Marriott International Reports Third Quarter 2023 Results

• Third quarter 2023 comparable systemwide constant dollar RevPAR increased 8.8 percent worldwide, 4.3 percent in the U.S. & Canada, and 21.8 percent in international markets, compared to the 2022 third quarter;
• Third quarter reported diluted EPS totaled $2.51, compared to reported diluted EPS of $1.94 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $2.11, compared to third quarter 2022 adjusted diluted EPS of $1.69;
• Third quarter reported net income totaled $752 million, compared to reported net income of $630 million in the year-ago quarter. Third quarter adjusted net income totaled $634 million, compared to third quarter 2022 adjusted net income of $551 million;
• Adjusted EBITDA totaled $1,142 million in the 2023 third quarter, compared to third quarter 2022 adjusted EBITDA of $985 million;
• The company added approximately 17,200 rooms globally during the third quarter, including roughly 13,000 rooms in international markets and more than 4,900 conversion rooms;
• At the end of the quarter, Marriott’s worldwide development pipeline totaled more than 3,200 properties and nearly 557,000 rooms, including roughly 40,300 of pipeline rooms approved, but not yet subject to signed contracts. Approximately 238,000 rooms in the pipeline were under construction as of the end of the third quarter;
• Marriott repurchased 4.8 million shares of common stock for $950 million during the third quarter. Year to date through October 31, the company has returned $3.7 billion to shareholders through dividends and share repurchases.

Marriott International, Inc. (NASDAQ: MAR) today reported third quarter 2023 results.

We are extremely pleased with our results in the quarter. Worldwide RevPAR^[1] grew 9 percent year over year, reflecting robust demand around the world. International RevPAR increased 22 percent, with particular strength in Asia Pacific. Both occupancy and rate contributed to global RevPAR gains in the third quarter, and cross-border travel continued to rise.

In the U.S. & Canada, RevPAR rose more than 4 percent, with many urban markets showing outsized growth. Group and business transient saw mid-single digit hotel revenue gains in the quarter, largely driven by rate increases. Leisure transient demand in the region has also remained solid, leading to 4 percent hotel revenue growth for the segment compared to the year-ago quarter.

Given the meaningful benefits we deliver to owners, demand for our brands remains strong. Through the first three quarters of 2023, we’ve signed more than 100,000 organic rooms, including the MGM Resorts International deal, an impressive 60 percent increase compared to the same period last year. Even with 5 percent net rooms growth in the last four quarters, our development pipeline continues to grow. Of our record 557,000-room pipeline, 43 percent is under construction.

With continued momentum in our business around the world, we are raising our full year 2023 worldwide RevPAR growth guidance to 14 to 15 percent year over year and expect to return $4.3 billion to $4.5 billion to shareholders through share repurchases and dividends. Anthony Capuano, President and Chief Executive Officer

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