- Third quarter 2022 comparable systemwide constant dollar RevPAR increased 36.3 percent worldwide, 28.5 percent in the U.S. & Canada, and 66.1 percent in international markets, compared to the 2021 third quarter;
- Third quarter 2022 comparable systemwide constant dollar RevPAR increased 1.8 percent worldwide and 3.5 percent in the U.S. & Canada, while RevPAR declined 2.4 percent in international markets, compared to the 2019 third quarter;
- Third quarter reported diluted EPS totaled $1.94, compared to reported diluted EPS of $0.67 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $1.69, compared to third quarter 2021 adjusted diluted EPS of $0.99;
- Third quarter reported net income totaled $630 million, compared to reported net income of $220 million in the year-ago quarter. Third quarter adjusted net income totaled $551 million, compared to third quarter 2021 adjusted net income of $327 million;
- Adjusted EBITDA totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million;
- The company added roughly 14,000 rooms globally during the third quarter, including approximately 8,700 rooms in international markets and nearly 3,900 conversion rooms;
- At quarter end, Marriott's worldwide development pipeline totaled over 3,000 properties and more than 502,000 rooms, including roughly 33,300 rooms approved, but not yet subject to signed contracts. Approximately 204,800 rooms in the pipeline were under construction as of the end of the 2022 third quarter;
- During the third quarter, Marriott repurchased 6.2 million shares of common stock for $950 million. Year-to-date through October 31, the company has returned $1.9 billion to shareholders.
Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results.
Anthony Capuano, Chief Executive Officer, said, "We are very pleased to report another quarter of outstanding results. Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019. In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world.
"In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage points below the same month in 2019. Leisure transient demand remained very robust, and group RevPAR more than fully recovered to 2019 levels in the quarter. Business transient demand, though still lagging in recovery, continued to improve.
"Our EMEA and CALA regions posted nearly 10 percent and 18 percent third quarter RevPAR growth over 2019, respectively. Demand in these regions was boosted by the strong U.S. dollar and the ramping of cross-border travel.
"In mid-October, we announced that we signed an agreement to acquire the City Express brand portfolio, marking our entry into the affordable midscale segment. We see meaningful opportunities to further expand the brand in the CALA region and globally, as we have successfully done with other brand acquisitions. Upon closing, we look forward to offering our guests more stay options and our owners and franchisees new opportunities to grow their portfolios.
"Our award-winning loyalty program, Marriott Bonvoy, hit 173 million members at the end of September. During the quarter, Bonvoy member penetration achieved record highs, reaching 60 percent in the U.S. & Canada and 53 percent globally. Co-brand cardholder acquisitions and total card spending worldwide have continued to grow meaningfully, increasing our third quarter co-brand card fees more than 20 percent compared to the year-ago quarter.
"While we are carefully monitoring macroeconomic trends, bookings across all our customer segments remain strong, contributing to the ongoing momentum in our business. We expect continued demand growth around the world in the fourth quarter and anticipate that global RevPAR could increase 2 percent to 4 percent compared to 2019.
"With our solid financial results and strong cash generation, we have already returned $1.9 billion to shareholders year-to-date through October 31. For full year 2022, we now expect to return more than $2.7 billion to our shareholders through dividends and share repurchases."
Third Quarter 2022 Results
Marriott's reported operating income totaled $958 million in the 2022 third quarter, compared to 2021 third quarter reported operating income of $545 million. Reported net income totaled $630 million in the 2022 third quarter, compared to 2021 third quarter reported net income of $220 million. Reported diluted earnings per share (EPS) totaled $1.94 in the quarter, compared to reported diluted EPS of $0.67 in the year-ago quarter.
Adjusted operating income in the 2022 third quarter totaled $815 million, compared to 2021 third quarter adjusted operating income of $527 million. Adjusted operating income in the 2021 third quarter excluded impairment charges of $11 million.
Third quarter 2022 adjusted net income totaled $551 million, compared to 2021 third quarter adjusted net income of $327 million. Adjusted diluted EPS in the 2022 third quarter totaled $1.69, compared to adjusted diluted EPS of $0.99 in the year-ago quarter. The 2022 third quarter adjusted results excluded special tax items of $30 million ($0.09 per share) and a $2 million ($0.01 per share) gain on an investee's property sale. The 2021 third quarter adjusted results excluded a $122 million after-tax ($0.37 per share) loss on the extinguishment of debt and $8 million after-tax ($0.02 per share) of impairment charges.
Adjusted results also excluded cost reimbursement revenue, reimbursed expenses and restructuring, merger-related charges, and other expenses. See pages A-3 and A-12 for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.
Base management and franchise fees totaled $953 million in the 2022 third quarter, compared to base management and franchise fees of $723 million in the year-ago quarter. The year-over-year increase in these fees is primarily attributable to RevPAR increases due to the ongoing recovery in lodging demand, as well as unit growth. Other non-RevPAR related franchise fees in the 2022 third quarter totaled $192 million, compared to $173 million in the year-ago quarter, largely driven by higher credit card branding fees.
Incentive management fees totaled $106 million in the 2022 third quarter, compared to $53 million in the 2021 third quarter. Roughly two-thirds of the incentive management fees recognized in the quarter were earned at hotels in international markets.
Owned, leased, and other revenue, net of direct expenses, totaled $44 million in the 2022 third quarter, compared to $37 million in the year-ago quarter. The year-over-year increase in revenue net of expenses largely reflects the ongoing recovery in lodging demand, partially offset by $23 million of lower termination fees and a $19 million accrual related to a portfolio of 12 leased hotels in the U.S. & Canada.
Depreciation, amortization, and other expenses for the 2022 third quarter totaled $50 million, compared to $64 million in the year-ago quarter. Expenses in the 2021 third quarter included an $11 million impairment charge.
General, administrative, and other expenses for the 2022 third quarter totaled $216 million, compared to $212 million in the year-ago quarter.
Interest expense, net, totaled $93 million in the third quarter compared to $99 million in the year-ago quarter. The decrease is largely due to lower interest expense associated with lower debt balances.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million. See page A-12 for the adjusted EBITDA calculation.
Selected Performance Information
The company added 77 properties (14,071 rooms) to its worldwide lodging portfolio during the 2022 third quarter, including nearly 3,900 rooms converted from competitor brands and approximately 8,700 rooms in international markets. Thirty-five properties (7,440 rooms) exited the system during the quarter, including roughly 5,200 rooms in Russia. At quarter end, Marriott's global lodging system totaled nearly 8,200 properties, with over 1,507,000 rooms.
At quarter end, the company's worldwide development pipeline totaled 3,024 properties with more than 502,000 rooms, including 1,039 properties with approximately 204,800 rooms under construction, or 41 percent of the pipeline, and 233 properties with roughly 33,300 rooms approved for development, but not yet subject to signed contracts.
In the 2022 third quarter, worldwide RevPAR increased 36.3 percent (a 33.4 percent increase using actual dollars) compared to the 2021 third quarter. RevPAR in the U.S. & Canada increased 28.5 percent (a 28.3 percent increase using actual dollars), and RevPAR in international markets increased 66.1 percent (a 51.0 percent increase using actual dollars).
