including roughly 33,300 rooms approved, but not yet subject to signed contracts.  Approximately 204,800 rooms in the pipeline were under construction as of the end of the 2022 third quarter;
  • During the third quarter, Marriott repurchased 6.2 million shares of common stock for $950 million.  Year-to-date through October 31, the company has returned $1.9 billion to shareholders.

 BETHESDA, Md., Nov. 3, 2022 /PRNewswire/ -- Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results.

Anthony Capuano, Chief Executive Officer, said, "We are very pleased to report another quarter of outstanding results.  Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019.  In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world.

"In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter.  Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage points below the same month in 2019.  Leisure transient demand remained very robust, and group RevPAR more than fully recovered to 2019 levels in the quarter.  Business transient demand, though still lagging in recovery, continued to improve. 

"Our EMEA and CALA regions posted nearly 10 percent and 18 percent third quarter RevPAR growth over 2019, respectively.  Demand in these regions was boosted by the strong U.S. dollar and the ramping of cross-border travel. 

"In mid-October, we announced that we signed an agreement to acquire the City Express brand portfolio, marking our entry into the affordable midscale segment.  We see meaningful opportunities to further expand the brand in the CALA region and globally, as we have successfully done with other brand acquisitions.  Upon closing, we look forward to offering our guests more stay options and our owners and franchisees new opportunities to grow their portfolios.  

"Our award-winning loyalty program, Marriott Bonvoy, hit 173 million members at the end of September.  During the quarter, Bonvoy member penetration achieved record highs, reaching 60 percent in the U.S. & Canada and 53 percent globally. Co-brand cardholder acquisitions and total card spending worldwide have continued to grow meaningfully, increasing our third quarter co-brand card fees more than 20 percent compared to the year-ago quarter.  

"While we are carefully monitoring macroeconomic trends, bookings across all our customer segments remain strong, contributing to the ongoing momentum in our business.  We expect continued demand growth around the world in the fourth quarter and anticipate that global RevPAR could increase 2 percent to 4 percent compared to 2019.

"With our solid financial results and strong cash generation, we have already returned $1.9 billion to shareholders year-to-date through October 31.  For full year 2022, we now expect to return more than $2.7 billion to our shareholders through dividends and share repurchases."

Third Quarter 2022 Results

Marriott's reported operating income totaled $958 million in the 2022 third quarter, compared to 2021 third quarter reported operating income of $545 million.  Reported net income totaled $630 million in the 2022 third quarter, compared to 2021 third quarter reported net income of $220 million.  Reported diluted earnings per share (EPS) totaled $1.94 in the quarter, compared to reported diluted EPS of $0.67 in the year-ago quarter.

Adjusted operating income in the 2022 third quarter totaled $815 million, compared to 2021 third quarter adjusted operating income of $527 million.  Adjusted operating income in the 2021 third quarter excluded impairment charges of $11 million.

Third quarter 2022 adjusted net income totaled $551 million, compared to 2021 third quarter adjusted net income of $327 million.  Adjusted diluted EPS in the 2022 third quarter totaled $1.69, compared to adjusted diluted EPS of $0.99 in the year-ago quarter.  The 2022 third quarter adjusted results excluded special tax items of $30 million ($0.09 per share) and a $2 million ($0.01 per share) gain on an investee's property sale.  The 2021 third quarter adjusted results excluded a $122 million after-tax ($0.37 per share) loss on the extinguishment of debt and $8 million after-tax ($0.02 per share) of impairment charges.  

Adjusted results also excluded cost reimbursement revenue, reimbursed expenses and restructuring, merger-related charges, and other expenses.  See pages A-3 and A-12 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 $953 million in the 2022 third quarter, compared to base management and franchise fees of $723 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, as well as unit growth.  Other non-RevPAR related franchise fees in the 2022 third quarter totaled $192 million, compared to $173 million in the year-ago quarter, largely driven by higher credit card branding fees.

