Marriott International, Inc. reported fourth-quarter and full-year 2024 outcomes. Highlights embody:

• Fourth quarter 2024 RevPAR elevated 5 % worldwide, with 4.1 % development in america and Canada and seven.2 % development in worldwide markets
• Fourth quarter reported diluted EPS totaled $1.63 and adjusted diluted EPS totaled $2.45
• Fourth quarter reported internet revenue totaled $455 million and adjusted internet revenue totaled $686 million
• Fourth quarter adjusted EBITDA totaled $1,286 million
• With report gross room additions of over 123,000 in 2024, internet rooms grew 6.8 % from year-end 2023
• On the finish of the yr, Marriott’s worldwide improvement pipeline totaled practically 3,800 properties and over 577,000 rooms
• The corporate returned over $4.4 billion to shareholders by means of dividends and share repurchases in 2024

Anthony Capuano, president and CEO, mentioned, “Marriott achieved wonderful ends in 2024, as we delivered best-in-class experiences that helped drive robust demand for our industry-leading portfolio of manufacturers. Full-year world RevPAR rose 4.3 % and, with report gross room additions of over 123,000, internet rooms grew 6.8 % to over 1.7 million rooms worldwide at year-end.

“Within the fourth quarter, worldwide RevPAR rose 5 %, pushed by good points in each ADR and occupancy. Worldwide RevPAR elevated by greater than 7 %, with APEC and EMEA main the way in which and benefiting from robust leisure demand. RevPAR in america and Canada rose greater than 4 %, the area’s highest RevPAR improve of the yr, with all buyer segments rising versus the prior-year quarter.

“2024 was a terrific yr for our improvement staff. The corporate signed a report variety of new offers, and our industry-leading improvement pipeline reached over 577,000 rooms on the finish of the yr. For the total yr, conversions represented greater than one-third of our rooms signings and over half of our room additions.

“We continued to reinforce our portfolio to ship new journey experiences to our company world wide. We superior our presence within the midscale section with the opening of 28 4 Factors Flex inns throughout EMEA and APEC and the debut of the Metropolis Specific by Marriott model in america and Canada. We additionally strengthened our non-traditional choices with founding offers within the out of doors lodging section with key gamers Postcard Cabins and Trailborn.

“Trying forward, I’m extremely optimistic about Marriott’s future. With our unparalleled world rooms distribution and model portfolio, main loyalty program with practically 228 million Marriott Bonvoy members, and our devoted associates, I imagine Marriott is well-positioned to benefit from the continued momentum in journey. With our highly effective, cash-generating asset-light enterprise mannequin, we sit up for delivering robust, precious development as we proceed to attach individuals world wide by means of the ability of journey.”

Fourth Quarter 2024 Outcomes

Base administration and franchise charges totaled $1,128 million within the 2024 fourth quarter, a ten % improve in comparison with base administration and franchise charges of $1,026 million within the year-ago quarter. The rise is primarily attributable to RevPAR will increase and unit development, in addition to increased residential and co-branded bank card charges.

Incentive administration charges totaled $206 million within the 2024 fourth quarter, in comparison with $218 million within the 2023 fourth quarter, with development in APEC offset by declines in United States and Canada and Higher China.

Owned, leased, and different income, internet of direct bills, totaled $100 million within the 2024 fourth quarter, in comparison with $151 million within the 2023 fourth quarter. The lower was primarily pushed by a $63 million termination payment associated to a improvement undertaking within the year-ago quarter.

Normal, administrative, and different bills for the 2024 fourth quarter totaled $289 million in comparison with $330 million within the year-ago quarter. The year-over-year decline largely displays decrease administrative, dangerous debt, and litigation bills.

Curiosity expense, internet, totaled $170 million within the 2024 fourth quarter, in comparison with $144 million within the year-ago quarter. The rise was largely attributable to increased curiosity expense related to increased debt balances.