Balance Sheet
At quarter end, Marriott's net debt was $8.4 billion, representing total debt of $9.4 billion less cash and cash equivalents of $1.0 billion. At year-end 2021, the company's net debt was $8.7 billion, representing total debt of $10.1 billion less cash and cash equivalents of $1.4 billion.
In the third quarter, the company issued $1.0 billion of Series JJ Senior Notes due in 2027 with a 5.00 percent interest rate coupon.
Marriott Common Stock
Year-to-date through October 31, the company has repurchased 11.1 million shares for $1.7 billion at an average price of $153.21 per share.
2022 Outlook1
| Fourth Quarter 2022 vs Fourth Quarter 2019 | Full Year 2022 vs Full Year 2019 | ||
| Comparable systemwide constant $ RevPAR | |||
| Worldwide | +2% to +4% | -5% to -3% | |
| U.S. & Canada | +4% to +6% | -2% to flat | |
| International | -2% to flat | -13% to -11% | |
| Year-End 2022 vs Year-End 2021 | |||
| Gross Rooms Growth | Approx. 4.5% | ||
| Deletions2 | Approx. 1.5% | ||
| Net rooms growth | Approx. 3.0% | ||
The change in expected gross rooms growth compared to the company's prior guidance primarily reflects lengthened construction timelines in Greater China resulting from extended lockdowns.
| ($ in millions, except EPS) | Fourth Quarter 2022 | Full Year 2022 | |
| Gross fee revenues | $1,070 to $1,090 | $4,017 to $4,037 | |
| Owned, leased, and other revenue, net of direct expenses | Approx. $77 | Approx. $269 | |
| General, administrative, and other expenses | $235 to $225 | $890 to $880 | |
| Adjusted EBITDA3,4 | $1,007 to $1,037 | $3,770 to $3,800 | |
| Adjusted EPS – diluted4,5 | $1.77 to $1.84 | $6.51 to $6.58 | |
| Investment spending6 | Approx. $500 | ||
| Capital return to shareholders7 | More than $2,700 | ||
| 1 The outlook provided above assumes that the $100 million City Express transaction does not close before year-end 2022. |
| 2 The anticipated deletions rate includes 50bps related to the company's suspension of its operations in Russia. |
| 3 See pages A-13 & A-14 for the adjusted EBITDA calculation. |
| 4 Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2022 do not include cost reimbursement revenue, reimbursed expenses, or restructuring, merger-related charges, and other expenses, each of which the company cannot forecast with sufficient accuracy, and which may be significant, and do not reflect any asset sales that may occur during the remainder of the year. Adjusted EPS – diluted for full year 2022 excludes impairments, gains on investees' property sales, gains on asset dispositions, and special tax items reported in the first three quarters of 2022. See page A-3 for the Adjusted EPS – diluted calculation for the first three quarters of 2022. |
| 5 Assumes the level of capital return to shareholders noted above. |
| 6 Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. |
| 7 Assumes the level of investment spending noted above and no asset sales that may occur during the remainder of the year. |
Marriott InternationalMarriott International, Inc., (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,200 properties under 30 leading brands spanning 138 countries and territories.
| __________________________________ |
| 1 All occupancy, Average Daily Rate (ADR) and RevPAR statistics and estimates are systemwide constant dollar and include hotels that have been temporarily closed due to COVID-19. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2022 and 2021 reflect properties that are comparable in both years. Occupancy, ADR and RevPAR comparisons between 2022 and 2019 reflect properties that are defined as comparable as of September 30, 2022, even if they were not open and operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019. Unless otherwise stated, all comparisons to pre-pandemic or 2019 are comparing to the same time period each year. |
IRPR#1
Tables follow
| MARRIOTT INTERNATIONAL, INC. | ||
| PRESS RELEASE SCHEDULES | ||
| TABLE OF CONTENTS | ||
| QUARTER 3, 2022 | ||
| Consolidated Statements of Income - As Reported | A-1 | |
| Non-GAAP Financial Measures | A-3 | |
| Total Lodging Products | A-4 | |
| Key Lodging Statistics | A-7 | |
| Adjusted EBITDA | A-12 | |
| Adjusted EBITDA Forecast - Fourth Quarter 2022 | A-13 | |
| Adjusted EBITDA Forecast - Full Year 2022 | A-14 | |
| Explanation of Non-GAAP Financial and Performance Measures | A-15 | |
| MARRIOTT INTERNATIONAL, INC. | |||||||
| CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||||
| THIRD QUARTER 2022 AND 2021 | |||||||
| (in millions except per share amounts, unaudited) | |||||||
| As Reported | As Reported | Percent | |||||
| Three Months Ended | Three Months Ended | Better/(Worse) | |||||
| September 30, 2022 | September 30, 2021 | Reported 2022 vs. 2021 | |||||
| REVENUES | |||||||
| Base management fees | $ 275 | $ 190 | 45 | ||||
| Franchise fees 1 | 678 | 533 | 27 | ||||
| Incentive management fees | 106 | 53 | 100 | ||||
| Gross Fee Revenues | 1,059 | 776 | 36 | ||||
| Contract investment amortization 2 | (22) | (21) | (5) | ||||
| Net Fee Revenues | 1,037 | 755 | 37 | ||||
| Owned, leased, and other revenue 3 | 345 | 241 | 43 | ||||
| Cost reimbursement revenue 4 | 3,931 | 2,950 | 33 | ||||
| Total Revenues | 5,313 | 3,946 | 35 | ||||
| OPERATING COSTS AND EXPENSES | |||||||
| Owned, leased, and other - direct 5 | 301 | 204 | (48) | ||||
| Depreciation, amortization, and other 6 | 50 | 64 | 22 | ||||
| General, administrative, and other 7 | 216 | 212 | (2) | ||||
| Restructuring, merger-related charges, and other | 2 | 4 | 50 | ||||
| Reimbursed expenses 4 | 3,786 | 2,917 | (30) | ||||
| Total Expenses | 4,355 | 3,401 | (28) | ||||