Incentive management fees totaled $106 million in the 2022 third quarter, compared to $53 million in the 2021 third quarter.  Roughly two-thirds of the incentive management fees recognized in the quarter were earned at hotels in international markets.    

Owned, leased, and other revenue, net of direct expenses, totaled $44 million in the 2022 third quarter, compared to $37 million in the year-ago quarter.  The year-over-year increase in revenue net of expenses largely reflects the ongoing recovery in lodging demand, partially offset by $23 million of lower termination fees and a $19 million accrual related to a portfolio of 12 leased hotels in the U.S. & Canada.

Depreciation, amortization, and other expenses for the 2022 third quarter totaled $50 million, compared to $64 million in the year-ago quarter.  Expenses in the 2021 third quarter included an $11 million impairment charge.

General, administrative, and other expenses for the 2022 third quarter totaled $216 million, compared to $212 million in the year-ago quarter.

Interest expense, net, totaled $93 million in the third quarter compared to $99 million in the year-ago quarter.  The decrease is largely due to lower interest expense associated with lower debt balances.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million.  See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information

The company added 77 properties (14,071 rooms) to its worldwide lodging portfolio during the 2022 third quarter, including nearly 3,900 rooms converted from competitor brands and approximately 8,700 rooms in international markets.  Thirty-five properties (7,440 rooms) exited the system during the quarter, including roughly 5,200 rooms in Russia.  At quarter end, Marriott's global lodging system totaled nearly 8,200 properties, with over 1,507,000 rooms.

At quarter end, the company's worldwide development pipeline totaled 3,024 properties with more than 502,000 rooms, including 1,039 properties with approximately 204,800 rooms under construction, or 41 percent of the pipeline, and 233 properties with roughly 33,300 rooms approved for development, but not yet subject to signed contracts.

In the 2022 third quarter, worldwide RevPAR increased 36.3 percent (a 33.4 percent increase using actual dollars) compared to the 2021 third quarter.  RevPAR in the U.S. & Canada increased 28.5 percent (a 28.3 percent increase using actual dollars), and RevPAR in international markets increased 66.1 percent (a 51.0 percent increase using actual dollars).

Balance Sheet

At quarter end, Marriott's net debt was $8.4 billion, representing total debt of $9.4 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.

In the third quarter, the company issued $1.0 billion of Series JJ Senior Notes due in 2027 with a 5.00 percent interest rate coupon.

Marriott Common Stock

Year-to-date through October 31, the company has repurchased 11.1 million shares for $1.7 billion at an average price of $153.21 per share.

2022 Outlook1


Fourth Quarter 2022

vs Fourth Quarter 2019

Full Year 2022
vs Full Year 2019

Comparable systemwide constant $ RevPAR




        Worldwide

+2% to +4%

-5% to -3%

        U.S. & Canada

+4% to +6%

-2% to flat

        International

-2% to flat

-13% to -11%







Year-End 2022 
vs Year-End 2021 

Gross Rooms Growth


Approx. 4.5%

        Deletions2


Approx. 1.5%

        Net rooms growth


Approx. 3.0%

The change in expected gross rooms growth compared to the company's prior guidance primarily reflects lengthened construction timelines in Greater China resulting from extended lockdowns.

($ in millions, except EPS)

Fourth Quarter 2022

Full Year 2022

Gross fee revenues

$1,070 to $1,090

$4,017 to $4,037

Owned, leased, and other revenue, net of direct expenses

Approx. $77

Approx. $269

General, administrative, and other expenses

$235 to $225

$890 to $880

Adjusted EBITDA3,4

$1,007 to $1,037

$3,770 to $3,800

Adjusted EPS – diluted4,5

$1.77 to $1.84

$6.51 to $6.58

Investment spending6



Approx. $500

Capital return to shareholders7



More than $2,700


1 The outlook provided above assumes that the $100 million City Express transaction does not close before year-end 2022.

2 The anticipated deletions rate includes 50bps related to the company's suspension of its operations in Russia.

3 See pages A-13 & A-14 for the adjusted EBITDA calculation.

4 Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2022 do not include cost reimbursement revenue, reimbursed expenses, or restructuring, merger-related charges, and other expenses, each of which the company cannot forecast with sufficient accuracy, and which may be significant, and do not reflect any asset sales that may occur during the remainder of the year. Adjusted EPS – diluted for full year 2022 excludes impairments, gains on investees' property sales, gains on asset dispositions, and special tax items reported in the first three quarters of 2022.  See page A-3 for the Adjusted EPS – diluted calculation for the first three quarters of 2022.

