Marriott International Reports Third Quarter 2021 Results

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Nov 3, 2021

Marriott International Reports Third Quarter 2021 Results

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

  • Third quarter 2021 comparable systemwide constant dollar RevPAR increased 118.4 percent worldwide, 134.7 percent in the U.S. & Canada, and 76.3 percent in international markets, compared to the 2020 third quarter;

  • Third quarter 2021 comparable systemwide constant dollar RevPAR declined 25.8 percent worldwide, 19.9 percent in the U.S. & Canada, and 40.7 percent in international markets, compared to the 2019 third quarter;

  • Third quarter reported diluted EPS totaled $0.67, compared to reported diluted EPS of $0.31 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $0.99, compared to third quarter 2020 adjusted diluted EPS of $0.13;

  • Third quarter reported net income totaled $220 million, compared to reported net income of $100 million in the year-ago quarter. Third quarter adjusted net income totaled $327 million, compared to third quarter 2020 adjusted net income of $44 million;

  • Adjusted EBITDA totaled $683 million in the 2021 third quarter, compared to third quarter 2020 adjusted EBITDA of $327 million;

  • The company added roughly 17,500 rooms globally during the third quarter, including approximately 8,500 rooms in international markets and a total of more than 2,200 conversion rooms;

  • At quarter end, Marriott's worldwide development pipeline totaled 2,769 properties and nearly 477,000 rooms, including roughly 25,000 rooms approved, but not yet subject to signed contracts. More than 206,000 rooms in the pipeline were under construction as of the end of the 2021 third quarter.

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

Anthony Capuano, Chief Executive Officer, said, "We were pleased to see continued meaningful improvement in global trends in the third quarter, despite the impact of the Delta variant during the second half of the quarter.  For the quarter, worldwide RevPAR1 was down 26 percent compared to the 2019 third quarter, a significant improvement from the second quarter RevPAR decline of 44 percent compared to the same quarter in 2019.  Third quarter occupancy topped 58 percent, driven largely by continued strength in leisure demand.  Average daily rate, which was only 4 percent below 2019 levels for the quarter, has been recovering much more quickly than in the past two downturns. 

"Most of our regions saw considerable improvement in RevPAR in the third quarter compared to the second quarter.  In our largest region, the U.S. & Canada, third quarter RevPAR came in 20 percent below the same quarter in 2019, compared to down 40 percent in the second quarter versus the same quarter in 2019.  Europe saw a dramatic rise in demand in the quarter, as many key international borders opened, with 2021 RevPAR compared to 2019 improving to down 44 percent from down 77 percent in the second quarter.  ADR for the region trailed third quarter 2019 levels by just 5 percent. 

"Globally, leisure travel generally remained very strong throughout the quarter, while the Delta variant had the most impact on business transient demand.   With the worst of the Delta variant wave now hopefully behind us, business transient demand picked up again in October, a trend we expect to continue.

"Throughout the pandemic, we have worked closely with our owners and franchisees to drive revenue and lower costs.  And we're seeing the benefits of this work in our development activity.  Third quarter year-to-date room signings, nearly one-third of which were conversions, increased nearly 30 percent year-over-year, and our pipeline remains the largest in the industry.  With more than 40 percent of our pipeline rooms in the luxury and upper upscale tiers, we believe we also have the most valuable pipeline in the industry.  Finally on the development front, with more clarity around our estimated full year deletions, we now expect 2021 net rooms growth will be approximately 3.5 percent. 

"We're proud of the dedication and perseverance our associates have demonstrated over the past year and a half, as they navigated the most challenging environment we have ever faced.  With global trends improving, we believe we are well-positioned for growth as the global recovery continues.  We are very optimistic about our future." 

Third Quarter 2021 Results
Marriott's reported operating income totaled $545 million in the 2021 third quarter, compared to 2020 third quarter reported operating income of $252 million.  Reported net income totaled $220 million in the 2021 third quarter, compared to 2020 third quarter reported net income of $100 million.  Reported diluted earnings per share (EPS) totaled $0.67 in the quarter, compared to reported diluted EPS of $0.31 in the year-ago quarter.

