Marriott International Reports Second Quarter 2021 Results

<< Back
Aug 3, 2021

Marriott International Reports Second Quarter 2021 Results

BETHESDA, Md., Aug. 3, 2021 /PRNewswire/ -- 

  • Second quarter 2021 comparable systemwide constant dollar RevPAR increased 262.6 percent worldwide, 274.6 percent in the U.S. & Canada, and 223.2 percent in international markets, compared to the 2020 second quarter;
  • Second quarter 2021 comparable systemwide constant dollar RevPAR declined 43.8 percent worldwide, 39.5 percent in the U.S. & Canada, and 55.6 percent in international markets, compared to the 2019 second quarter;
  • Second quarter reported diluted EPS totaled $1.28, compared to reported diluted loss per share of $0.72 in the year-ago quarter. Second quarter adjusted diluted EPS totaled $0.79, compared to second quarter 2020 adjusted diluted loss per share of $0.57;
  • Second quarter reported net income totaled $422 million, compared to reported net loss of $234 million in the year-ago quarter. Second quarter adjusted net income totaled $260 million, compared to second quarter 2020 adjusted net loss of $184 million;
  • Adjusted EBITDA totaled $558 million in the 2021 second quarter, compared to second quarter 2020 adjusted EBITDA of $61 million;
  • The company added nearly 25,000 rooms globally during the second quarter, including roughly 13,000 rooms in international markets and a total of approximately 5,300 conversion rooms.  Gross rooms growth was 6.1 percent for the twelve months ended June 30, 2021;
  • At quarter end, Marriott's worldwide development pipeline totaled 2,750 properties and nearly 478,000 rooms, including roughly 19,000 rooms approved, but not yet subject to signed contracts. More than 212,000 rooms in the pipeline were under construction as of the end of the 2021 second quarter.

Marriott International, Inc. (NASDAQ: MAR) today reported second quarter 2021 results.

Anthony Capuano, Chief Executive Officer, said, "The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July.  We are particularly pleased with the resilience of RevPAR1 in markets where consumers feel safe traveling.  Worldwide occupancy continued to build, reaching 51 percent for the quarter.  We also saw strong improvement in global average daily rate in the second quarter, which was down only 17 percent compared to the second quarter of 2019. 

"The swift resurgence of lodging demand once the virus has been largely contained and restrictions have eased has been most evident in Mainland China.  Second quarter RevPAR in Mainland China was on par with the second quarter of 2019, and in April, for the first time since the pandemic began, leisure, business transient and group room nights were all ahead of 2019 levels. 

"In our largest region, the U.S. & Canada, demand stepped up significantly during the quarter, particularly at our resorts.  Leisure demand once again led the way, although business transient and group demand also continued to grow.  We are seeing more blending of trip purposes, a trend we expect will continue.

"Owners continue to seek out our brands.  Year to date through June, rooms signed were 36 percent ahead of the same period in 2020 and more than 30 percent of rooms signed in the first half of this year are conversions.  We have also seen strong openings, with approximately 49,000 rooms added to our system in the first six months of the year.  For the full year 2021, we continue to expect gross rooms growth will accelerate to approximately 6 percent, with net rooms growth now expected to be towards the top end of the 3 to 3.5 percent range. 

"Marriott Bonvoy hit 153 million members by quarter's end.  We continue to focus on engaging with our loyal customers through multiple offerings beyond hotel stays.  Second quarter co-brand credit card fees surpassed 2019 second quarter fees, thanks to strong cardholder spend and robust global cardholder acquisitions.  Our recent international credit card launches in South Korea and Mexico have seen strong initial success as has our new Uber collaboration in the U.S.  Last week, we began offering U.S. customers booking through our digital channels the opportunity to purchase Allianz travel insurance products, providing peace of mind to our customers throughout the travel journey.  

"While we are keeping a close eye on the Delta and other variant strains, we are optimistic that the upward trajectory of the global recovery will continue.  We anticipate that more workers returning to their offices on a hybrid basis will serve as a catalyst for a meaningful increase in business transient and group demand in the fall.  Many of our associates are starting to get back on the road, and our largest corporate clients tell us they are beginning to do the same.  Our recovery to date has shown us that there is tremendous pent-up demand for the travel experiences we consistently provide.  Timelines are hard to predict and will continue to vary by region, but I believe that we are on our way to a full global recovery."  

