HomeHotelMarriott profits rise 31%, to $3,083 million

Marriott profits rise 31%, to $3,083 million

Marriott International Inc, the largest hotel group in the world, obtained net profits of 3,083 million dollars in 2023. This figure represented a growth of 31% compared to the previous year.

The Marriott hotel group has approximately 1.5 million hotel rooms, spread around the world, under different brands. For example, Marriott Hotels, Sheraton, Westin, Courtyard, The Ritz-Carlton, Reinassance, Le Méridien, W, St.Regis, AC Hotels by Marriott, Moxy, Bulgari, etc.

Billing

Marriott International Inc registered in 2023 a billing (total income) worth 23,713 million dollars. This figure includes sales of hotel nights in establishments managed by Marriott directly, fees charged to franchises, etc.

So, the billing of the company in the previous two years was:

  • Year 2022: 20,773 million dollars
  • Year 2023: 23,713 million dollars
  • Annual variation +14%

On the other hand, the operating costs of this hotel colossus amounted to 19,849 million dollars last year.

Benefits

Discounting operating expenses, tax payments, etc., the net profits of Marriott were 3,083 million euros in 2023.

  • Year 2022: 2,358 million dollars
  • Year 2023: 3,083 million dollars
  • Annual variation +31%
Image of a Marriott hotel in the United States. Source: Adobe Stock

RevPar increased by 15% globally

As pointed out Anthony Capuanopresident and CEO of Marriott International, the results for fiscal year 2023 have been “excellent” and he highlighted that demand continued to grow.

The president of the hotel company has also highlighted that RevPAR increased by 15% globally and that “our business model asset-light generated record levels of cash.

Looking ahead to 2024, Anthony Capuano advances that “we expect another year of solid growth.”

“With RevPAR normalizing growth around the world, we anticipate global RevPAR growth of between 3% and 5% for the full year.” At the same time, the company foresees a growth in the number of rooms that will be around 6%.


Related news:
– Marriott advances to the “new frontiers of luxury” with its 500th hotel
– Why are we seeing alliances between hotel chains?
– Marriott grows in Spain with 3 large projects of more than 400 rooms

Source: Hosteltur

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