by Donald Wood
Last updated: 9:00 AM ET, Wed May 1, 2024
Marriott International, Inc. reported its first quarter 2024
results, revealing that comparable systemwide constant dollar RevPAR increased
4.2 percent worldwide, 1.5 percent in the United States and Canada, and 11.1
percent in international markets.
The first quarter's reported net income totaled $564
million, compared to $757 million in the year-ago quarter. The adjusted net
income totaled $620 million, compared to $648 million in the first quarter of
2023.
Marriott
added roughly 46,000 net rooms during the quarter, including around 37,000
rooms under its agreement with MGM Resorts International. At the end of the
quarter, the company’s worldwide development pipeline totaled over 3,400
properties and nearly 547,000 rooms.
In addition, more than 202,000 rooms in the pipeline were
under construction to end the quarter.
“We were pleased with our results in the quarter, which
included both excellent net rooms growth and cash generation,” Marriott CEO Anthony
Capuano said. “Worldwide RevPAR grew over four 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,” Capuano continued.
Marriott's
reported operating income totaled $876 million in the first quarter, compared
to the 2023 operating income of $951 million. Adjusted operating income totaled
$952 million, compared to last year’s first-quarter adjusted operating income
of $941 million.
In the 2024 first quarter, worldwide RevPAR increased by 4.2
percent compared to the 2023 first quarter. RevPAR in the U.S. and Canada
increased by 1.5 percent, and RevPAR in international markets increased by 11.1
percent.
Finally, adjusted earnings before interest, taxes,
depreciation, and amortization (EBITDA) totaled $1.14 billion in the 2024 first
quarter.
“Our results in the first quarter highlight the resiliency
of our asset-light business model and the strength of our brands,” Capuano
concluded. “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.”
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