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Earnings Call Summary | Marriott International(MAR.US) Q1 2024 Earnings Conference

Futu News ·  May 2 00:49  · Conference Call

The following is a summary of the Marriott International, Inc. (MAR) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Marriott reported Q1 global RevPAR growth of 4.2% and occupancy of nearly 66%, up 100 basis points year-over-year.

  • Group, leisure transient, and business transient RevPAR grew in Q1 with increases of 6%, 4%, and 1% respectively.

  • Total gross fee revenues rose 7% to $1.21 billion and adjusted EBITDA grew 4% to approximately $1.14 billion in Q1.

  • Expectations of steady demand, strong international performance, and rooms growth have led to a raise in the full year 2024 guidance.

  • A 13% growth in the tracking of group pace for 2025 has been reported, due to a 7% rise in definite rooms and a 5% increase in Average Daily Rate (ADR).

  • There was a 9% increase in the pipeline year-on-year for Q1 2024 compared to Q1 2023, excluding MGM.

Business Progress:

  • The company reported significant progress in the digital and technology transformation of their major systems.

  • Marriott Bonvoy added 7 million members during Q1, reaching approximately 203 million members at the end of March.

  • An additional 46,000 net rooms were added in Q1, marking a distribution growth of 7.1%.

  • Developer interest is reported across new midscale brands including City Express by Marriott, Four Points Express, and StudioRes, with deals in progress across various regions.

  • Q1 saw a 25% year-on-year uptick in US construction starts and the company anticipates gains in occupancy and rates for the full year.

  • Plans are underway for the launch of new midscale brands aimed at boosting future conversion rates.

  • Marriott continues to invest in capital improvement for select properties and plans to sell and renovate the Sheraton Grand Chicago hotel in partnership with a new owner.

More details: Marriott International IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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