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Marriott is benefiting from the renewed dynamism in its sector. The hotel group has posted a good performance in the last quarter of 2022, exceeding analysts’ forecasts.
A nice Valentine’s Day for Marriott. Thanks to strong leisure demand, the hotel group yesterday, Feb. 14, posted rising earnings in the final quarter of 2022 that beat Wall Street estimates. “Our performance in 2022 was terrific”, said Anthony Capuano, Marriott International’s CEO. “Just two years after experiencing the steepest downturn in our company’s history, we have delivered record financial results.”
As a result, the hotel group reported operating income up 57 percent to about $996 million in the fourth quarter of 2022. Adjusted net income thus grew 54% to $673 million.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up 47% to $1,090 million in Q4 2022. In the fourth quarter of 2022, global RevPAR (revenue per available room) increased 28.8%. It grew 23.6% in the U.S. and Canada, and 45.1% in international markets.
An expanding group
The U.S. group boosted its global lodging portfolio in 2022 with the addition of more than 65,000 rooms, including approximately 40,000 rooms in international markets (outside the U.S.). During the fourth quarter of 2022, the company added 145 properties (22,589 rooms). Of those, there were nearly 6,900 rooms converted from competing brands and approximately 16,700 rooms in international markets. By the end of 2022, Marriott’s global lodging system had nearly 8,300 properties, with more than 1,525,000 rooms.
By the end of 2022, the company’s global development pipeline totaled 3,028 properties with more than 496,000 rooms, including 1,009 properties with approximately 199,000 rooms under construction, or 40% of the pipeline. For the full year 2022, Marriott repurchased 16.8 million shares of common stock for $2.6 billion, including 8.7 million shares for $1.4 billion in the fourth quarter.
Management change
The group will need to continue its strong momentum under new leadership. Marriott’s board of directors has named current CEO Anthony Capuano as president and CEO, effective Feb. 24, 2023. He will replace Stephanie Linnartz, Marriott’s current President, who announced last December that she would be leaving, for Under Armour, as CEO.
Positive outlook
According to the group, first-quarter 2023 results should benefit strongly from comparison with the same period in 2022, which was impacted by the emergence of an Omicron variant that depressed lodging demand.
The rest of the year is more unclear. “As we look ahead to the full year 2023, there is significant uncertainty regarding global economic growth”, Antony Capuano said on the conference call. “Nonetheless, the company expects global RevPAR to increase year-over-year, even if the global economy slows in the second half of 2023”, he added.
At almost the halfway point of the quarter, global booking trends remain robust. In January, global RevPAR was up 51.6 percent year-over-year.
Read also >Hotels: the Marriott group has accelerated its growth in 2022
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Marriott is benefiting from the renewed dynamism in its sector. The hotel group has posted a good performance in the last quarter of 2022, exceeding analysts’ forecasts.
A nice Valentine’s Day for Marriott. Thanks to strong leisure demand, the hotel group yesterday, Feb. 14, posted rising earnings in the final quarter of 2022 that beat Wall Street estimates. “Our performance in 2022 was terrific”, said Anthony Capuano, Marriott International’s CEO. “Just two years after experiencing the steepest downturn in our company’s history, we have delivered record financial results.”
As a result, the hotel group reported operating income up 57 percent to about $996 million in the fourth quarter of 2022. Adjusted net income thus grew 54% to $673 million.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up 47% to $1,090 million in Q4 2022. In the fourth quarter of 2022, global RevPAR (revenue per available room) increased 28.8%. It grew 23.6% in the U.S. and Canada, and 45.1% in international markets.
An expanding group
The U.S. group boosted its global lodging portfolio in 2022 with the addition of more than 65,000 rooms, including approximately 40,000 rooms in international markets (outside the U.S.). During the fourth quarter of 2022, the company added 145 properties (22,589 rooms). Of those, there were nearly 6,900 rooms converted from competing brands and approximately 16,700 rooms in international markets. By the end of 2022, Marriott’s global lodging system had nearly 8,300 properties, with more than 1,525,000 rooms.
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Marriott is benefiting from the renewed dynamism in its sector. The hotel group has posted a good performance in the last quarter of 2022, exceeding analysts’ forecasts.
A nice Valentine’s Day for Marriott. Thanks to strong leisure demand, the hotel group yesterday, Feb. 14, posted rising earnings in the final quarter of 2022 that beat Wall Street estimates. “Our performance in 2022 was terrific”, said Anthony Capuano, Marriott International’s CEO. “Just two years after experiencing the steepest downturn in our company’s history, we have delivered record financial results.”
As a result, the hotel group reported operating income up 57 percent to about $996 million in the fourth quarter of 2022. Adjusted net income thus grew 54% to $673 million.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was up 47% to $1,090 million in Q4 2022. In the fourth quarter of 2022, global RevPAR (revenue per available room) increased 28.8%. It grew 23.6% in the U.S. and Canada, and 45.1% in international markets.
An expanding group
The U.S. group boosted its global lodging portfolio in 2022 with the addition of more than 65,000 rooms, including approximately 40,000 rooms in international markets (outside the U.S.). During the fourth quarter of 2022, the company added 145 properties (22,589 rooms). Of those, there were nearly 6,900 rooms converted from competing brands and approximately 16,700 rooms in international markets. By the end of 2022, Marriott’s global lodging system had nearly 8,300 properties, with more than 1,525,000 rooms.
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