For the first quarter of 2024, Marriott International’s worldwide revenue per available room increased 4.2 percent (a 3.9 percent increase using actual dollars) compared to the 2023 first quarter. RevPAR in the U.S. and Canada increased 1.5 percent (a 1.5 percent increase using actual dollars), and RevPAR in international markets increased 11.1 percent (a 9.8 percent increase using actual dollars).
Marriott’s reported operating income totaled $876 million in the 2024 first quarter, compared to 2023 first quarter reported operating income of $951 million. Reported net income totaled $564 million in the 2024 first quarter, compared to 2023 first quarter reported net income of $757 million.
Adjusted earnings before interest, taxes, depreciation, and amortization totaled $1.14 billion in the 2024 first quarter, compared to first quarter 2023 adjusted EBITDA of $1.098 billion.
“We were pleased with our results in the quarter,” President and CEO Anthony Capuano said in a statement. “Worldwide RevPAR grew over 4 percent, with gains in both occupancy and ADR. Our international markets were particularly strong, posting RevPAR gains of 11 percent, led by nearly 17 percent year-over-year growth in Asia Pacific excluding China.
“In the U.S. and Canada, demand has normalized, with RevPAR increasing 1.5 percent,” Capuano continued. “The group segment was the stand-out in the quarter. Group RevPAR in the region rose nearly 5 percent year-over-year, with growth in both rate and occupancy.”
Development
The launch of MGM Collection with Marriott Bonvoy during the quarter added nearly 37,000 rooms to Marriott’s system through its strategic agreement with MGM Resorts International. “We have seen outstanding initial booking pace and loyalty point redemptions across the collection,” Capuano said.
In total, Marriott added roughly 46,000 net rooms during the first quarter of the year.
At the end of Q4, Marriott’s global system totaled nearly 8,900 properties, with more than 1,643,000 rooms.
At the end of the quarter, the company’s worldwide development pipeline totaled 3,419 properties with nearly 547,000 rooms, including 155 properties with roughly 27,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,089 properties with more than 202,000 rooms under construction. Fifty-seven percent of rooms in the quarter-end pipeline are in international markets.