Summary by Moomoo AI
Marriott International reported Q3 2024 revenues of $6.26 billion, up 5.5% year-over-year, driven by a 7% increase in gross fee revenues to $1.28 billion. Systemwide RevPAR grew 3.0% globally, with ADR up 2.5% and occupancy improving 0.3 percentage points. However, net income declined 22% to $584 million due to higher costs and expenses.The company showed mixed regional performance, with strong growth in EMEA (RevPAR +9.5%) and APEC (+9.2%), while Greater China declined 7.9% due to lower domestic demand. U.S. & Canada, the largest segment, posted modest RevPAR growth of 2.1%. Total operating costs increased 10% to $5.31 billion, including higher general and administrative expenses of $276 million.Looking ahead, Marriott expects full-year 2024 net rooms growth of around 6.5%, supported by a development pipeline of approximately 3,800 hotels with 585,000 rooms. The company launched a comprehensive efficiency initiative expected to yield $80-90 million in annual cost savings beginning in 2025. Marriott continued its capital return program, repurchasing 4.5 million shares for $1.0 billion in Q3 and paying quarterly dividends of $0.63 per share.
