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A nice Valentine’s Day for Marriott<\/strong>. Thanks to strong leisure demand, the hotel group yesterday, Feb. 14<\/strong>, posted rising earnings<\/strong> in the final quarter of 2022 that beat Wall Street estimates. “Our performance in 2022 was terrific”,<\/em> said Anthony Capuano<\/strong>, Marriott International’s CEO. “Just two years after experiencing the steepest downturn in our company’s history, we have delivered record financial results.”<\/em><\/p>\n <\/p>\n As a result, the hotel group reported operating income up 57 percent<\/strong> to about $996 million<\/strong> in the fourth quarter of 2022.<\/strong> Adjusted net income thus grew 54% to $673 million.<\/strong><\/p>\n <\/p>\n Adjusted EBITDA<\/strong> (earnings before interest, taxes, depreciation and amortization) was up 47% to $1,090 million<\/strong> in Q4 2022.<\/strong> In the fourth quarter of 2022, global<\/strong> RevPAR<\/strong> (revenue per available room) increased 28.8%<\/strong>. It grew 23.6%<\/strong> in the U.S. and Canada, and 45.1%<\/strong> in international markets.<\/p>\n <\/p>\n <\/p>\n The U.S. group boosted its global lodging portfolio<\/strong> in 2022<\/strong> with the addition of more than 65,000 rooms<\/strong>, including approximately 40,000<\/strong> rooms in international markets (outside the U.S.). During the fourth quarter of 2022, the company added 145 properties (22,589 rooms)<\/strong>. Of those, there were nearly 6,900<\/strong> rooms converted from competing brands and approximately 16,700<\/strong> rooms in international markets. By the end of 2022, Marriott’s global lodging system had nearly 8,300 properties, with more than 1,525,000 rooms.<\/strong><\/p>\n <\/p>\n By the end of 2022, the company’s global development pipeline totaled 3,028 properties<\/strong> with more than 496,000 rooms<\/strong>, including 1,009 properties<\/strong> with approximately 199,000 rooms under construction<\/strong>, or 40%<\/strong> of the pipeline. For the full year 2022, Marriott repurchased 16.8 million<\/strong> shares of common stock for $2.6 billion<\/strong>, including 8.7 million shares<\/strong> for $1.4 billion<\/strong> in the fourth quarter.<\/p>\n <\/p>\n <\/p>\n The group will need to continue its strong momentum under new leadership. Marriott’s board of directors<\/strong> has named current CEO Anthony Capuano as president and CEO<\/strong>, effective Feb. 24, 2023<\/strong>. He will replace Stephanie Linnartz<\/strong>, Marriott’s current President, who announced last December that she would be leaving, for Under Armour<\/strong>, as CEO.<\/p>\n <\/p>\n <\/p>\n According to the group, first-quarter 2023 results<\/strong> should benefit strongly from comparison with the same period in 2022, which was impacted by the emergence of an Omicron<\/strong> variant that depressed lodging demand.<\/p>\n <\/p>\n The rest of the year is more unclear. “As we look ahead to the full year 2023, there is significant uncertainty regarding global economic growth”<\/em>, Antony Capuano said on the conference call. “Nonetheless, the company expects global RevPAR to increase year-over-year, even if the global economy slows in the second half of 2023”,<\/em> he added.<\/p>\n <\/p>\n At almost the halfway point of the quarter, global booking trends remain robust. In January, global RevPAR was up 51.6 percent<\/strong> year-over-year.<\/p>\n <\/p>\n Read also >Hotels: the Marriott group has accelerated its growth in 2022<\/a><\/p>\nAn expanding group<\/h2>\n
Management change<\/h2>\n
Positive outlook<\/h2>\n