On February 13, local time in the United States, Marriott International, Inc. (Nasdaq: MAR, hereinafter referred to as “Marriott”) disclosed its performance report for the fourth quarter and full year of 2023. Financial data shows that in the fourth quarter of 2023, Marriott’s total revenue was approximately US$6.095 billion, a year-on-year increase of 3%; net profit was approximately US$848 million, a year-on-year increase of 26%; adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was approximately 11.97 billion, a year-on-year increase of 9.8%.
From the perspective of revenue composition, Marriott’s basic management fee income in the fourth quarter of 2023 was approximately US$321 million, a year-on-year increase of 112%; franchise fee income was approximately US$705 million, a year-on-year increase of 7%; self-owned, leasing and other income was approximately US$455 million US dollars, a year-on-year increase of 15%.
Marriott CEO Anthony Capuano noted in the earnings report: “RevPAR (revenue per available room) at global Marriott hotels increased 7% in the fourth quarter of 2023; RevPAR at international hotels increased 17%, particularly strong in Asia Pacific and Europe.”
According to data disclosed by Marriott, in the fourth quarter of 2023, the RevPAR of Marriott’s comparable hotels worldwide was US$121.06, a year-on-year increase of 7.2%; the occupancy rate was 67%, a year-on-year increase of 2.6 percentage points; the ADR (average daily room rate) was 180.69 U.S. dollars, up 3% year-on-year.
It is worth noting that the growth rate of accommodation industry indicators in Greater China far exceeds that of other regions: RevPAR in the fourth quarter of 2023 was US$80.49, the highest year-on-year increase of 80.9%, compared with 13.3 in the Asia-Pacific region (excluding China) with the second highest RevPAR increase % is 67.6 percentage points higher. At the same time, the occupancy rate in Greater China was 68%, a year-on-year increase of 22.3 percentage points; the ADR was US$118.36, a year-on-year increase of 21.4%.
For the whole year, Marriott’s RevPAR of comparable hotels worldwide was US$124.7, a year-on-year increase of 14.9%; the occupancy rate was 69.2%, a year-on-year increase of 5.5 percentage points; ADR was US$180.24, a year-on-year increase of 5.8%. The growth rate of accommodation industry indicators for hotels in Greater China also far exceeded that of other regions: RevPAR was US$82.77, a year-on-year increase of 78.6%; occupancy rate was 67.9%, a year-on-year increase of 22.2 percentage points; ADR was US$121.91, a year-on-year increase of 20.2%.
In terms of financial data, for the whole year of 2023, Marriott’s total revenue was approximately US$23.713 billion, a year-on-year increase of 14%; net profit was approximately US$3.083 billion, a year-on-year increase of 31%.
Anthony Capuano said: “We delivered outstanding results in 2023 as demand for our global industry-leading portfolio of properties and products continues to grow. Our fee-driven, asset-light business model generated record Cash levels.”
Data disclosed by Marriott shows that as of the end of 2023, total debt was US$11.9 billion, and total cash and cash equivalents were US$300 million.
For the full year of 2023, Marriott added nearly 81,300 new rooms globally, a year-on-year net increase of 4.7%. As of the end of 2023, Marriott has a total of 8,515 hotels around the world; there are a total of approximately 573,000 rooms in the global hotel construction plan, of which 232,000 rooms are under construction.
Post time: May-14-2024
