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Marriott has reported strong financial results for the fourth quarter following its acquisition of Starwood, calling it a “terrific year”.
Although net income decreased, fourth quarter 2017 adjusted net income was $415m (£332m), a 24% increase on 2016.
It also reported Worldwide comparable systemwide constant dollar RevPAR rose 4.6% in the quarter, while North American comparable systemwide constant dollar RevPAR rose 3.9%.
Adjusted earnings before interest, taxes, depreciation and amortisation in the fourth quarter hit $808m (£646m), a 7% increase.
Arne Sorenson, president and CEO, said: “We made great progress on the integration of Starwood, capturing significant property and corporate overhead cost synergies while also increasing our worldwide RevPAR index.
“We entered into a joint venture with Alibaba to better engage with Chinese customers and invested in PlacePass to provide our guests with even more experiential travel opportunities.
“We also signed strategic new credit card agreements that will allow us to strengthen our customer offerings, generate significant benefits for our owners and franchisees, and provide higher branding fees for Marriott.”
In the first full year after acquiring Starwood, the hotel brand opened over 76,000 rooms during the year to reach over 1.25 million rooms.
Additionally Marriott’s development pipeline rose to a record 460,000 rooms, over 80% of which are in the upscale, upper upscale or luxury tiers.