Second Quarter 2021 Results

Marriott's reported operating income totaled $486 million in the 2021 second quarter, compared to 2020 second quarter reported operating loss of $154 million.  Reported net income totaled $422 million in the 2021 second quarter, compared to 2020 second quarter reported net loss of $234 million.  Reported diluted earnings per share (EPS) totaled $1.28 in the quarter, compared to reported diluted loss per share of $0.72 in the year-ago quarter.

Adjusted operating income in the 2021 second quarter totaled $406 million, compared to 2020 second quarter adjusted operating loss of $85 million.  Adjusted operating loss in the 2020 second quarter excluded impairment charges of $24 million.

Second quarter 2021 adjusted net income totaled $260 million, compared to 2020 second quarter adjusted net loss of $184 million.  Adjusted diluted EPS in the 2021 second quarter totaled $0.79, compared to adjusted diluted loss per share of $0.57 in the year-ago quarter.  These adjusted results excluded special tax items of $98 million ($0.30 per share) in the 2021 second quarter and impairment charges of $25 million after-tax ($0.08 per share) in the 2020 second quarter.  

Adjusted results also excluded restructuring and merger-related charges, cost reimbursement revenue, and reimbursed 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 $587 million in the 2021 second quarter, compared to base management and franchise fees of $222 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 from the impacts of COVID-19.  Other non-RevPAR related franchise fees in the 2021 second quarter totaled $160 million, compared to $107 million in the year-ago quarter, aided by a $43 million increase in credit card branding fees.

Incentive management fees totaled $55 million in the 2021 second quarter, compared to $12 million in the 2020 second quarter.  Hotels in international markets earned $40 million of the fees in the quarter, with particular strength in Greater China.

Owned, leased, and other revenue, net of direct expenses, totaled a profit of $19 million in the 2021 second quarter, compared to a $72 million loss in the year-ago quarter.   The $91 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 $18 million of subsidies received from German government COVID-19 assistance programs.

Depreciation, amortization, and other expenses for the 2021 second quarter totaled $50 million, compared to $72 million in the year-ago quarter.  The year-over-year change is primarily due to a $15 million impairment charge recorded in the 2020 second quarter.

General, administrative, and other expenses for the 2021 second quarter totaled $187 million, compared to $178 million in the year-ago quarter.  The year-over-year increase primarily reflects lower compensation costs in 2020 as a result of reductions in executive pay, shortened work weeks and furloughs, partially offset by lower bad debt expense in the 2021 quarter.

Interest expense, net, totaled $102 million in the second quarter compared to $119 million in the year-ago quarter.  The year-over-year decrease is largely due to lower debt balances.

Equity in losses for the second quarter totaled $8 million, compared to a $30 million loss in the year-ago quarter.  The decrease in losses largely reflects improved results at joint venture properties due to the ongoing recovery in lodging demand from the impacts of COVID-19 and an $8 million impairment charge recorded in the 2020 second quarter.

In the 2021 second quarter, the provision for income taxes totaled a $41 million benefit, compared to a $64 million benefit in the 2020 second quarter.  The change in benefit largely reflects higher income before taxes, partially offset by a $118 million reversal of reserves in the 2021 second quarter related to the closure of pre-acquisition Starwood audits.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $558 million in the 2021 second quarter, compared to second quarter 2020 adjusted EBITDA of $61 million.  See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information

The company added 149 properties (24,909 rooms) to its worldwide lodging portfolio during the 2021 second quarter, including approximately 5,300 conversion rooms and roughly 13,000 rooms in international markets.  Additions in the 2021 second quarter included eight all-inclusive conversion properties (2,943 rooms) in the company's Caribbean and Latin America region, part of the nearly 7,000-room deal signed in the first quarter of 2021.  Fourteen properties (2,486 rooms) exited the system during the quarter.  At quarter end, Marriott's global lodging system totaled 7,797 properties, with over 1,451,000 rooms.

At quarter end, the company's worldwide development pipeline totaled 2,750 properties with nearly 478,000 rooms, including 1,069 properties with more than 212,000 rooms under construction and 114 properties with roughly 19,000 rooms approved for development, but not yet subject to signed contracts.

