Marriott International Reports Second Quarter 2023 Results and Raises Full Year Outlook
- EDITOR
- Aug 1, 2023
- 2 min read
Anthony Capuano, President and Chief Executive Officer, said, “With continued momentum in demand for global travel, we posted another quarter of outstanding results. Second quarter worldwide RevPAR[1] increased 13.5 percent, aided by significant growth in all of our international regions, where RevPAR rose 39 percent. Greater China rebounded quickly once travel restrictions were lifted in January, with second quarter RevPAR surpassing pre-pandemic levels.
“In the U.S. & Canada, RevPAR increased 6 percent, with many urban markets showing impressive growth in the second quarter. Within customer segments, group once again performed extremely well, with revenue rising 10 percent above 2022. Business transient revenue also saw strong year-over-year growth, driven by solid average daily rate growth. Leisure transient revenue rose as well, albeit more slowly, as more travelers from the region chose to visit overseas destinations.
“Our growth strategies are proving successful. During the quarter, we added approximately 33,100 rooms to our system, including 17,300 City Express rooms in the Caribbean & Latin America region, and our industry-leading pipeline grew to nearly 547,000 rooms, with more than 240,000 global rooms under construction. In June, we announced our planned entry into the affordable midscale extended stay space in the U.S. & Canada. Initial owner interest in our new offering has been tremendous.
“Just a few weeks ago, we announced our long-term strategic licensing agreement with MGM Resorts International and the creation of MGM Collection with Marriott Bonvoy. This transaction is consistent with our strategy to pursue deals that meet customer needs, increase our distribution, and enhance the value of Marriott Bonvoy, our powerful loyalty platform. We are excited to have 17 iconic MGM Resorts properties available on our robust digital channels beginning later this fall and to dramatically increase our footprint in Las Vegas, an important, high-barrier-to-entry U.S. market. With this deal, our 2023 full year net rooms growth expectation is now 6.4 percent to 6.7 percent.
“While conditions could change rapidly, booking trends remain solid. We are raising our full year rooms growth and earnings guidance and now expect to return $4.1 billion to $4.5 billion to shareholders in 2023.”
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