Marriott International (MAR) reports developments across a global lodging portfolio that spans luxury, premium, select, midscale, extended stay and all-inclusive brands. The company franchises, operates and licenses hotel, residential, timeshare, yacht, outdoor and other lodging products, and supports its brands through the Marriott Bonvoy travel platform.
Recurring news includes earnings releases, dividend actions, hotel openings, brand conversions, management agreements, regional development activity and executive appearances at lodging and leisure industry events. Updates also cover brand-specific expansion such as W Hotels and St. Regis, as well as growth across markets including the Caribbean, Latin America, Italy and Hawai'i.
Marriott Bonvoy's longer stay brands, including Element Hotels, Residence Inn, and TownePlace Suites, announced new openings, enhancing options for travelers. The initiative aims to offer spacious and comfortable extended stays, emphasizing amenities like in-room kitchens and business centers. With nearly 1,400 hotels globally, these brands represent 30% of the extended stay market, supported by a pipeline of 575 additional properties. Promotions include savings for extended stays and grocery gift cards for longer bookings. This strategy targets travelers blending business and leisure.
The new Austin Marriott Downtown opens, aiming to enhance hospitality in downtown Austin with modern design and amenities, inspired by local culture. This 31-story hotel features 613 guest rooms, including 25 suites, maximizing views of the city and Lady Bird Lake. Notable dining options include Zanzibar, a rooftop bar, and Corinne, a restaurant serving regional classics. The hotel offers 60,000 square feet of flexible meeting space, adhering to health safety protocols. A grand opening offer includes 15% off room rates through May 30.
Marriott International (NASDAQ: MAR) announced the launch of its Vaccination Care Program, incentivizing U.S. and Canadian associates at managed properties with a four-hour pay equivalent for COVID-19 vaccinations. The initiative aims to promote vaccination among employees and alleviate barriers to getting vaccinated. While vaccination is encouraged, it is not mandatory. The company believes that widespread vaccination, alongside stringent health protocols, will bolster consumer confidence in travel, aiding the industry's recovery.
The J. Willard and Alice S. Marriott Foundation, alongside Howard University, has established the Marriott-Sorenson Center for Hospitality Leadership in honor of late CEO Arne Sorenson. This initiative is supported by a $20 million endowment from the foundation and aims to cultivate diverse leadership in the hospitality industry. Additionally, the Arne M. Sorenson Hospitality Fund has been created with an initial $1 million donation from Marriott, inviting further contributions to enhance educational and career opportunities for students at Howard University.
Marriott International has appointed Anthony Capuano as CEO and Stephanie Linnartz as President, following the passing of former CEO Arne Sorenson on February 15, 2021. Capuano, who was previously Group President of Global Development, has contributed significantly to Marriott's expansion, growing its portfolio from over 3,200 to more than 7,600 properties from 2009 to 2020. Linnartz, former Group President of Consumer Operations, will spearhead marketing and customer engagement strategies. Together, they aim to navigate the challenges posed by the COVID-19 pandemic and drive future growth.
Marriott reported a 64.1% decline in fourth quarter 2020 RevPAR globally, a stark contrast to pre-pandemic results. The company posted a net loss of $164 million, a significant downturn from a $279 million profit the previous year. Adjusted diluted EPS stood at $0.12, down from $1.51 in 2019. Despite challenges, Marriott added nearly 63,000 rooms in 2020 and maintains a robust development pipeline of 498,000 rooms. Its net liquidity reached approximately $4.4 billion, reflecting ongoing efforts to manage costs during the pandemic.
Marriott International announced with deep sadness the unexpected passing of Arne M. Sorenson, the company's President and CEO, on February 15, 2021. Sorenson, who had been diagnosed with pancreatic cancer in May 2019, had temporarily reduced his schedule for treatment earlier in February 2021. Known for his visionary leadership, he played a critical role in Marriott's impressive growth, including the $13 billion acquisition of Starwood Hotels. Following his departure, Stephanie Linnartz and Tony Capuano are overseeing day-to-day operations until a new CEO is appointed.
Marriott International (NASDAQ: MAR) has announced a significant expansion of its all-inclusive portfolio through a long-term agreement with Blue Diamond Resorts. This partnership will add 19 new franchised resorts, totaling nearly 7,000 rooms, by 2025, doubling Marriott's all-inclusive properties to 33. The majority of these will be converted into Marriott's Autograph Collection by mid-2021. The agreement reflects Marriott's commitment to growth in leisure travel and expands its offerings to the 145 million Marriott Bonvoy members.
W Hotels Worldwide, a division of Marriott International, opened its first luxury lifestyle hotel in Melbourne on February 4, 2021. Located at 408 Flinders Lane, W Melbourne showcases the city's rich culture with its unique design and vibrant atmosphere. The hotel features 294 guest rooms and 29 suites inspired by Melbourne's history, along with eclectic dining options led by renowned chefs. The property also boasts extensive event spaces, including the grand GREAT ROOM. This opening marks W's second hotel in Australia, aiming to redefine the luxury hotel experience in the region.
Marriott Bonvoy plans to open several select-service hotels in popular leisure destinations in 2021, responding to increased travel demand. Key openings include Moxy Miami South Beach, Aloft Tulum, AC Hotel by Marriott Maui Wailea, Residence Inn by Marriott Cancun Hotel Zone, and Courtyard by Marriott Mazatlán. As leisure travel rises, particularly for celebrations, Marriott aims to enhance its brand portfolio by focusing on accessible, amenity-rich stays. The global leisure travel market is projected to grow significantly by 2027, indicating strong potential for recovery.