Marriott Q4 net income hits $848m

Marriott has revealed that its Q4 net incomes hit $848m (£675m), up from $673m (£536m) the previous year, boosted by a strong performance in its international properties. 

The news comes as RevPAR at the group increased 7.2% during the fourth quarter of 2023, increasing 17.4% in international markets compared with the same period in the prior year. 

In addition, the group’s adjusted EBITDA totaled $1.19m (£950m) in the latest Q4, which increased from the $1.09m (£870m) reported in the previous fourth quarter. 

The news comes as Marriott added nearly 81,300 rooms globally during the span of 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in the international markets. 

Marriott’s room-growing activity increased its net rooms total by 4.7% from year-end 2022. 

By the end of 2023, the group’s worldwide development pipeline totaled almost 3,400 properties and roughly 573,000 rooms, including over 21,000 pipeline rooms approved but not yet subject to signed contracts.  

Meanwhile, more than 232,000 rooms in the pipeline were under construction as of the end of 2023.

Anthony Capuano, president and CEO of Marriott, said: “Our team delivered excellent results in 2023, as demand for our industry leading portfolio of properties and offerings around the world continued to grow. 

“We’ve continued to leverage our global portfolio and have expanded our co-brand credit card offerings, with 31 cards now across 11 countries. In 2023, global card spend increased a remarkable 11% over the prior year.”

He added: “In 2024, we expect another year of solid growth and significant shareholder returns. With normalising RevPAR growth around the world, we anticipate a worldwide full year RevPAR increase of 3% to 5% and net rooms growth of 5.5% to 6%. We expect this should yield adjusted EBITDA of approximately $4.9bn (£3.9bn) to $5bn (£3.98bn) for the year.”