| OPERATING INCOME | 958 | 545 | 76 | ||||
| Gains and other income, net 8 | 3 | - | * | ||||
| Loss on extinguishment of debt | - | (164) | 100 | ||||
| Interest expense | (100) | (107) | 7 | ||||
| Interest income | 7 | 8 | (13) | ||||
| Equity in earnings (losses) 9 | 1 | (4) | 125 | ||||
| INCOME BEFORE INCOME TAXES | 869 | 278 | 213 | ||||
| Provision for income taxes | (239) | (58) | (312) | ||||
| NET INCOME | $ 630 | $ 220 | 186 | ||||
| EARNINGS PER SHARE | |||||||
| Earnings per share - basic | $ 1.94 | $ 0.67 | 190 | ||||
| Earnings per share - diluted | $ 1.94 | $ 0.67 | 190 | ||||
| Basic Shares | 324.5 | 327.3 | |||||
| Diluted Shares | 325.7 | 329.3 | |||||
| * | Calculated percentage is not meaningful. | ||||||
| 1 | Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees. | ||||||
| 2 | Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs. | ||||||
| 3 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | ||||||
| 4 | Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our hotel owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. | ||||||
| 5 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | ||||||
| 6 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. | ||||||
| 7 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | ||||||
| 8 | Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | ||||||
| 9 | Equity in earnings (losses) include our equity in earnings or losses of unconsolidated equity method investments. | ||||||
| MARRIOTT INTERNATIONAL, INC. | |||||||
| CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED | |||||||
| THIRD QUARTER YEAR-TO-DATE 2022 AND 2021 | |||||||
| (in millions except per share amounts, unaudited) | |||||||
| As Reported | As Reported | Percent | |||||
| Nine Months Ended | Nine Months Ended | Better/(Worse) | |||||
| September 30, 2022 | September 30, 2021 | Reported 2022 vs. 2021 | |||||
| REVENUES | |||||||
| Base management fees | $ 757 | $ 452 | 67 | ||||
| Franchise fees 1 | 1,847 | 1,270 | 45 | ||||
| Incentive management fees | 343 | 141 | 143 | ||||
| Gross Fee Revenues | 2,947 | 1,863 | 58 | ||||
| Contract investment amortization 2 | (65) | (56) | (16) | ||||
| Net Fee Revenues | 2,882 | 1,807 | 59 | ||||
| Owned, leased, and other revenue 3 | 971 | 536 | 81 | ||||
| Cost reimbursement revenue 4 | 10,997 | 7,068 | 56 | ||||
| Total Revenues | 14,850 | 9,411 | 58 | ||||
| OPERATING COSTS AND EXPENSES | |||||||
| Owned, leased, and other - direct 5 | 779 | 507 | (54) | ||||
| Depreciation, amortization, and other 6 | 147 | 166 | 11 | ||||
| General, administrative, and other 7 | 655 | 610 | (7) | ||||
| Restructuring, merger-related charges, and other | 11 | 8 | (38) | ||||
| Reimbursed expenses 4 | 10,792 | 7,005 | (54) | ||||
| Total Expenses | 12,384 | 8,296 | (49) | ||||
| OPERATING INCOME | 2,466 | 1,115 | 121 | ||||
| Gains and other income, net 8 | 9 | 6 | 50 | ||||
| Loss on extinguishment of debt | - | (164) | 100 | ||||
| Interest expense | (288) | (323) | 11 | ||||
| Interest income | 18 | 22 | (18) | ||||
| Equity in earnings (losses) 9 | 18 | (24) | 175 | ||||
| INCOME BEFORE INCOME TAXES | 2,223 | 632 | 252 | ||||
| Provision for income taxes | (538) | (1) | (53,700) | ||||
| NET INCOME | $ 1,685 | $ 631 | 167 | ||||
| EARNINGS PER SHARE | |||||||
| Earnings per share - basic | $ 5.15 | $ 1.93 | 167 | ||||
| Earnings per share - diluted | $ 5.13 | $ 1.92 | 167 | ||||
| Basic Shares | 327.0 | 327.0 | |||||
| Diluted Shares | 328.4 | 329.1 | |||||
| 1 | Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees. | ||||||
| 2 | Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs. | ||||||
| 3 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. | ||||||
| 4 | Cost reimbursement revenue includes reimbursements from properties for property-level and centralized programs and services that we operate for the benefit of our hotel owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. | ||||||
| 5 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. | ||||||
| 6 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. | ||||||
| 7 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. | ||||||
| 8 | Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. | ||||||
| 9 | Equity in earnings (losses) include our equity in earnings or losses of unconsolidated equity method investments. | ||||||
| MARRIOTT INTERNATIONAL, INC. | |||||||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||||||
| ($ in millions except per share amounts) | |||||||||||||
| The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the | |||||||||||||
| most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| Percent | Percent | ||||||||||||
| September 30, | September 30, | Better/ | September 30, | September 30, | Better/ | ||||||||
| 2022 | 2021 | (Worse) | 2022 | 2021 | (Worse) | ||||||||
| Total revenues, as reported | $ 5,313 | $ 3,946 | $ 14,850 | $ 9,411 | |||||||||
| Less: Cost reimbursement revenue | (3,931) | (2,950) | (10,997) | (7,068) | |||||||||
| Add: Impairments 1 | - | - | 5 | - | |||||||||
| Adjusted total revenues ** | 1,382 | 996 | 3,858 | 2,343 | |||||||||
| Operating income, as reported | 958 | 545 | 2,466 | 1,115 | |||||||||
| Less: Cost reimbursement revenue | (3,931) | (2,950) | (10,997) | (7,068) | |||||||||
| Add: Reimbursed expenses | 3,786 | 2,917 | 10,792 | 7,005 | |||||||||
| Add: Restructuring, merger-related charges, and other | 2 | 4 | 11 | 8 | |||||||||
| Add: Impairments 2 | - | 11 | 5 | 11 | |||||||||
| Adjusted operating income ** | 815 | 527 | 55 % | 2,277 | 1,071 | 113 % | |||||||
| Operating income margin | 18 % | 14 % | 17 % | 12 % | |||||||||
