Marriott Intl Inc Stock Price, News & Analysis

The Ritz-Carlton Golf Resort in Naples has been renamed to The Ritz-Carlton Naples, Tiburón, marking a new era with significant enhancements planned. Guests can expect a new restaurant concept inspired by an American brasserie to open in late 2023, alongside a major renovation of guestrooms scheduled for 2024. The resort's design will feature elements reflecting Florida's natural beauty. Additionally, a new signature scent, 'Swaying Palms,' will enhance the guest experience. Exterior renovations are set to complete by February 2023.

Leeny Oberg, CFO of Marriott International, will present at the Barclays 2022 Eat, Sleep, Play Conference on November 30, 2022, at 8:45 a.m. ET in New York. The event will be webcast live, accessible through Marriott's investor relations website (Marriott.com/Investor). The webcast will remain available until December 30, 2022. Marriott International operates nearly 8,200 properties globally, offering a diverse range of brands and the highly awarded Marriott Bonvoy® travel program.

Marriott International (NASDAQ: MAR) declared a quarterly cash dividend of 40 cents per share, up 33% from the previous 30 cents. This dividend reflects the company's strong earnings growth and cash generation, payable on December 30, 2022.

In addition, Marriott has increased its share buyback authorization by 25 million shares, totaling approximately 30.8 million shares. Year-to-date, the company repurchased 11.6 million shares for $1.8 billion.

Marriott International announces the launch of Apartments by Marriott Bonvoy, expanding its offerings in response to growing demand for apartment-style accommodations. This new initiative targets travelers seeking more space and amenities for work and leisure trips. Built on 26 years of experience, the apartments will feature separate living areas, full kitchens, and residential amenities while maintaining a premium brand image. This expansion aims to enhance Marriott's global portfolio and increase customer loyalty, leveraging its well-established distribution platform.

The Ritz-Carlton, South Beach is celebrating 70 years of the Morris Lapidus property through its Art For Good program during Miami Art Week 2022. Highlighting local artists, the program features an immersive concert on November 29, including performances by the Miami Symphony Orchestra and Miami City Ballet. Unique 3D printed sonic sculptures by MONAD Studio will be showcased, with all auction proceeds benefiting local arts organizations. This initiative underscores the hotel’s commitment to community engagement and the arts.

Marriott's Q3 2022 results show significant growth with a 36.3% increase in comparable systemwide constant dollar RevPAR globally compared to Q3 2021. The reported diluted EPS rose to $1.94, up from $0.67 in the previous year. Net income reached $630 million, a notable increase from $220 million in Q3 2021. The company added 14,000 rooms worldwide and returned $1.9 billion to shareholders year-to-date. The development pipeline includes over 3,000 properties. Upcoming expectations suggest continued demand growth, with global RevPAR projected to increase by 2% to 4% compared to 2019.

Marriott International has signed an agreement with AB Living to develop The St. Regis Costa Mujeres Resort in Mexico, expected to open in early 2025. This expansion underscores Marriott's commitment to growing its luxury St. Regis brand in prime leisure destinations. The resort will feature 158 guest rooms, 80 branded residential units, and a variety of amenities including dining options and a beach club. Located on a 3.5-hectare site, the resort aims to attract guests looking for upscale hospitality in the scenic Costa Mujeres area, near Cancun.

The Ritz-Carlton, South Beach, and Bal Harbour have appointed Brigette Bienvenu as the new Market Director of Sales and Marketing. Bienvenu, with over 20 years in hospitality, will lead the Sales and Marketing teams at both luxurious locations. Her career highlights include awards from Hilton for excellence in team performance. She aims to enhance both hotels' standings in the luxury market while providing exceptional service to guests. Previously, she served as Director of Sales and Marketing at W Hotels, bringing valuable experience to her new role.

Marriott International (NASDAQ: MAR) announced its agreement to acquire the City Express brand portfolio from Hoteles City Express for $100 million. This acquisition will add 152 hotels and 17,356 rooms to Marriott's portfolio in Latin America, enhancing its presence by 45% to 486 properties across 37 countries. The move marks Marriott's entry into the affordable midscale segment, which is anticipated to fuel growth and development in the region. The transaction is expected to close in H1 2023, pending approvals.