Marriott International and Hyatt Hotels Corporation have released their first quarter results. Due to better-than-expected performance, both hotel companies have decided to raise their guidance for the full year 2023.
Marriott International’s reported net income was $757 million, up from $377 million in the previous quarter. Adjusted net income was $648 million, up from $413 million last year.
Marriott saw its global RevPAR increase 34.3 percent. Regionally, RevPAR was up 25.6% in the U.S. and Canada and 63.1% in international markets. EBITDA, meanwhile, rose to $1,098 million from $759 million in Q1 2022.
Marriott’s reported operating income was $951 million, up from $558 million in the same period in 2022, and its reported net income was $757 million, up from $377 million. Finally, reported diluted earnings per share (EPS) posted $2.43, up from $1.14 in the previous quarter.
Marriott added 79 properties (11,015 rooms) to its global lodging portfolio in the first quarter, and 14 properties (2,351 rooms) exited. As a result, it now has 8,400 properties (more than 1,534,000 rooms) worldwide. The hotel group also bought back 6.8 million shares of its common stock for $1.1 billion. Year-to-date through April 28, the company has returned $1.5 billion to its shareholders.
As a result of these results, Marriott announced it is raising its full-year 2023 guidance.
“With the faster-than-expected recovery in international markets and continued strong global booking trends so far in the second quarter, we are raising our full-year RevPAR guidance”, said Anthony Capuano, president and CEO of Marriott International. “We believe our broad portfolio of brands, award-winning Marriott Bonvoy loyalty program, dedicated associates and efficient, asset-light business model position us very well for future growth.”
Hyatt in good shape
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