5 Assumes the level of capital return to shareholders noted above.

6 Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. 

7 Assumes the level of investment spending noted above and no asset sales that may occur during the remainder of the year. 

 

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, November 3, 2022, at 8:00 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 November 2, 2023.

The telephone dial-in number for the conference call is US Toll Free: +1 888 632-3384, or Global: +1 785 830-7975. The conference ID is MAR3Q22.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Thursday, November 3, 2022, until 8:00 p.m. ET, Thursday, November 10, 2022.  To access the replay, call US Toll Free: +1 800 695-2533 or Global: +1 402 530-9029. 

Note on forward-looking statements
All statements in this press release and the accompanying schedules are made as of November 3, 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, rooms growth and other financial metric estimates, outlook and assumptions; travel and lodging demand trends and expectations; occupancy, ADR and RevPAR recovery trends and expectations; our development pipeline, signings, rooms growth, deletions and conversions; our investment spending and capital return expectations; our expectations regarding the addition of the City Express brand portfolio to our system; 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
Marriott International, Inc., (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,200 properties under 30 leading brands spanning 138 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 encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.

__________________________________

1 All occupancy, Average Daily Rate (ADR) and RevPAR statistics and estimates 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 September 30, 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 comparisons to pre-pandemic or 2019 are comparing to the same time period each year.

 

IRPR#1

 

Tables follow

 

MARRIOTT INTERNATIONAL, INC.


PRESS RELEASE SCHEDULES


TABLE OF CONTENTS


QUARTER 3, 2022














Consolidated Statements of Income - As Reported

A-1





Non-GAAP Financial Measures 

A-3





Total Lodging Products

A-4





Key Lodging Statistics

A-7





Adjusted EBITDA

A-12





Adjusted EBITDA Forecast - Fourth Quarter 2022

A-13





Adjusted EBITDA Forecast - Full Year 2022

A-14





Explanation of Non-GAAP Financial and Performance Measures

A-15


 


MARRIOTT INTERNATIONAL, INC.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


THIRD QUARTER 2022 AND 2021


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Three Months Ended


Three Months Ended


Better/(Worse)




September 30, 2022


September 30, 2021


Reported 2022 vs. 2021


REVENUES








Base management fees


$                          275


$                          190


45


Franchise fees 1


678


533


27


Incentive management fees


106


53


100


Gross Fee Revenues


1,059


776


36


Contract investment amortization 2


(22)


(21)


(5)


Net Fee Revenues


1,037


755


37


Owned, leased, and other revenue 3


345


241


43


Cost reimbursement revenue 4


3,931


2,950


33


  Total Revenues


5,313


3,946


35










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


301


204


(48)


Depreciation, amortization, and other 6


50


64


22


General, administrative, and other 7


216


212


(2)


Restructuring, merger-related charges, and other


2


4


50


Reimbursed expenses 4


3,786


2,917


(30)


  Total Expenses


4,355


3,401


(28)










OPERATING INCOME


958


545


76










Gains and other income, net 8


3


-


 *


Loss on extinguishment of debt


-


(164)


100


Interest expense


(100)


(107)


7


Interest income


7


8


(13)


Equity in earnings (losses) 9


1


(4)


125










INCOME BEFORE INCOME TAXES


869


278


213










Provision for income taxes


(239)


(58)


(312)










NET INCOME


$                          630


$                          220


186










EARNINGS PER SHARE








  Earnings per share - basic


$                         1.94


$                         0.67


190


  Earnings per share - diluted


$                         1.94


$                         0.67


190










Basic Shares


324.5


327.3




Diluted Shares


325.7


329.3













 *

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 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.