In the 2021 second quarter, worldwide RevPAR increased 262.6 percent (a 268.7 percent increase using actual dollars) compared to the 2020 second quarter.  RevPAR in the U.S. & Canada increased 274.6 percent (a 275.8 percent increase using actual dollars), and RevPAR in international markets increased 223.2 percent (a 244.1 percent increase using actual dollars).

Balance Sheet and Liquidity

At quarter end, Marriott's net debt was $9.5 billion, representing total debt of $10.2 billion less cash and cash equivalents of $0.7 billion.  At year-end 2020, the company's net debt was $9.5 billion, representing total debt of $10.4 billion less cash and cash equivalents of $0.9 billion.

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

On July 23, 2021, Marriott announced that on August 9, 2021 it will redeem all $400 million aggregate principal amount of its outstanding 3.125% Series N Notes Due October 15, 2021.

Investment Spending

Marriott now anticipates that full year 2021 investment spending will total $575 million to $625 million.  Total investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.

COVID-19

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

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, August 3, 2021 at 8:30 a.m. Eastern Time (ET).  The conference call will be webcast simultaneously via Marriott's investor relations website at http://www.marriott.com/investor, click on "Events & Presentations" and click on the quarterly conference call link.  A replay will be available at that same website until August 2, 2022.

The telephone dial-in number for the conference call is 1-706-679-3455 and the conference ID is 2952228.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, August 3, 2021 until 8:00 p.m. ET, Monday, August 10, 2021.  To access the replay, call 1-404-537-3406.  The conference ID for the recording is 2952228.

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of August 3, 2021. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to the possible effects on our business of the COVID-19 pandemic and efforts to contain it (COVID-19); recovery in lodging demand; travel and lodging demand and trends; future performance of the company's hotels; our development pipeline, signings, rooms growth and conversions; the expected timing and completion of certain transactions; our investment spending expectations; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the availability and distribution of effective vaccines or treatments; the pandemic's short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting, banning, or cautioning against travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of the pandemic's impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides and any dislocations in recovery as a result of resurgences of the pandemic; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees have taken and may continue to take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry and in the labor market; relationships with customers and property owners; the availability of capital to finance hotel growth and refurbishment; the extent to which we experience adverse effects from data security incidents; and changes in tax laws in countries in which we earn significant income. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of roughly 7,800 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 may post updates about COVID-19 and other matters on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on these websites, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.

1 All occupancy, 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.  RevPAR comparisons between 2021 and 2020 reflect properties that are comparable in both years. ADR and RevPAR comparisons between 2021 and 2019 reflect properties that are defined as comparable as of June 30, 2021, even if they were not open and operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019.

IRPR#1

Tables follow

 

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 2, 2021

































































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

















Explanation of Non-GAAP Financial and Performance Measures










A-13

 

 


MARRIOTT INTERNATIONAL, INC.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


SECOND QUARTER 2021 AND 2020


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Three Months Ended


Three Months Ended


Better/(Worse)




June 30, 2021


June 30, 2020


Reported 2021 vs. 2020


REVENUES








Base management fees


$                                             156


$                                               40


290


Franchise fees 1


431


182


137


Incentive management fees


55


12


358


Gross Fee Revenues


642


234


174


Contract investment amortization 2


(18)


(21)


14


Net Fee Revenues


624


213


193


Owned, leased, and other revenue 3


187


49


282


Cost reimbursement revenue 4


2,338


1,202


95


  Total Revenues


3,149


1,464


115










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


168


121


(39)


Depreciation, amortization, and other 6


50


72


31


General, administrative, and other 7


187


178


(5)


Restructuring and merger-related charges


3


6


50


Reimbursed expenses 4


2,255


1,241


(82)


  Total Expenses


2,663


1,618


(65)










OPERATING INCOME (LOSS)


486


(154)


416










Gains and other income, net 8


5


5


-


Interest expense


(109)


(127)


14


Interest income 


7


8


(13)


Equity in losses 9


(8)


(30)


73










INCOME (LOSS) BEFORE INCOME TAXES


381


(298)


228










Benefit for income taxes


41


64


(36)










NET INCOME (LOSS)


$                                             422


$                                            (234)


280










EARNINGS (LOSS) PER SHARE








  Earnings (Loss) per share - basic


$                                            1.29


$                                           (0.72)


