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

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