| Adjusted operating income margin ** | 59 % | 53 % | 59 % | 46 % | |||||||||
| Net income, as reported | 630 | 220 | 1,685 | 631 | |||||||||
| Less: Cost reimbursement revenue | (3,931) | (2,950) | (10,997) | (7,068) | |||||||||
| Add: Reimbursed expenses | 3,786 | 2,917 | 10,792 | 7,005 | |||||||||
| Add: Restructuring, merger-related charges, and other | 2 | 4 | 11 | 8 | |||||||||
| Add: Impairments 3 | - | 11 | 11 | 15 | |||||||||
| Add: Loss on extinguishment of debt | - | 164 | - | 164 | |||||||||
| Less: Gains on investees' property sales 4 | (2) | - | (23) | - | |||||||||
| Less: Gain on asset dispositions 5 | - | - | (2) | - | |||||||||
| Income tax effect of above adjustments | 36 | (39) | 50 | (36) | |||||||||
| Less: Income tax special items | 30 | - | 30 | (98) | |||||||||
| Adjusted net income ** | $ 551 | $ 327 | 69 % | $ 1,557 | $ 621 | 151 % | |||||||
| Diluted earnings per share, as reported | $ 1.94 | $ 0.67 | $ 5.13 | $ 1.92 | |||||||||
| Adjusted diluted earnings per share** | $ 1.69 | $ 0.99 | 71 % | $ 4.74 | $ 1.89 | 151 % | |||||||
| ** | Denotes non-GAAP financial measures. Please see pages A-15 and A-16 for information about our reasons for providing these alternative financial measures and the limitations on their use. | ||||||||||||
| 1 | Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million. | ||||||||||||
| 2 | Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million. | ||||||||||||
| 3 | Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings (losses) of $6 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million. Nine months ended September 30, 2021 includes impairment charges reported in Equity in earnings (losses) of $4 million. | ||||||||||||
| 4 | Gains on investees' property sales reported in Equity in earnings (losses). | ||||||||||||
| 5 | Gain on asset dispositions reported in Gains and other income, net. | ||||||||||||
| MARRIOTT INTERNATIONAL, INC. | ||||||
| TOTAL LODGING PRODUCTS | ||||||
| As of September 30, 2022 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Units | Rooms | Units | Rooms | Units | Rooms | |
| Managed | 633 | 215,948 | 1,326 | 338,913 | 1,959 | 554,861 |
| Marriott Hotels | 105 | 57,675 | 190 | 55,416 | 295 | 113,091 |
| Sheraton | 26 | 21,338 | 184 | 62,324 | 210 | 83,662 |
| Courtyard | 168 | 27,063 | 106 | 23,035 | 274 | 50,098 |
| Westin | 40 | 21,865 | 76 | 23,543 | 116 | 45,408 |
| JW Marriott | 21 | 12,724 | 66 | 24,391 | 87 | 37,115 |
| Renaissance | 24 | 10,607 | 55 | 17,534 | 79 | 28,141 |
| The Ritz-Carlton | 39 | 11,648 | 66 | 16,451 | 105 | 28,099 |
| The Ritz-Carlton Serviced Apartments | - | - | 5 | 715 | 5 | 715 |
| Four Points | 1 | 134 | 81 | 22,709 | 82 | 22,843 |
| Le Méridien | 1 | 100 | 70 | 19,524 | 71 | 19,624 |
| W Hotels | 23 | 6,516 | 38 | 10,246 | 61 | 16,762 |
| W Hotels Serviced Apartments | - | - | 1 | 160 | 1 | 160 |
| Residence Inn | 76 | 12,199 | 9 | 1,116 | 85 | 13,315 |
| St. Regis | 10 | 1,977 | 38 | 8,905 | 48 | 10,882 |
| St. Regis Serviced Apartments | - | - | 1 | 70 | 1 | 70 |
| The Luxury Collection | 6 | 2,296 | 47 | 8,268 | 53 | 10,564 |
| Aloft | 2 | 505 | 44 | 9,735 | 46 | 10,240 |
| Gaylord Hotels | 6 | 10,220 | - | - | 6 | 10,220 |
| AC Hotels by Marriott | 7 | 1,165 | 68 | 8,466 | 75 | 9,631 |
| Fairfield by Marriott | 6 | 1,431 | 60 | 8,093 | 66 | 9,524 |
| Delta Hotels | 25 | 6,770 | 2 | 477 | 27 | 7,247 |
| Autograph Collection | 8 | 2,508 | 20 | 2,953 | 28 | 5,461 |
| Marriott Executive Apartments | - | - | 34 | 4,866 | 34 | 4,866 |
| SpringHill Suites | 26 | 4,363 | - | - | 26 | 4,363 |
| EDITION | 5 | 1,379 | 10 | 2,216 | 15 | 3,595 |
| Protea Hotels | - | - | 26 | 3,151 | 26 | 3,151 |
| Element | 2 | 640 | 12 | 2,273 | 14 | 2,913 |
| Tribute Portfolio | - | - | 7 | 947 | 7 | 947 |
| Moxy | - | - | 5 | 887 | 5 | 887 |
| TownePlace Suites | 6 | 825 | - | - | 6 | 825 |
| Bulgari | - | - | 5 | 442 | 5 | 442 |
| Franchised | 5,093 | 732,399 | 844 | 170,834 | 5,937 | 903,233 |
| Courtyard | 859 | 114,576 | 112 | 21,050 | 971 | 135,626 |
| Fairfield by Marriott | 1,132 | 106,609 | 45 | 7,561 | 1,177 | 114,170 |
| Residence Inn | 769 | 91,811 | 24 | 3,282 | 793 | 95,093 |
| Marriott Hotels | 232 | 73,822 | 57 | 16,757 | 289 | 90,579 |
| Sheraton | 151 | 47,374 | 71 | 20,524 | 222 | 67,898 |
| SpringHill Suites | 502 | 58,181 | - | - | 502 | 58,181 |
| TownePlace Suites | 477 | 48,594 | - | - | 477 | 48,594 |
| Autograph Collection | 138 | 27,167 | 100 | 21,288 | 238 | 48,455 |
| Westin | 91 | 30,818 | 26 | 7,708 | 117 | 38,526 |
| Four Points | 156 | 23,613 | 61 | 10,155 | 217 | 33,768 |
| Renaissance | 64 | 18,071 | 29 | 7,544 | 93 | 25,615 |
| Aloft | 151 | 21,664 | 21 | 3,440 | 172 | 25,104 |
| AC Hotels by Marriott | 99 | 16,420 | 44 | 7,889 | 143 | 24,309 |
| Moxy | 26 | 4,913 | 84 | 15,894 | 110 | 20,807 |
| Delta Hotels | 61 | 13,996 | 11 | 2,557 | 72 | 16,553 |
| The Luxury Collection | 12 | 3,188 | 56 | 10,372 | 68 | 13,560 |
| Tribute Portfolio | 50 | 7,940 | 24 | 3,020 | 74 | 10,960 |
| Element | 77 | 10,291 | 2 | 269 | 79 | 10,560 |
| Le Méridien | 24 | 5,548 | 18 | 4,641 | 42 | 10,189 |
| JW Marriott | 12 | 6,072 | 11 | 2,714 | 23 | 8,786 |
| Protea Hotels | - | - | 34 | 2,636 | 34 | 2,636 |
| Design Hotels | 9 | 1,302 | 10 | 1,060 | 19 | 2,362 |
| The Ritz-Carlton | 1 | 429 | - | - | 1 | 429 |
| W Hotels | - | - | 1 | 246 | 1 | 246 |
| Bulgari | - | - | 2 | 161 | 2 | 161 |
| Marriott Executive Apartments | - | - | 1 | 66 | 1 | 66 |
| MARRIOTT INTERNATIONAL, INC. | ||||||
| TOTAL LODGING PRODUCTS | ||||||
| As of September 30, 2022 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Units | Rooms | Units | Rooms | Units | Rooms | |