Adjusted operating income in the 2021 third quarter totaled $527 million, compared to 2020 third quarter adjusted operating income of $179 million.  Adjusted operating income in the 2021 third quarter and the 2020 third quarter excluded impairment charges of $11 million and $32 million, respectively.

Third quarter 2021 adjusted net income totaled $327 million, compared to 2020 third quarter adjusted net income of $44 million.  Adjusted diluted EPS in the 2021 third quarter totaled $0.99, compared to adjusted diluted EPS of $0.13 in the year-ago quarter.  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.  The 2020 third quarter adjusted results excluded $24 million after-tax ($0.07 per share) of impairment charges.  

Adjusted results also excluded restructuring and merger-related charges, cost reimbursement revenue, and reimbursed expenses.  These items totaled $23 million of after-tax profits ($0.07 per share) in the 2021 third quarter and $80 million of after-tax profits ($0.25 per share) in the 2020 third quarter.  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 $723 million in the 2021 third quarter, compared to base management and franchise fees of $366 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.  Other non-RevPAR related franchise fees in the 2021 third quarter totaled $173 million, compared to $119 million in the year-ago quarter, aided by higher credit card and residential branding fees.

Incentive management fees totaled $53 million in the 2021 third quarter, compared to $31 million in the 2020 third quarter.  Hotels in international markets earned $36 million of the fees in the quarter.

Contract investment amortization for the 2021 third quarter totaled $21 million, compared to $48 million in the year-ago quarter.  The year-over-year change largely reflects impairments of investments in management and franchise contracts related to COVID-19 recorded in the 2020 third quarter.

Owned, leased, and other revenue, net of direct expenses, totaled a profit of $37 million in the 2021 third quarter, compared to an $18 million loss in the year-ago quarter, and reflected the ongoing recovery in lodging demand.   

Depreciation, amortization, and other expenses for the 2021 third quarter totaled $64 million, compared to $53 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 2021 third quarter totaled $212 million, compared to $131 million in the year-ago quarter.  The year-over-year increase primarily reflects higher compensation costs compared to 2020 cost reduction measures, which included reducing executive compensation, implementing reduced work weeks for many of our corporate associates, and furloughing a substantial number of associates.

Interest expense, net, totaled $99 million in the third quarter compared to $107 million in the year-ago quarter.  The year-over-year decrease is largely due to lower debt balances.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $683 million in the 2021 third quarter, compared to third quarter 2020 adjusted EBITDA of $327 million.  See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information
The company added 114 properties (17,456 rooms) to its worldwide lodging portfolio during the 2021 third quarter, including more than 2,200 conversion rooms and approximately 8,500 rooms in international markets.  Twenty properties (5,414 rooms) exited the system during the quarter.  At quarter end, Marriott's global lodging system totaled 7,892 properties, with nearly 1,464,000 rooms.

At quarter end, the company's worldwide development pipeline totaled 2,769 properties with nearly 477,000 rooms, including 1,028 properties with more than 206,000 rooms under construction and 155 properties with roughly 25,000 rooms approved for development, but not yet subject to signed contracts.

In the 2021 third quarter, worldwide RevPAR increased 118.4 percent (a 120.7 percent increase using actual dollars) compared to the 2020 third quarter.  RevPAR in the U.S. & Canada increased 134.7 percent (a 135.4 percent increase using actual dollars), and RevPAR in international markets increased 76.3 percent (an 81.8 percent increase using actual dollars).

Balance Sheet and Liquidity
At quarter end, Marriott's net debt was $9.0 billion, representing total debt of $9.8 billion less cash and equivalents of $0.8 billion.  At year-end 2020, the company's net debt was $9.5 billion, representing total debt of $10.4 billion less cash and equivalents of $0.9 billion.

In the third quarter, the company issued $700 million of Series II Senior Notes due in 2033 with a 2.75 percent interest rate coupon.

In September 2021, Marriott completed a cash tender offer and retired $1.0 billion aggregate principal amount of Series EE Senior Notes maturing in 2025 with a 5.75 percent interest rate coupon.  The company used proceeds from the Series II Senior Notes offering and cash on hand to complete the repurchase of such notes, including the payment of accrued interest and other costs incurred.

