Q1 2024 Marriott International Inc Earnings Call Transcript
Key Points
- Marriott International Inc (MAR) reported a 4.2% increase in global RevPAR, with occupancy reaching nearly 66%, indicating a solid start to 2024.
- The company experienced strong growth across all customer segments, with Group RevPAR rising 6% globally and leisure and business transient segments also showing positive trends.
- Marriott International Inc (MAR) added a record 46,000 net rooms, growing its distribution by 7.1% compared to the previous year, highlighting robust development activity.
- Marriott Bonvoy membership grew significantly, adding nearly 7 million members during the quarter, reaching around 203 million members globally, enhancing customer loyalty and engagement.
- The company raised its full-year 2024 earnings and capital returns guidance based on the strength of its diverse global portfolio and resilient demand for travel.
- The financing environment in the U.S. and Europe remains challenging, which could impact the pace of new developments and expansions.
- Despite overall growth, the business transient segment showed a modest 1% increase in RevPAR, indicating slower recovery in this segment.
- Marriott International Inc (MAR) noted a slowdown in RevPAR growth in Greater China due to weaker macroeconomic conditions and increased outbound travel, which could affect future performance in this key market.
- First quarter leisure RevPAR was flat in the U.S. & Canada, with more customers opting for international destinations, potentially impacting domestic market performance.
- The company faces ongoing expenses related to its multiyear digital and technology transformation, which, while necessary for long-term growth, could impact short-term financial performance.
Good day, everyone, and welcome to today's Marriott International First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note today's call will be recorded, and I'll be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Jackie McConagha, Senior Vice President, Investor Relations. Please go ahead.
Thank you. Good morning, everyone, and welcome to Marriott's First Quarter 2024 Earnings Call. On the call with me today are Tony Capuano, our President and Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Development; and Betsy Dahm, our Vice President of Investor Relations.
Before we begin, I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause
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