| Owned/Leased | 26 | 6,483 | 38 | 9,209 | 64 | 15,692 |
| Courtyard | 19 | 2,814 | 4 | 894 | 23 | 3,708 |
| Marriott Hotels | 2 | 1,308 | 6 | 2,064 | 8 | 3,372 |
| Sheraton | - | - | 4 | 1,830 | 4 | 1,830 |
| W Hotels | 2 | 779 | 2 | 665 | 4 | 1,444 |
| Westin | 1 | 1,073 | - | - | 1 | 1,073 |
| Protea Hotels | - | - | 5 | 912 | 5 | 912 |
| Renaissance | 1 | 317 | 2 | 505 | 3 | 822 |
| Autograph Collection1 | - | - | 6 | 576 | 6 | 576 |
| The Ritz-Carlton | - | - | 2 | 550 | 2 | 550 |
| JW Marriott | - | - | 1 | 496 | 1 | 496 |
| The Luxury Collection2 | - | - | 4 | 417 | 4 | 417 |
| Residence Inn | 1 | 192 | 1 | 140 | 2 | 332 |
| St. Regis | - | - | 1 | 160 | 1 | 160 |
| Residences | 66 | 6,935 | 44 | 3,928 | 110 | 10,863 |
| The Ritz-Carlton Residences | 39 | 4,317 | 14 | 1,135 | 53 | 5,452 |
| St. Regis Residences | 10 | 1,082 | 9 | 1,065 | 19 | 2,147 |
| W Residences | 10 | 1,089 | 7 | 547 | 17 | 1,636 |
| Bulgari Residences | - | - | 5 | 514 | 5 | 514 |
| Sheraton Residences | - | - | 2 | 282 | 2 | 282 |
| Westin Residences | 3 | 266 | 1 | 9 | 4 | 275 |
| Marriott Hotels Residences | - | - | 2 | 246 | 2 | 246 |
| The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 |
| EDITION Residences | 3 | 90 | - | - | 3 | 90 |
| Le Méridien Residences | - | - | 1 | 15 | 1 | 15 |
| Timeshare* | 72 | 18,839 | 20 | 3,862 | 92 | 22,701 |
| Grand Total | 5,890 | 980,604 | 2,272 | 526,746 | 8,162 | 1,507,350 |
| *Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within "Unallocated corporate and other." | ||||||
| 1 Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations. | ||||||
| 2 Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations. |
| MARRIOTT INTERNATIONAL, INC. | ||||||
| TOTAL LODGING PRODUCTS | ||||||
| As of September 30, 2022 | ||||||
| US & Canada | Total International | Total Worldwide | ||||
| Total Systemwide | Units | Rooms | Units | Rooms | Units | Rooms |
| Luxury | 194 | 53,677 | 395 | 91,021 | 589 | 144,698 |
| JW Marriott | 33 | 18,796 | 78 | 27,601 | 111 | 46,397 |
| The Ritz-Carlton | 40 | 12,077 | 68 | 17,001 | 108 | 29,078 |
| The Ritz-Carlton Residences | 39 | 4,317 | 14 | 1,135 | 53 | 5,452 |
| The Ritz-Carlton Serviced Apartments | - | - | 5 | 715 | 5 | 715 |
| The Luxury Collection1 | 18 | 5,484 | 107 | 19,057 | 125 | 24,541 |
| The Luxury Collection Residences | 1 | 91 | 3 | 115 | 4 | 206 |
| W Hotels | 25 | 7,295 | 41 | 11,157 | 66 | 18,452 |
| W Residences | 10 | 1,089 | 7 | 547 | 17 | 1,636 |
| W Hotels Serviced Apartments | - | - | 1 | 160 | 1 | 160 |
| St. Regis | 10 | 1,977 | 39 | 9,065 | 49 | 11,042 |
| St. Regis Residences | 10 | 1,082 | 9 | 1,065 | 19 | 2,147 |
| St. Regis Serviced Apartments | - | - | 1 | 70 | 1 | 70 |
| EDITION | 5 | 1,379 | 10 | 2,216 | 15 | 3,595 |
| EDITION Residences | 3 | 90 | - | - | 3 | 90 |
| Bulgari | - | - | 7 | 603 | 7 | 603 |
| Bulgari Residences | - | - | 5 | 514 | 5 | 514 |
| Full-Service | 1,062 | 360,085 | 1,009 | 278,276 | 2,071 | 638,361 |
| Marriott Hotels | 339 | 132,805 | 253 | 74,237 | 592 | 207,042 |
| Marriott Hotels Residences | - | - | 2 | 246 | 2 | 246 |
| Sheraton | 177 | 68,712 | 259 | 84,678 | 436 | 153,390 |
| Sheraton Residences | - | - | 2 | 282 | 2 | 282 |
| Westin | 132 | 53,756 | 102 | 31,251 | 234 | 85,007 |
| Westin Residences | 3 | 266 | 1 | 9 | 4 | 275 |
| Renaissance | 89 | 28,995 | 86 | 25,583 | 175 | 54,578 |
| Autograph Collection2 | 146 | 29,675 | 126 | 24,817 | 272 | 54,492 |
| Le Méridien | 25 | 5,648 | 88 | 24,165 | 113 | 29,813 |
| Le Méridien Residences | - | - | 1 | 15 | 1 | 15 |
| Delta Hotels | 86 | 20,766 | 13 | 3,034 | 99 | 23,800 |
| Tribute Portfolio | 50 | 7,940 | 31 | 3,967 | 81 | 11,907 |
| Gaylord Hotels | 6 | 10,220 | - | - | 6 | 10,220 |
| Marriott Executive Apartments | - | - | 35 | 4,932 | 35 | 4,932 |
| Design Hotels | 9 | 1,302 | 10 | 1,060 | 19 | 2,362 |
| Limited-Service | 4,562 | 548,003 | 848 | 153,587 | 5,410 | 701,590 |
| Courtyard | 1,046 | 144,453 | 222 | 44,979 | 1,268 | 189,432 |
| Fairfield by Marriott | 1,138 | 108,040 | 105 | 15,654 | 1,243 | 123,694 |
| Residence Inn | 846 | 104,202 | 34 | 4,538 | 880 | 108,740 |
| SpringHill Suites | 528 | 62,544 | - | - | 528 | 62,544 |
| Four Points | 157 | 23,747 | 142 | 32,864 | 299 | 56,611 |
| TownePlace Suites | 483 | 49,419 | - | - | 483 | 49,419 |
| Aloft | 153 | 22,169 | 65 | 13,175 | 218 | 35,344 |
| AC Hotels by Marriott | 106 | 17,585 | 112 | 16,355 | 218 | 33,940 |
| Moxy | 26 | 4,913 | 89 | 16,781 | 115 | 21,694 |
| Element | 79 | 10,931 | 14 | 2,542 | 93 | 13,473 |
| Protea Hotels | - | - | 65 | 6,699 | 65 | 6,699 |
| Timeshare* | 72 | 18,839 | 20 | 3,862 | 92 | 22,701 |
| Grand Total | 5,890 | 980,604 | 2,272 | 526,746 | 8,162 | 1,507,350 |
| *Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within "Unallocated corporate and other." | ||||||
| 1 Includes two properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations. | ||||||
| 2 Includes five properties acquired when we purchased Elegant Hotels Group in December 2019 which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations. |
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS | ||||||||||
| In Constant $ | ||||||||||
| Comparable Company-Operated US & Canada Properties | ||||||||||
| Three Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| JW Marriott | $180.19 | 37.9 % | 65.4 % | 12.7 % | pts. | $275.55 | 11.1 % | |||
| The Ritz-Carlton | $305.22 | 19.7 % | 64.2 % | 8.0 % | pts. | $475.75 | 4.7 % | |||
| W Hotels | $216.02 | 41.4 % | 66.3 % | 12.9 % | pts. | $325.85 | 13.8 % | |||
| Composite US & Canada Luxury1 | $250.53 | 30.4 % | 65.9 % | 11.0 % | pts. | $380.42 | 8.6 % | |||
