Q2 2024 Marriott International Inc Earnings Call Transcript
Key Points
- Marriott International Inc (MAR) reported a strong quarter with a 6% year-over-year net room growth.
- Global RevPAR increased nearly 5%, with a 3% rise in the average daily rate and a 150 basis point increase in occupancy.
- International RevPAR saw significant growth, particularly in the Asia Pacific region (excluding China) with a 13% increase.
- The Marriott Bonvoy loyalty program continues to expand, reaching over 210 million members and achieving record high member penetration.
- Marriott International Inc (MAR) added approximately 15,500 net rooms, ending the quarter with nearly 1.66 million rooms and a robust pipeline of over 559,000 rooms globally.
- RevPAR in Greater China declined roughly 4% due to macroeconomic pressures and increased outbound travel.
- Incentive management fees in Greater China saw an $8 million decline, impacting overall financial performance.
- The company anticipates continued weakness in Greater China, leading to a narrowed global RevPAR growth range of 3% to 4% for the full year.
- There is a noted softness in the Hawaii market, particularly in Maui, due to the strong dollar and slower recovery post-tragedy.
- Ancillary spend was slightly softer than anticipated, indicating a more cautious consumer behavior.
Good day, everyone, and welcome to today's Marriott International Q2 2024 earnings. (Operator instructions) Please note this call is being recorded. I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Senior Vice President, Investor Relations, Jackie McConagha.
Thank you. Good morning, and welcome to Mariott's second-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 future results to differ materially from those
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