279


  Earnings (Loss) per share - diluted


$                                            1.28


$                                           (0.72)


278










Basic Shares


327.1


325.6




Diluted Shares 10


329.1


325.6











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 expensesinclude 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 losses include our equity in 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.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


SECOND QUARTER YEAR-TO-DATE 2021 AND 2020


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Six Months Ended


Six Months Ended


Better/(Worse)




June 30, 2021


June 30, 2020


Reported 2021 vs. 2020


REVENUES








Base management fees


$                                             262


$                                             254


3


Franchise fees 1


737


597


23


Incentive management fees


88


12


633


Gross Fee Revenues


1,087


863


26


Contract investment amortization 2


(35)


(46)


24


Net Fee Revenues


1,052


817


29


Owned, leased, and other revenue 3


295


329


(10)


Cost reimbursement revenue 4


4,118


4,999


(18)


  Total Revenues


5,465


6,145


(11)










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


303


393


23


Depreciation, amortization, and other 6


102


222


54


General, administrative, and other 7


398


448


11


Restructuring and merger-related charges 


4


4


-


Reimbursed expenses 4


4,088


5,118


20


  Total Expenses


4,895


6,185


21










OPERATING INCOME (LOSS)


570


(40)


1,525










Gains and other income, net 8


6


1


500


Interest expense


(216)


(220)


2


Interest income 


14


14


-


Equity in losses 9


(20)


(34)


41










INCOME (LOSS) BEFORE INCOME TAXES


354


(279)


227










Benefit for income taxes


57


76


(25)










NET INCOME (LOSS)


$                                             411


$                                            (203)


302










EARNINGS (LOSS) PER SHARE








  Earnings (Loss) per share - basic


$                                            1.26


$                                           (0.63)


300


  Earnings (Loss) per share - diluted


$                                            1.25


$                                           (0.63)


298










Basic Shares


326.9


325.5




Diluted Shares 10


329.0


325.5











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 expensesinclude 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 losses include our equity in 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 (loss), Adjusted operating income (loss) margin, Adjusted net income (loss), and Adjusted diluted 


earnings (loss) per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income (loss) margin.





























Three Months Ended 


Six Months Ended 







Percent






Percent



June 30,


June 30,


Better/


June 30,


June 30,


Better/



2021


2020


(Worse)


2021


2020


(Worse)


Total revenues, as reported

$             3,149


$             1,464




$             5,465


$             6,145




Less: Cost reimbursement revenue

(2,338)


(1,202)




(4,118)


(4,999)




Add: Impairments 1

-


3




-


10




Adjusted total revenues **

811


265




1,347


1,156

















Operating income (loss), as reported

486


(154)




570


(40)




Less: Cost reimbursement revenue

(2,338)


(1,202)




(4,118)


(4,999)




Add: Reimbursed expenses

2,255


1,241




4,088


5,118




Add: Restructuring and merger-related charges

3


6




4


4




Add: Impairments2

-


24




-


125




Adjusted operating income (loss) **

406


(85)


 * 


544


208


162%















Operating income (loss) margin

15%


-11%




10%


-1%




Adjusted operating income (loss) margin **

50%


-32%




40%


18%

















Net income (loss), as reported

422


(234)




411


(203)




Less: Cost reimbursement revenue

(2,338)


(1,202)




(4,118)


(4,999)




Add: Reimbursed expenses

2,255


1,241




4,088


5,118




Add: Restructuring and merger-related charges

3


6




4


4




Add: Impairments3

-


32




4


133




Income tax effect of above adjustments

16


(27)




3


(77)




Less: Income tax special items

(98)


-




(98)


-




Adjusted net income (loss) **

$                260


$               (184)


 * 


$                294


$                 (24)


 * 















Diluted earnings (loss) per share, as reported

$               1.28


$              (0.72)




$               1.25


$              (0.63)




Adjusted diluted earnings (loss) per share**

$               0.79


$              (0.57)


 * 


$               0.89


$              (0.07)


 * 














 * 

Calculated percentage is not meaningful.














 ** 

Denotes non-GAAP financial measures. Please see pages A-13 and A-14 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 $3 million and $10 million in the 2020 second quarter and 2020 second quarter year-to-date, 


respectively.