 


MARRIOTT INTERNATIONAL, INC.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


THIRD QUARTER YEAR-TO-DATE 2022 AND 2021


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Nine Months Ended


Nine Months Ended


Better/(Worse)




September 30, 2022


September 30, 2021


Reported 2022 vs. 2021


REVENUES








Base management fees


$                       757


$                       452


67


Franchise fees 1


1,847


1,270


45


Incentive management fees


343


141


143


Gross Fee Revenues


2,947


1,863


58


Contract investment amortization 2


(65)


(56)


(16)


Net Fee Revenues


2,882


1,807


59


Owned, leased, and other revenue 3


971


536


81


Cost reimbursement revenue 4


10,997


7,068


56


  Total Revenues


14,850


9,411


58










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


779


507


(54)


Depreciation, amortization, and other 6


147


166


11


General, administrative, and other 7


655


610


(7)


Restructuring, merger-related charges, and other


11


8


(38)


Reimbursed expenses 4


10,792


7,005


(54)


  Total Expenses


12,384


8,296


(49)










OPERATING INCOME


2,466


1,115


121










Gains and other income, net 8


9


6


50


Loss on extinguishment of debt


-


(164)


100


Interest expense


(288)


(323)


11


Interest income


18


22


(18)


Equity in earnings (losses) 9


18


(24)


175










INCOME BEFORE INCOME TAXES


2,223


632


252










Provision for income taxes


(538)


(1)


(53,700)










NET INCOME


$                     1,685


$                       631


167










EARNINGS PER SHARE








  Earnings per share - basic


$                      5.15


$                      1.93


167


  Earnings per share - diluted


$                      5.13


$                      1.92


167










Basic Shares


327.0


327.0




Diluted Shares


328.4


329.1











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.

 


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


Nine Months Ended








Percent






Percent




September 30,


September 30,


Better/


September 30,


September 30,


Better/




2022


2021


(Worse)


2022


2021


(Worse)



Total revenues, as reported

$            5,313


$            3,946




$           14,850


$             9,411





Less: Cost reimbursement revenue

(3,931)


(2,950)




(10,997)


(7,068)





Add: Impairments 1

-


-




5


-





Adjusted total revenues **

1,382


996




3,858


2,343



















Operating income, as reported

958


545




2,466


1,115





Less: Cost reimbursement revenue

(3,931)


(2,950)




(10,997)


(7,068)





Add: Reimbursed expenses

3,786


2,917




10,792


7,005





Add: Restructuring, merger-related charges, and other

2


4




11


8





Add: Impairments 2

-


11




5


11





Adjusted operating income **

815


527


55 %


2,277


1,071


113 %

















Operating income margin

18 %


14 %




17 %


12 %





Adjusted operating income margin **

59 %


53 %




59 %


46 %



















Net income, as reported

630


220




1,685


631





Less: Cost reimbursement revenue

(3,931)


(2,950)




(10,997)


(7,068)





Add: Reimbursed expenses

3,786


2,917




10,792


7,005





Add: Restructuring, merger-related charges, and other

2


4




11


8





Add: Impairments 3

-


11




11


15





Add: Loss on extinguishment of debt

-


164




-


164





Less: Gains on investees' property sales 4

(2)


-




(23)


-





Less: Gain on asset dispositions 5

-


-




(2)


-





Income tax effect of above adjustments

36


(39)




50


(36)





Less: Income tax special items

30


-




30


(98)





Adjusted net income **

$               551


$               327


69 %


$             1,557


$               621


151 %

















Diluted earnings per share, as reported

$              1.94


$              0.67




$              5.13


$              1.92





Adjusted diluted earnings per share**

$              1.69


$              0.99


71 %


$              4.74


$              1.89


151 %
















 **

Denotes non-GAAP financial measures. Please see pages A-15 and A-16 for information about our reasons for providing these alternative financial measures and the limitations on their use.