Investment Spending
Marriott now anticipates that full year 2021 investment spending will total $525 million to $550 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 Wednesday, November 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 November 2, 2022.

The telephone dial-in number for the conference call is 1-203-518-9704 and the conference ID is MAR3Q21.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Wednesday, November 3, 2021 until 8:00 p.m. ET, Wednesday, November 10, 2021.  To access the replay, call 1-402-220-2693.  The conference ID for the recording is MAR3Q21.

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of November 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; our growth prospects and expectations; future performance of the company's hotels; our development pipeline, signings, rooms growth and conversions; 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 7,900 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 September 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 3, 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


THIRD QUARTER 2021 AND 2020


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Three Months Ended


Three Months Ended


Better/(Worse)




September 30, 2021


September 30, 2020


Reported 2021 vs. 2020


REVENUES








Base management fees


$                                             190


$                                               87


118


Franchise fees 1


533


279


91


Incentive management fees


53


31


71


Gross Fee Revenues


776


397


95


Contract investment amortization 2


(21)


(48)


56


Net Fee Revenues


755


349


116


Owned, leased, and other revenue 3


241


116


108


Cost reimbursement revenue 4


2,950


1,789


65


  Total Revenues


3,946


2,254


75










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


204


134


(52)


Depreciation, amortization, and other 6


64


53


(21)


General, administrative, and other 7


212


131


(62)


Restructuring and merger-related charges


4


1


(300)


Reimbursed expenses 4


2,917


1,683


(73)


  Total Expenses


3,401


2,002


(70)










OPERATING INCOME


545


252


116










Gains and other income, net 8


-


2


(100)


Loss on extinguishment of debt


(164)


-


 * 


Interest expense


(107)


(113)


5


Interest income 


8


6


33


Equity in losses 9


(4)


(20)


80










INCOME BEFORE INCOME TAXES


278


127


119










Provision for income taxes


(58)


(27)


(115)










NET INCOME


$                                             220


$                                             100


120










EARNINGS PER SHARE








  Earnings per share - basic


$                                            0.67


$                                            0.31


116


  Earnings per share - diluted


$                                            0.67


$                                            0.31


116










Basic Shares


327.3


325.9




Diluted Shares 


329.3


326.8











 * 

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 losses include our equity in losses of unconsolidated equity method investments.





 

 


MARRIOTT INTERNATIONAL, INC.


CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED


THIRD QUARTER YEAR-TO-DATE 2021 AND 2020


(in millions except per share amounts, unaudited)




















As Reported


As Reported


Percent




Nine Months Ended


Nine Months Ended


Better/(Worse)




September 30, 2021


September 30, 2020


Reported 2021 vs. 2020


REVENUES








Base management fees


$                                             452


$                                             341


33


Franchise fees 1


1,270


876


45


Incentive management fees


141


43


228


Gross Fee Revenues


1,863


1,260


48


Contract investment amortization 2


(56)


(94)


40


Net Fee Revenues


1,807


1,166


55


Owned, leased, and other revenue 3


536


445


20


Cost reimbursement revenue 4


7,068


6,788


4


  Total Revenues


9,411


8,399


12










OPERATING COSTS AND EXPENSES








Owned, leased, and other - direct 5


507


527


4


Depreciation, amortization, and other 6


166


275


40


General, administrative, and other 7


610


579


(5)


Restructuring and merger-related charges 


8


5


(60)


Reimbursed expenses 4


7,005


6,801


(3)


  Total Expenses


8,296


8,187


(1)










OPERATING INCOME


1,115


212


426










Gains and other income, net 8


6


3


100


Loss on extinguishment of debt


(164)


-


 * 


Interest expense


(323)


(333)


3


Interest income 


22


20


10


Equity in losses 9


(24)


(54)


56










INCOME (LOSS) BEFORE INCOME TAXES


632


(152)


516










(Provision) benefit for income taxes


(1)


49


(102)










NET INCOME (LOSS) 


$                                             631


$                                            (103)


713










EARNINGS (LOSS) PER SHARE








  Earnings (Loss) per share - basic


$                                            1.93


$                                           (0.32)


703


  Earnings (Loss) per share - diluted


$                                            1.92


$                                           (0.32)


700










Basic Shares


327.0


325.7




Diluted Shares 10


329.1


325.7











 * 

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 losses include our equity in losses of unconsolidated equity method investments.