2

Includes impairment charges reported in Contract investment amortization of $3 million and $10 million; and Depreciation, amortization, and other of $21 million and $115


million in the 2020 second quarter and 2020 second quarter year-to-date, respectively.














3

Includes impairment charges reported in Equity in losses of $4 million in the 2021 second quarter year-to-date. Includes impairment charges reported in Contract


investment amortization of $3 million and $10 million; Depreciation, amortization, and other of $21 million and $115 million; Equity in losses of $8 million in both the


2020 second quarter and 2020 second quarter year-to-date, respectively. 

 

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of June 30, 2021









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

 Managed 

643

221,660

1,282

329,998

1,925

551,658

 Marriott Hotels 

114

61,587

182

53,148

296

114,735

 Marriott Hotels Serviced Apartments 

-

-

1

154

1

154

 Sheraton 

28

23,609

188

63,313

216

86,922

 Courtyard 

169

27,265

103

22,405

272

49,670

 Westin 

40

21,847

74

22,341

114

44,188

 JW Marriott 

21

12,712

62

23,099

83

35,811

 Renaissance 

24

10,607

58

18,284

82

28,891

 The Ritz-Carlton 

38

11,406

65

16,410

103

27,816

 The Ritz-Carlton Serviced Apartments 

-

-

5

715

5

715

 Four Points 

1

134

79

21,755

80

21,889

 Le Méridien 

1

100

70

20,031

71

20,131

 W Hotels 

22

6,403

33

8,984

55

15,387

 W Hotels Serviced Apartments 

-

-

1

160

1

160

 Residence Inn 

76

12,199

8

982

84

13,181

 The Luxury Collection 

6

2,296

48

8,741

54

11,037

 Gaylord Hotels 

6

10,220

-

-

6

10,220

 St. Regis 

10

1,968

37

8,662

47

10,630

 St. Regis Serviced Apartments 

-

-

1

70

1

70

 Aloft 

1

330

41

9,452

42

9,782

 AC Hotels by Marriott 

7

1,165

68

8,264

75

9,429

 Fairfield by Marriott 

7

1,539

47

6,467

54

8,006

 Delta Hotels 

25

6,770

1

360

26

7,130

 Marriott Executive Apartments 

-

-

35

5,238

35

5,238

 Autograph Collection 

8

2,335

16

2,441

24

4,776

 SpringHill Suites 

27

4,496

-

-

27

4,496

 Protea Hotels 

-

-

28

3,466

28

3,466

 EDITION 

4

1,207

7

1,488

11

2,695

 Element 

2

640

9

1,786

11

2,426

 Moxy 

-

-

5

887

5

887

 TownePlace Suites 

6

825

-

-

6

825

 Tribute Portfolio 

-

-

5

453

5

453

 Bulgari 

-

-

5

442

5

442

 Franchised 

4,868

697,256

747

154,400

5,615

851,656

 Courtyard 

840

112,096

99

18,582

939

130,678

 Fairfield by Marriott 

1,082

101,273

33

5,707

1,115

106,980

 Residence Inn 

759

90,335

17

2,369

776

92,704

 Marriott Hotels 

224

70,954

61

18,412

285

89,366

 Sheraton 

154

46,451

67

18,679

221

65,130

 SpringHill Suites 

479

55,182

-

-

479

55,182

 TownePlace Suites 

455

46,167

-

-

455

46,167

 Autograph Collection 

120

23,959

87

19,309

207

43,268

 Westin 

89

30,194

23

7,163

112

37,357

 Four Points 

159

23,864

60

10,028

219

33,892

 Renaissance 

60

17,425

29

7,781

89

25,206

 Aloft 

139

20,072

22

3,561

161

23,633

 AC Hotels by Marriott 

78

13,004

37

6,614

115

19,618

 Moxy 

26

4,913

61

11,748

87

16,661

 Delta Hotels 

55

12,165

8

1,887

63

14,052

 The Luxury Collection 

10

2,644

51

9,465

61

12,109

 Le Méridien 

22

5,096

16

4,212

38

9,308

 Element 

64

8,544

2

293

66

8,837

 Tribute Portfolio 

34

5,689

20

2,497

54

8,186

 JW Marriott 

13

5,947

8

2,131

21

8,078

 Protea Hotels 

-

-

36

2,949

36

2,949

 Design Hotels 

5

853

8

862

13

1,715

 The Ritz-Carlton 

1

429

-

-

1

429

 Bulgari 

-

-

1

85

1

85

 Marriott Executive Apartments 

-

-

1

66

1

66

 

