Marriott Intl Inc Stock Price, News & Analysis

Marriott International (Nasdaq: MAR) has announced a quarterly cash dividend of 63 cents per share of common stock. The dividend will be payable on September 30, 2024, to shareholders of record as of the close of business on August 16, 2024. Marriott International, based in Bethesda, Maryland, USA, operates a portfolio of nearly 9,000 properties across more than 30 brands in 141 countries and territories. The company offers Marriott Bonvoy®, its highly awarded travel program, and encourages interested parties to review information posted on its investor relations website and news center for potential material updates.

Marriott International has signed an agreement with Zhong An Commercial Group to bring the W Hotels brand to Hangzhou, China. The W Hangzhou is set to open in 2031 in Qianjiang Century City, Hangzhou's new CBD. The hotel will occupy the top floors of a 240-meter building in the IOC complex, featuring 270 guest rooms and suites, with about half offering direct river views. Designed by Kohn Pedersen Fox Associates, the hotel will include two restaurants, a bar, swimming pool, fitness center, and spa. It will also offer event spaces including a ballroom and meeting rooms. The location is approximately 15 km from Hangzhou East Railway Station and 24 km from Hangzhou Xiaoshan International Airport. This signing reinforces Marriott's expanding luxury portfolio in Greater China, which now includes over 70 luxury hotels.

Marriott International (MAR) reported strong Q2 2024 results, with worldwide RevPAR growth of 4.9% and net rooms up 6% year-over-year. Key highlights include:

- Reported diluted EPS of $2.69, up from $2.38 in Q2 2023
- Adjusted diluted EPS of $2.50, compared to $2.26 in Q2 2023
- Reported net income of $772 million, up from $726 million
- Adjusted EBITDA of $1,324 million, up from $1,219 million
- Added 15,500 net rooms during the quarter
- Development pipeline of 3,500 properties with 559,000 rooms
- Repurchased 4.1 million shares for $1.0 billion in Q2

The company narrowed its full-year 2024 RevPAR growth forecast to 3-4% due to weaker conditions in Greater China and slightly softer expectations in the U.S. & Canada. Marriott expects to return approximately $4.3 billion to shareholders in 2024 through dividends and share repurchases.

Marriott Hotels has launched its first all-inclusive resort, Marriott Cancun, An All-Inclusive Resort, marking a new era for the brand. This debut addresses the growing demand for multigenerational travel experiences, with over 50% of parents planning trips involving grandparents and children. The resort features 450 newly redesigned guestrooms, including 124 premium ocean view rooms and 38 suites. Guests can enjoy 13 diverse dining options, a variety of daily and nightly activities, and a water park with thrilling slides and multiple pools. The property also offers nearly 24,813 square feet of renovated event space for weddings, family reunions, and corporate retreats.

To celebrate the grand opening, Marriott Cancun is offering a 20% discount on bookings made between July 30th and August 30th, 2024, for stays until January 11th, 2025. Guests will also receive a $50 USD resort credit for spa treatments.

Marriott International has launched HotelHelp, a pilot program donating short-term emergency stays for human trafficking survivors. The initiative is currently active in five U.S. cities and aims to expand to 25 cities across North America by January 2025. HotelHelp addresses the shortage of dedicated shelter beds for survivors, reducing the risk of re-trafficking.

The program leverages a proven system modeled after HospitalityHelps, which provided accommodations for Ukrainian refugees. Participating care providers can reserve up to five room nights per person on behalf of their clients. This initiative complements Marriott's existing efforts, including the Future in Training (FiT) Hospitality Survivor Employability Curriculum, which has trained over 160 survivors across 11 U.S. cities since July 2023.

Marriott International (NASDAQ: MAR) announces continued growth in its Branded Residences portfolio and introduces ONVIA, a new Owner recognition platform. The company has 138 open residential locations and a pipeline of 123 projects, representing nearly 50% growth since 2019. Marriott offers 16 distinct residential brand offerings across luxury and premium brands.

The company's branded residence portfolio is forecasted to generate $1.7B in residential sales revenue for third-party developers in 2024. ONVIA aims to enhance experiences for Residence Owners with benefits like elevated Marriott Bonvoy status, preferred rates, and exclusive offers. Marriott's global expansion includes new projects in Europe, Middle East, Africa, Asia Pacific, United States, Canada, Caribbean, and Latin America.

The Ritz-Carlton, Turks and Caicos has appointed Louella Brezovar-van Veen as its new General Manager. Brezovar-van Veen brings over 30 years of hospitality experience, including a successful tenure at The Ritz-Carlton, Aruba.

She will oversee operations at the 147-room oceanfront resort on Grace Bay beach, which includes 69 residences. Under her previous management, significant revenue and ADR growth were achieved, alongside increased employee engagement.

Brezovar-van Veen aims to enhance the operational and commercial performance of the resort while offering exceptional service to travelers.

Marriott International (Nasdaq: MAR) will announce its Q2 2024 earnings on July 31, 2024, at 7:00 a.m. ET. A conference call hosted by President and CEO Anthony Capuano, and CFO Leeny Oberg, will follow at 8:30 a.m. ET. The call will be webcast on Marriott's investor relations website, where a replay and transcript will also be available for one year. The dial-in number for the call is 800-274-8461 (US Toll Free) or +1 203-518-9843 (Global) with conference ID MAR2Q24. A replay will be accessible until August 7, 2024.

The new SpringHill Suites and TownePlace Suites by Marriott in Avon, Colorado opened on June 25, 2024, as a dual-brand hotel. The hotel, developed by JMA Ventures and managed by Pyramid Global Hospitality, features 116 suites in SpringHill Suites and 127 suites in TownePlace Suites. Perfectly located between Vail and Beaver Creek, the hotel offers easy access to local attractions, including the Eagle River and over 100 miles of bike paths. Amenities include an outdoor swimming pool, hot tub, fitness center, meeting room, complimentary Wi-Fi, and on-site business services. The hotel also features a unique lobby bar with spectacular valley views. Catering to both short-term and long-term stays, the suites provide separate living, sleeping, and working areas, with fully equipped kitchens in TownePlace Suites. The hotel aims to attract both domestic and international travelers, as well as serve as a community hub for the Town of Avon.