10

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


inclusion of additional equivalents would be anti-dilutive.







 

 


MARRIOTT INTERNATIONAL, INC.


NON-GAAP FINANCIAL MEASURES


($ in millions except per share amounts)















The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share,


to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.


















Three Months Ended 


Nine Months Ended 







Percent






Percent



September 30,


September 30,


Better/


September 30,


September 30,


Better/



2021


2020


(Worse)


2021


2020


(Worse)


Total revenues, as reported

$             3,946


$             2,254




$             9,411


$             8,399




Less: Cost reimbursement revenue

(2,950)


(1,789)




(7,068)


(6,788)




Add: Impairments 1

-


30




-


40




Adjusted total revenues **

996


495




2,343


1,651

















Operating income, as reported

545


252




1,115


212




Less: Cost reimbursement revenue

(2,950)


(1,789)




(7,068)


(6,788)




Add: Reimbursed expenses

2,917


1,683




7,005


6,801




Add: Restructuring and merger-related charges

4


1




8


5




Add: Impairments2

11


32




11


157




Adjusted operating income **

527


179


194%


1,071


387


177%















Operating income margin

14%


11%




12%


3%




Adjusted operating income margin **

53%


36%




46%


23%

















Net income (loss), as reported

220


100




631


(103)




Less: Cost reimbursement revenue

(2,950)


(1,789)




(7,068)


(6,788)




Add: Reimbursed expenses

2,917


1,683




7,005


6,801




Add: Restructuring and merger-related charges

4


1




8


5




Add: Impairments3

11


32




15


165




Add: Loss on extinguishment of debt

164


-




164


-




Income tax effect of above adjustments

(39)


17




(36)


(60)




Less: Income tax special items

-


-




(98)


-




Adjusted net income **

$                327


$                  44


643%


$                621


$                  20


3005%















Diluted earnings (loss) per share, as reported

$               0.67


$               0.31




$               1.92


$              (0.32)




Adjusted diluted earnings per share**

$               0.99


$               0.13


662%


$               1.89


$               0.06


3050%














 ** 

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 $30 million and $40 million in the 2020 third quarter and 2020 third quarter year-to-date, respectively.















2

Includes impairment charges reported in Depreciation, amortization, and other of $11 million in both the 2021 third quarter and 2021 third quarter year-to-date. Includes 



impairment charges reported in Contract investment amortization of $30 million and $40 million; and Depreciation, amortization, and other of $2 million and $117 million



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
























3

Includes impairment charges reported in Depreciation, amortization, and other of $11 million and $11 million; and Equity in earnings (losses) of $0 million and $4 million in the 



2021 third quarter and 2021 third quarter year-to-date, respectively. Includes impairment charges reported in Contract investment amortization of $30 million and $40 million



Depreciation, amortization, and other of $2 million and $117 million; Equity in earnings (losses) of $0 million and $8 million in the 2020 third quarter and 2020 third quarter 



year-to-date, respectively. 












 