Within the 2024 fourth quarter, the supply for revenue taxes totaled a $143 million expense in comparison with a $267 million profit within the 2023 fourth quarter. The unfavorable year-over-year change is primarily attributable to 2023 fourth quarter worldwide mental property transactions leading to $228 million of advantages and a $223 million launch of a tax valuation allowance within the year-ago quarter.

Marriott’s reported working revenue totaled $752 million within the 2024 fourth quarter, in comparison with 2023 fourth quarter reported working revenue of $718 million. Reported internet revenue totaled $455 million within the 2024 fourth quarter, in comparison with 2023 fourth quarter reported internet revenue of $848 million. Reported diluted earnings per share (EPS) totaled $1.63 within the quarter, in comparison with reported diluted EPS of $2.87 within the year-ago quarter.

Adjusted working revenue within the 2024 fourth quarter totaled $1,072 million, in comparison with 2023 fourth quarter adjusted working revenue of $992 million. Fourth quarter 2024 adjusted internet revenue totaled $686 million, in comparison with 2023 fourth quarter adjusted internet revenue of $1,055 million. Adjusted diluted EPS within the 2024 fourth quarter totaled $2.45, in comparison with adjusted diluted EPS of $3.57 within the year-ago quarter.

Adjusted outcomes excluded price reimbursement income, reimbursed bills, restructuring and merger-related prices and acquire on asset tendencies. See the press launch schedules for the calculation of adjusted outcomes and the way wherein the adjusted measures are decided on this press launch.

Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) totaled $1,286 million within the 2024 fourth quarter, a 7 % improve in comparison with the fourth quarter of 2023 adjusted EBITDA of $1,197 million.

Full Yr 2024 EPS Outcomes

Full-year 2024 reported diluted EPS totaled $8.33, in comparison with reported diluted EPS of $10.18 in 2023. Full-year 2024 adjusted diluted EPS totaled $9.33, in comparison with adjusted diluted EPS of $9.99 in 2023. Reported and adjusted ends in 2024 included a $19 million ($14 million after-tax and $0.05 per share) assure reserve for a U.S. lodge, which was negotiated in reference to the Starwood acquisition. Reported and adjusted ends in 2023 included a $63 million ($47 million after‐tax and $0.15 per share) termination payment associated to a improvement undertaking, $228 million ($0.75 per share) of tax advantages from worldwide mental property transactions, and a $223 million ($0.73 per share) favorable impression from the discharge of a tax valuation allowance.

Chosen Efficiency Info

Internet rooms grew 6.8 % from year-end 2023, as the corporate added roughly 109,000 internet rooms globally throughout 2024, together with greater than 45,000 internet rooms in worldwide markets. On the finish of the yr, Marriott’s world system totaled over 9,300 properties, with roughly 1,706,000 rooms.

On the finish of the yr, the corporate’s worldwide improvement pipeline totaled 3,766 properties with over 577,000 rooms, together with 175 properties with roughly 29,000 rooms permitted for improvement, however not but topic to signed contracts. The year-end pipeline included 1,381 properties with over 229,000 rooms below building, together with inns which can be within the technique of changing to its system. Fifty-five % of rooms within the year-end pipeline are in worldwide markets.

Within the 2024 fourth quarter, worldwide RevPAR elevated 5 % (a 5 % improve utilizing precise {dollars}) in comparison with the 2023 fourth quarter. RevPAR in america and Canada elevated 4.1 % (a 4 % improve utilizing precise {dollars}), and RevPAR in worldwide markets elevated 7.2 % (a 7.1 % improve utilizing precise {dollars}).

Steadiness Sheet & Frequent Inventory

At year-end 2024, Marriott’s whole debt was $14.4 billion and money and equivalents totaled $0.4 billion, in comparison with $11.9 billion in debt and $0.3 billion of money and equivalents at year-end 2023.

The corporate repurchased 2.0 million shares of frequent inventory within the 2024 fourth quarter for $0.5 billion. For full-year 2024, Marriott repurchased 15.4 million shares for $3.7 billion. Yr thus far by means of Feb. 7, 2025, the corporate has repurchased 1.2 million shares for $350 million.