| Marriott Hotels | $156.35 | 56.2 % | 69.9 % | 15.9 % | pts. | $223.61 | 20.8 % | |||
| Sheraton | $147.72 | 45.1 % | 65.0 % | 11.5 % | pts. | $227.09 | 19.4 % | |||
| Westin | $180.88 | 48.2 % | 72.0 % | 15.8 % | pts. | $251.20 | 15.6 % | |||
| Composite US & Canada Premium2 | $158.27 | 51.0 % | 69.6 % | 15.2 % | pts. | $227.51 | 18.0 % | |||
| US & Canada Full-Service3 | $177.95 | 44.2 % | 68.8 % | 14.3 % | pts. | $258.74 | 14.2 % | |||
| Courtyard | $108.14 | 29.7 % | 68.2 % | 4.6 % | pts. | $158.66 | 21.0 % | |||
| Residence Inn | $149.82 | 23.8 % | 79.3 % | 5.3 % | pts. | $188.89 | 15.5 % | |||
| Composite US & Canada Limited-Service4 | $119.99 | 28.3 % | 71.5 % | 5.2 % | pts. | $167.75 | 18.9 % | |||
| US & Canada - All5 | $164.32 | 41.2 % | 69.4 % | 12.2 % | pts. | $236.69 | 16.4 % | |||
| Comparable Systemwide US & Canada Properties | ||||||||||
| Three Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| JW Marriott | $179.27 | 32.0 % | 67.2 % | 11.8 % | pts. | $266.65 | 8.8 % | |||
| The Ritz-Carlton | $304.97 | 20.0 % | 64.7 % | 8.2 % | pts. | $471.23 | 4.8 % | |||
| W Hotels | $216.02 | 41.4 % | 66.3 % | 12.9 % | pts. | $325.85 | 13.8 % | |||
| Composite US & Canada Luxury1 | $239.73 | 29.4 % | 66.9 % | 11.1 % | pts. | $358.17 | 8.0 % | |||
| Marriott Hotels | $135.07 | 43.6 % | 68.3 % | 13.5 % | pts. | $197.68 | 15.2 % | |||
| Sheraton | $118.86 | 43.3 % | 65.4 % | 12.5 % | pts. | $181.88 | 15.8 % | |||
| Westin | $157.14 | 41.9 % | 69.7 % | 13.1 % | pts. | $225.59 | 15.1 % | |||
| Composite US & Canada Premium2 | $139.28 | 40.0 % | 68.3 % | 12.9 % | pts. | $203.80 | 13.6 % | |||
| US & Canada Full-Service3 | $150.91 | 38.0 % | 68.2 % | 12.7 % | pts. | $221.34 | 12.3 % | |||
| Courtyard | $113.54 | 24.8 % | 71.7 % | 5.7 % | pts. | $158.36 | 14.9 % | |||
| Residence Inn | $132.62 | 18.2 % | 79.6 % | 2.8 % | pts. | $166.56 | 14.0 % | |||
| Fairfield by Marriott | $97.28 | 14.2 % | 73.6 % | 3.7 % | pts. | $132.10 | 8.5 % | |||
| Composite US & Canada Limited-Service4 | $112.93 | 20.4 % | 74.4 % | 4.5 % | pts. | $151.70 | 13.2 % | |||
| US & Canada - All5 | $128.94 | 28.5 % | 71.8 % | 7.9 % | pts. | $179.58 | 14.3 % | |||
| 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | ||||||||||
| 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | ||||||||||
| 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | ||||||||||
| 4 Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. | ||||||||||
| 5 Includes US & Canada Full-Service and Composite US & Canada Limited-Service. | ||||||||||
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS | ||||||||||
| In Constant $ | ||||||||||
| Comparable Company-Operated International Properties | ||||||||||
| Three Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| Greater China | $67.48 | 5.3 % | 59.3 % | 4.3 % | pts. | $113.87 | -2.3 % | |||
| Asia Pacific excluding China | $88.15 | 169.8 % | 62.7 % | 29.5 % | pts. | $140.52 | 42.9 % | |||
| Caribbean & Latin America | $111.98 | 42.8 % | 59.1 % | 12.9 % | pts. | $189.46 | 11.8 % | |||
| Europe | $188.55 | 93.1 % | 73.3 % | 24.5 % | pts. | $257.08 | 28.6 % | |||
| Middle East & Africa | $97.67 | 43.3 % | 61.6 % | 10.1 % | pts. | $158.65 | 19.9 % | |||
| International - All1 | $102.53 | 61.7 % | 63.1 % | 16.1 % | pts. | $162.61 | 20.4 % | |||
| Worldwide2 | $129.91 | 49.5 % | 65.9 % | 14.4 % | pts. | $197.20 | 16.9 % | |||
| Comparable Systemwide International Properties | ||||||||||
| Three Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| Greater China | $64.78 | 8.2 % | 58.3 % | 5.4 % | pts. | $111.12 | -1.8 % | |||
| Asia Pacific excluding China | $87.91 | 139.3 % | 62.7 % | 27.2 % | pts. | $140.15 | 35.4 % | |||
| Caribbean & Latin America | $96.11 | 45.0 % | 57.5 % | 12.6 % | pts. | $167.27 | 13.4 % | |||
| Europe | $156.10 | 90.3 % | 72.0 % | 25.0 % | pts. | $216.92 | 24.1 % | |||
| Middle East & Africa | $94.78 | 49.7 % | 62.0 % | 10.8 % | pts. | $152.92 | 23.7 % | |||
| International - All1 | $101.37 | 66.1 % | 63.3 % | 17.3 % | pts. | $160.11 | 20.7 % | |||
| Worldwide2 | $120.60 | 36.3 % | 69.2 % | 10.8 % | pts. | $174.19 | 15.1 % | |||
| 1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa. | ||||||||||
| 2 Includes US & Canada - All and International - All. | ||||||||||
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS | ||||||||||
| In Constant $ | ||||||||||
| Comparable Company-Operated US & Canada Properties | ||||||||||
| Nine Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| JW Marriott | $200.55 | 75.2 % | 64.6 % | 20.6 % | pts. | $310.43 | 19.2 % | |||
| The Ritz-Carlton | $327.75 | 55.0 % | 64.1 % | 18.1 % | pts. | $511.32 | 11.3 % | |||
| W Hotels | $227.42 | 77.4 % | 62.5 % | 20.8 % | pts. | $364.13 | 18.2 % | |||
| Composite US & Canada Luxury1 | $272.45 | 68.5 % | 64.7 % | 20.5 % | pts. | $420.85 | 15.1 % | |||
| Marriott Hotels | $143.07 | 112.4 % | 64.7 % | 25.1 % | pts. | $221.13 | 29.9 % | |||
| Sheraton | $140.21 | 122.3 % | 62.7 % | 27.5 % | pts. | $223.50 | 24.9 % | |||
| Westin | $163.54 | 98.9 % | 66.3 % | 25.4 % | pts. | $246.78 | 22.7 % | |||
| Composite US & Canada Premium2 | $144.36 | 110.5 % | 64.1 % | 25.8 % | pts. | $225.03 | 26.0 % | |||
| US & Canada Full-Service3 | $171.67 | 94.1 % | 64.3 % | 24.6 % | pts. | $267.09 | 19.7 % | |||
| Courtyard | $99.02 | 59.2 % | 64.5 % | 10.3 % | pts. | $153.63 | 33.8 % | |||
| Residence Inn | $140.23 | 39.6 % | 76.7 % | 7.7 % | pts. | $182.73 | 25.6 % | |||
| Composite US & Canada Limited-Service4 | $111.63 | 54.5 % | 68.4 % | 10.6 % | pts. | $163.15 | 30.5 % | |||
| US & Canada - All5 | $157.56 | 86.2 % | 65.3 % | 21.3 % | pts. | $241.46 | 25.3 % | |||
| Comparable Systemwide US & Canada Properties | ||||||||||
