Marriott International Reports Strong Growth and Performance in 2024 Financial Results
Marriott International Reports Strong Growth and Performance in 2024 Financial Results
Overview
Marriott International, Inc. has announced its results for the fourth quarter and full year of 2024, revealing a robust performance driven by a rise in demand across its portfolio. For the fourth quarter, the company recorded a worldwide revenue per available room (RevPAR) growth of 5%, showcasing positive trends both in the U.S. & Canada and international markets. This follows an overall upward trend in hotel demand, accentuated by an increase in average daily rates (ADR) and occupancy rates globally.
Financial Highlights
- - Revenue Performance: The reported diluted earnings per share (EPS) for the fourth quarter stood at $1.63, while the adjusted diluted EPS reached $2.45. The company's total net income for the quarter was $455 million, with an adjusted net income of $686 million, marking significant financial stability.
- - RevPAR Growth: The global RevPAR for the full year increased by 4.3%, with notable contributions from international markets, particularly in the Asia-Pacific region and Europe, which saw RevPAR rises of over 7%.
- - Room Additions: Marriott's expansion strategies are evident as the company recorded its highest gross room additions to date, exceeding 123,000 in 2024. This brought the total number of rooms to over 1.7 million, reflecting an overall net room growth of 6.8% from the previous year.
- - Shareholder Returns: In 2024, Marriott returned over $4.4 billion to its shareholders through dividends and share repurchase programs, emphasizing its commitment to providing value to its investors.
Insights from Marriott’s CEO
Anthony Capuano, President and CEO, stated, "Marriott achieved excellent results in 2024, driven by strong demand for our extensive portfolio of brands. Our continued focus on enhancing guest experiences has positioned us for sustainable growth moving forward." He expressed optimism about future prospects, highlighting the power of Marriott Bonvoy’s loyalty program with nearly 228 million members.
Development Pipeline
Marriott's commitment to growth is exemplified by its worldwide development pipeline, which currently includes around 3,800 properties and more than 577,000 rooms. The year also marked a record number of new deals signed by the development team, with conversions making up over one-third of room signings and contributing significantly to room additions.
Looking Ahead
Looking forward to 2025 and beyond, Marriott projects continued robust growth in RevPAR, with expectations of a 2-4% increase in comparable systemwide constant dollar RevPAR. The company anticipates a growth in net rooms of approximately 4-5% by the end of 2025, underlining its proactive approach to capitalize on the recovering travel industry.
Conclusion
Marriott International's impressive financial results for 2024 serve as a powerful indicator of its effective operational strategy and resilience amid the evolving challenges in the hospitality sector. With a strong commitment to growth and innovation, Marriott is well-positioned to continue delivering exceptional experiences for travelers globally.
For additional details and specific financial statements, please visit Marriott’s Investor Relations.
Topics Travel）
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