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS

As of September 30, 2021



US & Canada


Total International


Total Worldwide


Units

Rooms

Units

Rooms

Units

Rooms

 Managed 

639

220,257


1,291

331,304


1,930

551,561

 Marriott Hotels 

113

61,300


186

54,563


299

115,863

 Marriott Hotels Serviced Apartments 

-

-


1

154


1

154

 Sheraton 

27

23,108


189

63,804


216

86,912

 Courtyard 

169

27,265


104

22,626


273

49,891

 Westin 

40

21,850


73

22,225


113

44,075

 JW Marriott 

21

12,712


62

23,099


83

35,811

 Renaissance 

24

10,607


57

17,735


81

28,342

 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


78

21,466


79

21,600

 Le Méridien 

1

100


70

19,869


71

19,969

 W Hotels 

21

5,916


34

9,329


55

15,245

 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

8,740


54

11,036

 St. Regis 

10

1,968


37

8,722


47

10,690

 St. Regis Serviced Apartments 

-

-


1

70


1

70

 Gaylord Hotels 

6

10,220


-

-


6

10,220

 AC Hotels by Marriott 

7

1,165


69

8,339


76

9,504

 Aloft 

1

330


40

8,956


41

9,286

 Fairfield by Marriott 

7

1,539


50

6,856


57

8,395

 Delta Hotels 

25

6,770


2

477


27

7,247

 Autograph Collection 

8

2,340


16

2,441


24

4,781

 Marriott Executive Apartments 

-

-


34

4,646


34

4,646

 SpringHill Suites 

26

4,360


-

-


26

4,360

 Protea Hotels 

-

-


28

3,466


28

3,466

 Element 

2

640


11

2,184


13

2,824

 EDITION 

4

1,207


7

1,488


11

2,695

 Moxy 

-

-


5

887


5

887

 TownePlace Suites 

6

825


-

-


6

825

 Tribute Portfolio 

-

-


5

453


5

453

 Bulgari 

-

-


5

442


5

442

 Franchised 

4,926

704,438


777

159,283


5,703

863,721

 Courtyard 

844

112,424


103

19,166


947

131,590

 Fairfield by Marriott 

1,096

102,571


36

6,132


1,132

108,703

 Residence Inn 

761

90,566


19

2,544


780

93,110

 Marriott Hotels 

226

71,450


61

18,073


287

89,523

 Sheraton 

152

46,001


67

18,722


219

64,723

 SpringHill Suites 

484

55,847


-

-


484

55,847

 TownePlace Suites 

465

47,206


-

-


465

47,206

 Autograph Collection 

122

24,331


93

20,175


215

44,506

 Westin 

90

30,484


24

7,353


114

37,837

 Four Points 

162

24,336


61

10,239


223

34,575

 Renaissance 

61

17,514


29

7,781


90

25,295

 Aloft 

142

20,501


22

3,561


164

24,062

 AC Hotels by Marriott 

84

13,867


38

6,968


122

20,835

 Moxy 

26

4,913


69

13,187


95

18,100

 Delta Hotels 

56

12,298


10

2,415


66

14,713

 The Luxury Collection 

10

2,644


51

9,459


61

12,103

 Le Méridien 

22

5,096


17

4,468


39

9,564

 Element 

67

8,898


1

160


68

9,058

 Tribute Portfolio 

35

5,869


21

2,613


56

8,482

 JW Marriott 

14

6,328


9

2,305


23

8,633

 Protea Hotels 

-

-


36

2,949


36

2,949

 Design Hotels 

6

865


8

862


14

1,727

 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 September 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