| Nine Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Brand | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| JW Marriott | $199.73 | 73.9 % | 66.4 % | 20.5 % | pts. | $300.65 | 20.1 % | |||
| The Ritz-Carlton | $323.71 | 55.9 % | 64.1 % | 18.4 % | pts. | $505.36 | 11.1 % | |||
| W Hotels | $227.42 | 77.4 % | 62.5 % | 20.8 % | pts. | $364.13 | 18.2 % | |||
| Composite US & Canada Luxury1 | $258.25 | 69.3 % | 65.4 % | 20.6 % | pts. | $394.60 | 16.1 % | |||
| Marriott Hotels | $122.83 | 84.9 % | 62.9 % | 20.6 % | pts. | $195.24 | 24.3 % | |||
| Sheraton | $107.59 | 89.6 % | 60.4 % | 20.2 % | pts. | $178.00 | 26.1 % | |||
| Westin | $145.90 | 90.5 % | 65.3 % | 22.8 % | pts. | $223.51 | 23.9 % | |||
| Composite US & Canada Premium2 | $127.57 | 83.0 % | 63.1 % | 20.8 % | pts. | $202.21 | 22.6 % | |||
| US & Canada Full-Service3 | $142.69 | 79.9 % | 63.4 % | 20.8 % | pts. | $225.20 | 20.9 % | |||
| Courtyard | $101.82 | 46.9 % | 67.4 % | 10.5 % | pts. | $151.18 | 23.9 % | |||
| Residence Inn | $120.73 | 29.6 % | 76.5 % | 5.5 % | pts. | $157.80 | 20.3 % | |||
| Fairfield by Marriott | $86.91 | 31.9 % | 69.0 % | 8.0 % | pts. | $126.05 | 16.6 % | |||
| Composite US & Canada Limited-Service4 | $102.00 | 38.0 % | 70.5 % | 8.6 % | pts. | $144.75 | 21.2 % | |||
| US & Canada - All5 | $119.16 | 56.4 % | 67.5 % | 13.7 % | pts. | $176.60 | 24.6 % | |||
| 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. | ||||||||||
| 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, Autograph Collection, Delta Hotels, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. | ||||||||||
| 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. | ||||||||||
| 4 Includes Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. | ||||||||||
| 5 Includes US & Canada Full-Service and Composite US & Canada Limited-Service. | ||||||||||
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS | ||||||||||
| In Constant $ | ||||||||||
| Comparable Company-Operated International Properties | ||||||||||
| Nine Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| Greater China | $54.38 | -18.2 % | 47.9 % | -7.7 % | pts. | $113.51 | -5.0 % | |||
| Asia Pacific excluding China | $75.29 | 129.3 % | 55.5 % | 23.4 % | pts. | $135.72 | 32.4 % | |||
| Caribbean & Latin America | $121.10 | 84.1 % | 59.7 % | 20.6 % | pts. | $202.84 | 20.7 % | |||
| Europe | $146.25 | 187.8 % | 62.2 % | 33.7 % | pts. | $235.21 | 31.7 % | |||
| Middle East & Africa | $110.94 | 66.7 % | 62.6 % | 16.0 % | pts. | $177.07 | 24.1 % | |||
| International - All1 | $90.07 | 64.4 % | 55.7 % | 13.7 % | pts. | $161.76 | 24.0 % | |||
| Worldwide2 | $120.00 | 76.4 % | 59.9 % | 17.1 % | pts. | $200.26 | 26.1 % | |||
| Comparable Systemwide International Properties | ||||||||||
| Nine Months Ended September 30, 2022 and September 30, 2021 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2021 | 2022 | vs. 2021 | 2022 | vs. 2021 | ||||
| Greater China | $52.09 | -16.6 % | 47.0 % | -7.0 % | pts. | $110.95 | -4.2 % | |||
| Asia Pacific excluding China | $75.03 | 116.9 % | 55.6 % | 22.6 % | pts. | $134.93 | 28.9 % | |||
| Caribbean & Latin America | $100.89 | 89.2 % | 56.9 % | 19.6 % | pts. | $177.18 | 24.2 % | |||
| Europe | $119.44 | 183.6 % | 59.8 % | 33.0 % | pts. | $199.71 | 27.2 % | |||
| Middle East & Africa | $104.51 | 70.4 % | 62.2 % | 16.4 % | pts. | $168.02 | 25.5 % | |||
| International - All1 | $87.29 | 77.2 % | 55.5 % | 16.5 % | pts. | $157.25 | 24.5 % | |||
| Worldwide2 | $109.53 | 60.9 % | 63.9 % | 14.6 % | pts. | $171.52 | 24.2 % | |||
| 1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa. | ||||||||||
| 2 Includes US & Canada - All and International - All. | ||||||||||
| MARRIOTT INTERNATIONAL, INC. | ||||||||||
| KEY LODGING STATISTICS - 2022 vs 2019 | ||||||||||
| In Constant $ | ||||||||||
| Comparable Systemwide Properties1 | ||||||||||
| Three Months Ended September 30, 2022 and September 30, 2019 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2019 | 2022 | vs. 2019 | 2022 | vs. 2019 | ||||
| Greater China | $64.78 | -23.0 % | 58.3 % | -11.4 % | pts. | $111.12 | -8.0 % | |||
| Asia Pacific excluding China | $87.91 | -14.1 % | 62.7 % | -11.3 % | pts. | $140.15 | 1.4 % | |||
| Caribbean & Latin America | $96.11 | 17.6 % | 57.5 % | -1.8 % | pts. | $167.27 | 21.3 % | |||
| Europe | $156.10 | 5.9 % | 72.0 % | -6.5 % | pts. | $216.92 | 15.5 % | |||
| Middle East & Africa | $94.78 | 18.5 % | 62.0 % | -3.5 % | pts. | $152.92 | 25.1 % | |||
| International - All2 | $101.37 | -2.4 % | 63.3 % | -7.9 % | pts. | $160.11 | 9.8 % | |||
| US & Canada - All | $128.94 | 3.5 % | 71.8 % | -4.7 % | pts. | $179.58 | 10.4 % | |||
| Worldwide3 | $120.60 | 1.8 % | 69.2 % | -5.8 % | pts. | $174.19 | 10.2 % | |||
| Comparable Systemwide Properties1 | ||||||||||
| Nine Months Ended September 30, 2022 and September 30, 2019 | ||||||||||
| REVPAR | Occupancy | Average Daily Rate | ||||||||
| Region | 2022 | vs. 2019 | 2022 | vs. 2019 | 2022 | vs. 2019 | ||||
| Greater China | $52.09 | -39.8 % | 47.0 % | -19.9 % | pts. | $110.95 | -14.3 % | |||
| Asia Pacific excluding China | $75.03 | -28.8 % | 55.6 % | -16.2 % | pts. | $134.93 | -8.1 % | |||
| Caribbean & Latin America | $100.89 | 3.9 % | 56.9 % | -4.8 % | pts. | $177.18 | 12.6 % | |||
| Europe | $119.44 | -9.1 % | 59.8 % | -13.0 % | pts. | $199.71 | 10.6 % | |||
| Middle East & Africa | $104.51 | 15.3 % | 62.2 % | -3.6 % | pts. | $168.02 | 22.0 % | |||
| International - All2 | $87.29 | -16.3 % | 55.5 % | -13.3 % | pts. | $157.25 | 3.8 % | |||
| US & Canada - All | $119.16 | -2.8 % | 67.5 % | -6.9 % | pts. | $176.60 | 7.1 % | |||
