Marriott International, the global hotel giant, released its key performance data for the full year and fourth quarter ending December 31, 2023: Total revenue for the year increased by 14% year-over-year to $23.7 billion, with a 14.9% growth in Revenue per Available Room (RevPAR) worldwide.
In the fourth quarter, RevPAR worldwide grew by 7%. International markets saw a RevPAR increase of 17.4%, with particularly strong growth in the Asia Pacific and Europe. The Greater China region’s RevPAR in the fourth quarter soared by 80.9% compared to the same period last year, marking the strongest growth among all markets.
Anthony Capuano, President and CEO of the group, stated: “Our team delivered excellent results in 2023, as demand for our industry leading portfolio of properties and offerings around the world continued to grow. Full year global RevPAR1 rose 15 percent, net rooms grew 4.7 percent, and our fee-driven, asset-light business model generated record levels of cash.”
“In the fourth quarter, worldwide RevPAR rose 7 percent. International RevPAR grew 17 percent, with particular strength in Asia Pacific and Europe. In the U.S. & Canada, fourth quarter RevPAR rose over 3 percent. Group revenue at our hotels increased 7 percent compared to the 2022 fourth quarter, driven by solid rate increases. The power of our unparalleled Marriott Bonvoy loyalty program continues to increase, with 196 million members at year end.”
After the earnings report, by the close of February 13th, the group’s stock price fell by about 5.6% from the previous trading day, with a current market value of approximately $69.618 billion.
In 2023, Marriott International signed development agreements for 164,000 rooms worldwide, setting a new historical record. This includes 37,000 rooms in an agreement with MGM Resorts International. The total number of development projects for the year was 3,379, reaching a new high of approximately 573,000 rooms, including over 21,000 rooms that have been approved but not yet contracted. In the past year, Marriott International added nearly 81,300 rooms, a quarter of which came from conversions.
As of December 31, 2023, Marriott International’s key performance data for the full year and fourth quarter of 2023 are as follows:
Based on this, the group has announced its full-year performance outlook for the fiscal year 2024:
| Source: Press Release
| Image Credit: Press Release
| Editor: Liu Jun