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of June 30, 2021









US & Canada

Total International

Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

Owned/Leased

26

6,483

39

9,288

65

15,771

Courtyard

19

2,814

4

894

23

3,708

Marriott Hotels

2

1,308

6

2,064

8

3,372

Sheraton

-

-

4

1,830

4

1,830

W Hotels

2

779

2

665

4

1,444

Westin

1

1,073

-

-

1

1,073

Protea Hotels

-

-

6

991

6

991

Renaissance

1

317

2

505

3

822

Autograph Collection1

-

-

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

63

6,773

37

2,993

100

9,766

The Ritz-Carlton Residences

37

4,177

13

1,034

50

5,211

St. Regis Residences

10

1,105

7

598

17

1,703

W Residences

10

1,089

4

359

14

1,448

Bulgari Residences

-

-

5

514

5

514

Westin Residences

3

266

-

-

3

266

Marriott Hotels Residences

-

-

2

246

2

246

The Luxury Collection Residences

1

91

3

115

4

206

Autograph Collection Residences

-

-

1

62

1

62

Sheraton Residences

-

-

1

50

1

50

EDITION Residences

2

45

-

-

2

45

Le Méridien Residences

-

-

1

15

1

15

Timeshare*

72

18,896

20

3,862

92

22,758

Grand Total

5,672

951,068

2,125

500,541

7,797

1,451,609








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

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

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

 

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of June 30, 2021









US & Canada

Total International

Total Worldwide

Total Systemwide

Units

Rooms

Units

Rooms

Units

Rooms

Luxury

187

52,298

366

85,360

553

137,658

JW Marriott

34

18,659

71

25,726

105

44,385

The Ritz-Carlton

39

11,835

67

16,960

106

28,795

The Ritz-Carlton Residences

37

4,177

13

1,034

50

5,211

The Ritz-Carlton Serviced Apartments

-

-

5

715

5

715

The Luxury Collection1

16

4,940

103

18,623

119

23,563

The Luxury Collection Residences

1

91

3

115

4

206

W Hotels

24

7,182

35

9,649

59

16,831

W Residences

10

1,089

4

359

14

1,448

W Hotels Serviced Apartments

-

-

1

160

1

160

St. Regis

10

1,968

38

8,822

48

10,790

St. Regis Residences

10

1,105

7

598

17

1,703

St. Regis Serviced Apartments

-

-

1

70

1

70

EDITION

4

1,207

7

1,488

11

2,695

EDITION Residences

2

45

-

-

2

45

Bulgari

-

-

6

527

6

527

Bulgari Residences

-

-

5

514

5

514

Full-Service

1,016

352,825

973

271,979

1,989

624,804

Marriott Hotels

340

133,849

249

73,624

589

207,473

Marriott Hotels Residences

-

-

2

246

2

246

Marriott Hotels Serviced Apartments

-

-

1

154

1

154

Sheraton

182

70,060

259

83,822

441

153,882

Sheraton Residences

-

-

1

50

1

50

Westin

130

53,114

97

29,504

227

82,618

Westin Residences

3

266

-

-

3

266

Renaissance

85

28,349

89

26,570

174

54,919

Autograph Collection2

128

26,294

109

22,326

237

48,620

Autograph Collection Residences

-

-

1

62

1

62

Le Méridien

23

5,196

86

24,243

109

29,439

Le Méridien Residences

-

-

1

15

1

15

Delta Hotels

80

18,935

9

2,247

89

21,182

Gaylord Hotels

6

10,220

-

-

6

10,220

Tribute Portfolio

34

5,689

25

2,950

59

8,639

Marriott Executive Apartments

-

-

36

5,304

36

5,304

Design Hotels

5

853

8

862

13

1,715

Limited-Service

4,397

527,049

766

139,340

5,163

666,389

Courtyard

1,028

142,175

206

41,881

1,234

184,056

Fairfield by Marriott

1,089

102,812

80

12,174

1,169

114,986

Residence Inn

836

102,726

26

3,491

862

106,217

SpringHill Suites

506

59,678

-

-

506

59,678

Four Points

160

23,998

139

31,783

299

55,781

TownePlace Suites

461

46,992

-

-

461

46,992

Aloft

140

20,402

63

13,013

203

33,415

AC Hotels by Marriott

85

14,169

105

14,878

190

29,047

Moxy

26

4,913

66

12,635

92

17,548

Element

66

9,184

11

2,079

77

11,263

Protea Hotels

-

-

70

7,406

70

7,406

Timeshare*

72

18,896

20

3,862

92

22,758

Grand Total

5,672

951,068

2,125

500,541

7,797

1,451,609


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

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

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

 

