Marriott International, Inc. released its first quarter 2024 results, showcasing significant growth in comparable systemwide constant dollar Revenue Per Available Room (RevPAR). Worldwide, RevPAR increased by 4.2 percent, with a notable 1.5 percent growth in the United States and Canada, and an impressive 11.1 percent surge in international markets.
The reported net income for the quarter totaled $564 million, compared to $757 million in the previous year’s quarter. Adjusted net income stood at $620 million, slightly down from $648 million in the first quarter of 2023.
Marriott expanded its portfolio by approximately 46,000 net rooms during the quarter, including around 37,000 rooms under its agreement with MGM Resorts International. As of the quarter’s end, the company’s worldwide development pipeline comprised over 3,400 properties and nearly 547,000 rooms, with more than 202,000 rooms under construction.
Marriott’s CEO, Anthony Capuano, expressed satisfaction with the quarter’s results, highlighting strong net room growth and cash generation. He noted that worldwide RevPAR grew over four percent, driven by improvements in both occupancy and Average Daily Rate (ADR). Particularly noteworthy were the robust RevPAR gains of 11 percent in international markets, led by impressive growth of nearly 17 percent in Asia Pacific excluding China.
Reported operating income for the first quarter totaled $876 million, slightly lower than the previous year’s figure of $951 million. However, adjusted operating income increased to $952 million from $941 million in the first quarter of 2023.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $1.14 billion in the 2024 first quarter, underscoring the resilience of Marriott’s asset-light business model and the strength of its brands.
Capuano concluded on an optimistic note, stating, “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.”