1

Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million.


2

Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million.


3

Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings (losses) of $6 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million. Nine months ended September 30, 2021 includes impairment charges reported in Equity in earnings (losses) of $4 million.


4

Gains on investees' property sales reported in Equity in earnings (losses).


5

Gain on asset dispositions reported in Gains and other income, net.


 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of September 30, 2022









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Managed

633

215,948

1,326

338,913

1,959

554,861

Marriott Hotels

105

57,675

190

55,416

295

113,091

Sheraton

26

21,338

184

62,324

210

83,662

Courtyard

168

27,063

106

23,035

274

50,098

Westin

40

21,865

76

23,543

116

45,408

JW Marriott

21

12,724

66

24,391

87

37,115

Renaissance

24

10,607

55

17,534

79

28,141

The Ritz-Carlton

39

11,648

66

16,451

105

28,099

The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

Four Points

1

134

81

22,709

82

22,843

Le Méridien

1

100

70

19,524

71

19,624

W Hotels

23

6,516

38

10,246

61

16,762

W Hotels Serviced Apartments

-

-

1

160

1

160

Residence Inn

76

12,199

9

1,116

85

13,315

St. Regis

10

1,977

38

8,905

48

10,882

St. Regis Serviced Apartments

-

-

1

70

1

70

The Luxury Collection

6

2,296

47

8,268

53

10,564

Aloft

2

505

44

9,735

46

10,240

Gaylord Hotels

6

10,220

-

-

6

10,220

AC Hotels by Marriott

7

1,165

68

8,466

75

9,631

Fairfield by Marriott

6

1,431

60

8,093

66

9,524

Delta Hotels

25

6,770

2

477

27

7,247

Autograph Collection

8

2,508

20

2,953

28

5,461

Marriott Executive Apartments

-

-

34

4,866

34

4,866

SpringHill Suites

26

4,363

-

-

26

4,363

EDITION

5

1,379

10

2,216

15

3,595

Protea Hotels

-

-

26

3,151

26

3,151

Element

2

640

12

2,273

14

2,913

Tribute Portfolio

-

-

7

947

7

947

Moxy

-

-

5

887

5

887

TownePlace Suites

6

825

-

-

6

825

Bulgari

-

-

5

442

5

442

Franchised

5,093

732,399

844

170,834

5,937

903,233

Courtyard

859

114,576

112

21,050

971

135,626

Fairfield by Marriott

1,132

106,609

45

7,561

1,177

114,170

Residence Inn

769

91,811

24

3,282

793

95,093

Marriott Hotels

232

73,822

57

16,757

289

90,579

Sheraton

151

47,374

71

20,524

222

67,898

SpringHill Suites

502

58,181

-

-

502

58,181

TownePlace Suites

477

48,594

-

-

477

48,594

Autograph Collection

138

27,167

100

21,288

238

48,455

Westin

91

30,818

26

7,708

117

38,526

Four Points

156

23,613

61

10,155

217

33,768

Renaissance

64

18,071

29

7,544

93

25,615

Aloft

151

21,664

21

3,440

172

25,104

AC Hotels by Marriott

99

16,420

44

7,889

143

24,309

Moxy

26

4,913

84

15,894

110

20,807

Delta Hotels

61

13,996

11

2,557

72

16,553

The Luxury Collection

12

3,188

56

10,372

68

13,560

Tribute Portfolio

50

7,940

24

3,020

74

10,960

Element

77

10,291

2

269

79

10,560

Le Méridien

24

5,548

18

4,641

42

10,189

JW Marriott

12

6,072

11

2,714

23

8,786

Protea Hotels

-

-

34

2,636

34

2,636

Design Hotels

9

1,302

10

1,060

19

2,362

The Ritz-Carlton

1

429

-

-

1

429

W Hotels

-

-

1

246

1

246

Bulgari

-

-

2

161

2

161

Marriott Executive Apartments

-

-

1

66

1

66