65

6,925


37

3,013


102

9,938

The Ritz-Carlton Residences

38

4,234


14

1,116


52

5,350

St. Regis Residences

11

1,200


7

598


18

1,798

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

Sheraton Residences

-

-


1

50


1

50

EDITION Residences

2

45


-

-


2

45

Le Méridien Residences

-

-


1

15


1

15

Timeshare*

72

18,839


20

3,862


92

22,701

Grand Total

5,728

956,942


2,164

506,750


7,892

1,463,692










*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 September 30, 2021



US & Canada


Total International


Total Worldwide

Total Systemwide

Units

Rooms


Units

Rooms


Units

Rooms

Luxury

189

52,344


369

86,014


558

138,358

JW Marriott

35

19,040


72

25,900


107

44,940

The Ritz-Carlton

39

11,835


67

16,960


106

28,795

The Ritz-Carlton Residences

38

4,234


14

1,116


52

5,350

The Ritz-Carlton Serviced Apartments

-

-


5

715


5

715

The Luxury Collection1

16

4,940


103

18,616


119

23,556

The Luxury Collection Residences

1

91


3

115


4

206

W Hotels

23

6,695


36

9,994


59

16,689

W Residences

10

1,089


4

359


14

1,448

W Hotels Serviced Apartments

-

-


1

160


1

160

St. Regis

10

1,968


38

8,882


48

10,850

St. Regis Residences

11

1,200


7

598


18

1,798

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

1,021

353,167


986

274,181


2,007

627,348

Marriott Hotels

341

134,058


253

74,700


594

208,758

Marriott Hotels Residences

-

-


2

246


2

246

Marriott Hotels Serviced Apartments

-

-


1

154


1

154

Sheraton

179

69,109


260

84,356


439

153,465

Sheraton Residences

-

-


1

50


1

50

Westin

131

53,407


97

29,578


228

82,985

Westin Residences

3

266


-

-


3

266

Renaissance

86

28,438


88

26,021


174

54,459

Autograph Collection2

130

26,671


115

23,192


245

49,863

Le Méridien

23

5,196


87

24,337


110

29,533

Le Méridien Residences

-

-


1

15


1

15

Delta Hotels

81

19,068


12

2,892


93

21,960

Gaylord Hotels

6

10,220


-

-


6

10,220

Tribute Portfolio

35

5,869


26

3,066


61

8,935

Marriott Executive Apartments

-

-


35

4,712


35

4,712

Design Hotels

6

865


8

862


14

1,727

Limited-Service

4,446

532,592


789

142,693


5,235

675,285

Courtyard

1,032

142,503


211

42,686


1,243

185,189

Fairfield by Marriott

1,103

104,110


86

12,988


1,189

117,098

Residence Inn

838

102,957


28

3,666


866

106,623

SpringHill Suites

510

60,207


-

-


510

60,207

Four Points

163

24,470


139

31,705


302

56,175

TownePlace Suites

471

48,031


-

-


471

48,031

Aloft

143

20,831


62

12,517


205

33,348

AC Hotels by Marriott

91

15,032


107

15,307


198

30,339

Moxy

26

4,913


74

14,074


100

18,987

Element

69

9,538


12

2,344


81

11,882

Protea Hotels

-

-


70

7,406


70

7,406

Timeshare*

72

18,839


20

3,862


92

22,701

Grand Total

5,728

956,942


2,164

506,750


7,892

1,463,692




*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 September 30, 2021 and September 30, 2020



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$133.20

203.7%


53.4%

32.7%

pts.


$249.67

17.5%

The Ritz-Carlton


$254.66

144.3%


55.7%

28.2%

pts.


$457.14

20.7%

W Hotels


$152.07

297.4%


53.0%

35.0%

pts.


$286.81

34.7%

Composite US & Canada Luxury1


$195.98

204.4%


55.0%

33.6%

pts.


$356.59

18.3%

Marriott Hotels


$100.16

345.2%


54.3%

38.1%

pts.


$184.57

32.3%

Sheraton


$100.83

617.5%


53.0%

41.8%

pts.


$190.21

51.3%

Westin


$119.69

336.8%


55.5%

37.1%

pts.


$215.57

44.6%

Composite US & Canada Premium2


$103.64

357.2%


53.8%

38.1%

pts.


$192.52

33.9%

US & Canada Full-Service3


$122.18

293.5%


54.1%

37.2%

pts.


$226.01

23.0%

Courtyard


$83.23

205.2%


63.5%

35.8%

pts.


$131.16

32.9%

Residence Inn


$120.56

89.4%


73.8%

25.6%

pts.


$163.28

23.8%

Composite US & Canada Limited-Service4


$93.06

156.0%


66.1%

33.5%

pts.


$140.71

26.5%

US & Canada - All5


$115.57

258.3%


56.8%

36.3%

pts.


$203.46

29.1%























Comparable Systemwide US & Canada Properties














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



REVPAR


Occupancy


Average Daily Rate

Brand


2021

 vs. 2020


2021

 vs. 2020


2021

 vs. 2020

JW Marriott


$140.74

209.3%


56.6%

34.7%

pts.


$248.47

19.8%

The Ritz-Carlton


$253.78

149.0%


56.1%

29.0%

pts.


$452.14

20.4%

W Hotels