| Worldwide3 | $109.53 | -6.6 % | 63.9 % | -8.9 % | pts. | $171.52 | 6.4 % | |||
| 1 The comparisons between 2022 and 2019 reflect properties that are defined as comparable as of September 30, 2022, even if in 2019 they were not open and operating for the full year or did not meet all the criteria for comparable in 2019. | ||||||||||
| 2 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa. | ||||||||||
| 3 Includes US & Canada - All and International - All. |
| MARRIOTT INTERNATIONAL, INC. | |||||||||
| NON-GAAP FINANCIAL MEASURES | |||||||||
| ADJUSTED EBITDA | |||||||||
| ($ in millions) | |||||||||
| Fiscal Year 2022 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Total | ||||||
| Net income, as reported | $ 377 | $ 678 | $ 630 | $ 1,685 | |||||
| Cost reimbursement revenue | (3,146) | (3,920) | (3,931) | (10,997) | |||||
| Reimbursed expenses | 3,179 | 3,827 | 3,786 | 10,792 | |||||
| Interest expense | 93 | 95 | 100 | 288 | |||||
| Interest expense from unconsolidated joint ventures | 1 | 2 | 2 | 5 | |||||
| Provision for income taxes | 99 | 200 | 239 | 538 | |||||
| Depreciation and amortization | 48 | 49 | 50 | 147 | |||||
| Contract investment amortization | 24 | 19 | 22 | 65 | |||||
| Depreciation and amortization classified in reimbursed expenses | 26 | 29 | 32 | 87 | |||||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 13 | 3 | 7 | 23 | |||||
| Stock-based compensation | 44 | 52 | 48 | 144 | |||||
| Restructuring, merger-related charges, and other | 9 | - | 2 | 11 | |||||
| Gains on investees' property sales | (8) | (13) | (2) | (23) | |||||
| Gain on asset dispositions | - | (2) | - | (2) | |||||
| Adjusted EBITDA ** | $ 759 | $1,019 | $ 985 | $ 2,763 | |||||
| Change from 2021 Adjusted EBITDA ** | 156 % | 83 % | 44 % | 80 % | |||||
| Fiscal Year 2021 | |||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||
| Net (loss) income, as reported | $ (11) | $ 422 | $ 220 | $ 468 | $ 1,099 | ||||
| Cost reimbursement revenue | (1,780) | (2,338) | (2,950) | (3,374) | (10,442) | ||||
| Reimbursed expenses | 1,833 | 2,255 | 2,917 | 3,317 | 10,322 | ||||
| Loss on extinguishment of debt | - | - | 164 | - | 164 | ||||
| Interest expense | 107 | 109 | 107 | 97 | 420 | ||||
| Interest expense from unconsolidated joint ventures | 2 | 1 | 2 | 2 | 7 | ||||
| (Benefit) provision for income taxes | (16) | (41) | 58 | 80 | 81 | ||||
| Depreciation and amortization | 52 | 50 | 64 | 54 | 220 | ||||
| Contract investment amortization | 17 | 18 | 21 | 19 | 75 | ||||
| Depreciation and amortization classified in reimbursed expenses | 28 | 27 | 28 | 28 | 111 | ||||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 10 | 9 | 5 | 7 | 31 | ||||
| Stock-based compensation | 53 | 43 | 43 | 43 | 182 | ||||
| Restructuring, merger-related charges, and other | 1 | 3 | 4 | - | 8 | ||||
| Adjusted EBITDA ** | $ 296 | $ 558 | $ 683 | $ 741 | $ 2,278 | ||||
| ** Denotes non-GAAP financial measures. Please see pages A-15 and A-16 for information about our reasons for providing these alternative financial measures and the | |||||||||
| limitations on their use. |
| MARRIOTT INTERNATIONAL, INC. | |||||||
| NON-GAAP FINANCIAL MEASURES | |||||||
| ADJUSTED EBITDA FORECAST | |||||||
| FOURTH QUARTER 2022 | |||||||
| ($ in millions) | |||||||
| Range | |||||||
| Estimated Fourth Quarter 2022 | Fourth Quarter 2021 ** | ||||||
| Net income excluding certain items 1 | $ 565 | $ 588 | |||||
| Interest expense | 112 | 112 | |||||
| Interest expense from unconsolidated joint ventures | 1 | 1 | |||||
| Provision for income taxes | 174 | 181 | |||||
| Depreciation and amortization | 47 | 47 | |||||
| Contract investment amortization | 25 | 25 | |||||
| Depreciation and amortization classified in reimbursed expenses | 32 | 32 | |||||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 3 | 3 | |||||
| Stock-based compensation | 48 | 48 | |||||
| Adjusted EBITDA ** | $1,007 | $1,037 | $ 741 | ||||
| Increase over 2021 Adjusted EBITDA ** | 36 % | 40 % | |||||
| ** Denotes non-GAAP financial measures. See pages A-15 and A-16 for information about our reasons for providing these alternative financial | |||||||
| measures and the limitations on their use. | |||||||
| 1 | Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring, merger-related charges, and other expenses, each of which the | ||||||
| company cannot forecast with sufficient accuracy and which may be significant, except for depreciation and amortization classified in reimbursed expenses, | |||||||
| which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any additional asset | |||||||
| sales that may occur during the year. | |||||||
| MARRIOTT INTERNATIONAL, INC. | |||||||
| NON-GAAP FINANCIAL MEASURES | |||||||
| ADJUSTED EBITDA FORECAST | |||||||
| FULL YEAR 2022 | |||||||
| ($ in millions) | |||||||
| Range | |||||||
| Estimated Full Year 2022 | Full Year 2021** | ||||||
| Net income excluding certain items 1 | $2,102 | $2,125 | |||||
| Interest expense | 400 | 400 | |||||
| Interest expense from unconsolidated joint ventures | 6 | 6 | |||||
| Provision for income taxes | 666 | 673 | |||||
| Depreciation and amortization | 194 | 194 | |||||
| Contract investment amortization | 90 | 90 | |||||
| Depreciation and amortization classified in reimbursed expenses | 119 | 119 | |||||
| Depreciation, amortization, and impairments from unconsolidated joint ventures | 26 | 26 | |||||
| Stock-based compensation | 192 | 192 | |||||
| Gains on investees' property sales | (23) | (23) | |||||
| Gain on asset dispositions | (2) | (2) | |||||
| Adjusted EBITDA ** | $3,770 | $3,800 | $ 2,278 | ||||
| Increase over 2021 Adjusted EBITDA ** | 65 % | 67 % | |||||