 

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $












Comparable Company-Operated US & Canada Properties














Three Months Ended June 30, 2021 and June 30, 2020



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$128.58

909.5%


48.5%

42.5%

pts.


$265.07

25.8%

The Ritz-Carlton


$236.30

582.3%


49.6%

40.2%

pts.


$476.74

29.2%

W Hotels


$127.76

910.8%


42.9%

37.2%

pts.


$297.92

33.4%

Composite US & Canada Luxury1


$173.52

805.1%


46.9%

40.3%

pts.


$369.88

26.8%

Marriott Hotels


$67.46

526.5%


41.4%

34.4%

pts.


$163.00

6.2%

Sheraton


$59.63

581.2%


34.1%

27.1%

pts.


$174.92

38.8%

Westin


$79.07

648.1%


40.6%

34.1%

pts.


$194.62

20.0%

Composite US & Canada Premium2


$66.74

618.3%


38.7%

32.5%

pts.


$172.26

14.8%

US & Canada Full-Service3


$88.51

682.7%


40.4%

34.1%

pts.


$219.04

21.4%

Courtyard


$65.34

429.1%


57.9%

45.8%

pts.


$112.88

10.8%

Residence Inn


$102.17

166.3%


71.3%

41.7%

pts.


$143.36

10.5%

Composite US & Canada Limited-Service4


$74.56

294.1%


60.9%

44.4%

pts.


$122.36

7.1%

US & Canada - All5


$85.36

554.9%


45.0%

36.4%

pts.


$189.49

25.1%























Comparable Systemwide US & Canada Properties














Three Months Ended June 30, 2021 and June 30, 2020



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$128.54

987.7%


49.9%

44.9%

pts.


$257.72

8.9%

The Ritz-Carlton


$231.29

595.1%


49.1%

40.1%

pts.


$471.31

27.7%

W Hotels


$127.76

910.8%


42.9%

37.2%

pts.


$297.92

33.4%

Composite US & Canada Luxury1


$163.97

823.0%


47.6%

41.4%

pts.


$344.32

20.5%

Marriott Hotels


$67.99

425.5%


44.1%

34.5%

pts.


$154.02

14.6%

Sheraton


$56.11

338.4%


40.7%

28.4%

pts.


$137.95

32.1%

Westin


$75.82

493.1%


43.0%

33.8%

pts.


$176.13

27.6%

Composite US & Canada Premium2


$70.08

446.4%


43.3%

33.4%

pts.


$161.89

25.1%

US & Canada Full-Service3


$81.05

504.7%


43.8%

34.3%

pts.


$185.07

30.9%

Courtyard


$72.99

288.8%


60.3%

41.3%

pts.


$121.12

22.2%

Residence Inn


$95.46

110.2%


73.8%

33.4%

pts.


$129.40

15.0%

Fairfield by Marriott


$69.43

209.7%


65.0%

39.7%

pts.


$106.78

20.8%

Composite US & Canada Limited-Service4


$77.16

187.7%


65.3%

38.5%

pts.


$118.10

18.0%

US & Canada - All5


$78.83

274.6%


56.1%

36.7%

pts.


$140.63

29.3%























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 June 30, 2021 and June 30, 2020



REVPAR


Occupancy


Average Daily Rate

Region


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

Greater China


$78.73

117.0%


63.9%

28.6%

pts.


$123.20

19.9%

Asia Pacific excluding China


$32.64

164.1%


29.6%

16.6%

pts.


$110.13

15.9%

Caribbean & Latin America


$74.09

1105.4%


41.7%

35.4%

pts.


$177.58

83.1%

Europe


$39.27

1030.5%


23.8%

20.8%