Marriott International Reports First Quarter 2024 Results

• First quarter 2024 comparable systemwide constant dollar RevPAR increased 4.2 percent worldwide, 1.5 percent in the U.S. & Canada, and 11.1 percent in international markets, compared to the 2023 first quarter;
• First quarter reported diluted EPS totaled $1.93, compared to reported diluted EPS of $2.43 in the year-ago quarter. First quarter adjusted diluted EPS totaled $2.13, compared to first quarter 2023 adjusted diluted EPS of $2.09;
• First quarter reported net income totaled $564 million, compared to reported net income of $757 million in the year-ago quarter. First quarter adjusted net income totaled $620 million, compared to first quarter 2023 adjusted net income of $648 million;
• Adjusted EBITDA totaled $1,142 million in the 2024 first quarter, compared to first quarter 2023 adjusted EBITDA of $1,098 million;
• The company added roughly 46,000 net rooms during the quarter, including approximately 37,000 rooms under its agreement with MGM Resorts International;
• At the end of the quarter, Marriott’s worldwide development pipeline totaled over 3,400 properties and nearly 547,000 rooms, including roughly 27,000 pipeline rooms approved, but not yet subject to signed contracts. More than 202,000 rooms in the pipeline were under construction as of the end of the first quarter;
• Marriott repurchased 4.8 million shares of common stock for $1.2 billion in the first quarter. Year to date through April 26, the company has returned $1.7 billion to shareholders through dividends and share repurchases.

View the summary of quarterly highlights.

Marriott International, Inc. (Nasdaq: MAR) today reported first quarter 2024 results.

We were pleased with our results in the quarter, which included both excellent net rooms growth and cash generation. Worldwide RevPAR[1] grew over 4 percent, with gains in both occupancy and ADR. Our international markets were particularly strong, posting RevPAR gains of 11 percent, led by nearly 17 percent year-over-year growth in Asia Pacific excluding China.

In the U.S. & Canada, demand has normalized, with RevPAR increasing 1.5 percent. The group segment was the stand-out in the quarter. Group RevPAR in the region rose nearly 5 percent year-over-year, with growth in both rate and occupancy.

In February we celebrated the fifth anniversary of Marriott Bonvoy, our powerful, award-winning travel and loyalty program. With our steadfast focus on growing our membership base and enhancing engagement with our members both on and off property, the program now boasts around 203 million global members and remains a key competitive advantage.

We are excited about the launch of MGM Collection with Marriott Bonvoy during the quarter, which added nearly 37,000 rooms to our system from our strategic agreement with MGM Resorts International. We have seen outstanding initial booking pace and loyalty point redemptions across the collection.

Our results in the first quarter highlight the resiliency of our asset-light business model and the strength of our brands. We are raising our full year earnings guidance and now expect to return between $4.2 billion to $4.4 billion to shareholders in 2024. Anthony Capuano, President and Chief Executive Officer

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