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of September 30, 2022









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Owned/Leased

26

6,483

38

9,209

64

15,692

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

-

-

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

66

6,935

44

3,928

110

10,863

The Ritz-Carlton Residences

39

4,317

14

1,135

53

5,452

St. Regis Residences

10

1,082

9

1,065

19

2,147

W Residences

10

1,089

7

547

17

1,636

Bulgari Residences

-

-

5

514

5

514

Sheraton Residences

-

-

2

282

2

282

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

EDITION Residences

3

90

-

-

3

90

Le Méridien Residences

-

-

1

15

1

15

Timeshare*

72

18,839

20

3,862

92

22,701

Grand Total

5,890

980,604

2,272

526,746

8,162

1,507,350








*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 September 30, 2022









US & Canada

Total International

Total Worldwide

Total Systemwide

Units

Rooms

Units

Rooms

Units

Rooms

Luxury

194

53,677

395

91,021

589

144,698

JW Marriott

33

18,796

78

27,601

111

46,397

The Ritz-Carlton

40

12,077

68

17,001

108

29,078

The Ritz-Carlton Residences

39

4,317

14

1,135

53

5,452

The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

The Luxury Collection1

18

5,484

107

19,057

125

24,541

The Luxury Collection Residences

1

91

3

115

4

206

W Hotels

25

7,295

41

11,157

66

18,452

W Residences

10

1,089

7

547

17

1,636

W Hotels Serviced Apartments

-

-

1

160

1

160

St. Regis

10

1,977

39

9,065

49

11,042

St. Regis Residences

10

1,082

9

1,065

19

2,147

St. Regis Serviced Apartments

-

-

1

70

1

70

EDITION

5

1,379

10

2,216

15

3,595

EDITION Residences

3

90

-

-

3

90

Bulgari

-

-

7

603

7

603

Bulgari Residences

-

-

5

514

5

514

Full-Service

1,062

360,085

1,009

278,276

2,071

638,361

Marriott Hotels

339

132,805

253

74,237

592

207,042

Marriott Hotels Residences

-

-

2

246

2

246

Sheraton

177

68,712

259

84,678

436

153,390

Sheraton Residences

-

-

2

282

2

282

Westin

132

53,756

102

31,251

234

85,007

Westin Residences

3

266

1

9

4

275

Renaissance

89

28,995

86

25,583

175

54,578

Autograph Collection2

146

29,675

126

24,817

272

54,492

Le Méridien

25

5,648

88

24,165

113

29,813

Le Méridien Residences

-

-

1

15

1

15

Delta Hotels

86

20,766

13

3,034

99

23,800

Tribute Portfolio

50

7,940

31

3,967

81

11,907

Gaylord Hotels

6

10,220

-

-

6

10,220

Marriott Executive Apartments

-

-

35

4,932

35

4,932

Design Hotels

9

1,302

10

1,060

19

2,362

Limited-Service

4,562

548,003

848

153,587

5,410

701,590

Courtyard

1,046

144,453

222

44,979

1,268

189,432

Fairfield by Marriott

1,138

108,040

105

15,654

1,243

123,694

Residence Inn

846

104,202

34

4,538

880

108,740

SpringHill Suites

528

62,544

-

-

528

62,544

Four Points

157

23,747

142

32,864

299

56,611

TownePlace Suites

483

49,419

-

-

483

49,419

Aloft

153

22,169

65

13,175

218

35,344

AC Hotels by Marriott

106

17,585

112

16,355

218

33,940

Moxy

26

4,913

89

16,781

115

21,694

Element

79

10,931

14

2,542

93

13,473

Protea Hotels

-

-

65

6,699

65

6,699

Timeshare*

72

18,839

20

3,862

92

22,701

Grand Total

5,890

980,604

2,272

526,746

8,162

1,507,350








*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 September 30, 2022 and September 30, 2021



REVPAR


Occupancy