Marriott International, Inc. (NASDAQ-MAR) is the world’s largest hospitality and travel company. Marriott International, Inc. (NASDAQ-MAR) is headquartered in Bethesda, Maryland, USA. The company currently owns over 6,000 of its properties worldwide, located in 122 countries and territories. Marriott International, Inc. (NASDAQ-MAR) operates hotels and franchises. The company currently has 30 subsidiaries that are engaged in the same business. Marriott International, Inc. (NASDAQ-MAR)’s most prestigious resort hotel brands include : Bulgari®, The Ritz-Carlton®, St. Reserve®, Regis®, W®, JW Marriott®, Marriott Hotels®, Westin®, Le Méridien®, Sheraton®, Marriott Vacation Club®, Gaylord Hotels®, SpringHill Suites®, Fairfield Inn, TownePlace Suites®, Aloft®, Element®. The Company also operates award-winning loyalty programs: Marriott Rewards®, which includes Ritz-Carlton Rewards® resorts and Starwood Preferred Guest®.
Marriott International, Inc. (NASDAQ-MAR) is expanding its Fairfield by Marriott portfolio into Europe. The second largest brand in the global Marriott Bonvoy portfolio, the brand boasts more than 1,290 hotels worldwide. Fairfield by Marriott also owns more than 450 properties worldwide. The company has also said through the media that it will open 17 more hotels in Europe.
Marriott International president for Asia Pacific Rajeev Menon said , “India remains a shining star” with the rest of the world in terms of growth. Among other things, 80% of new contracts in India are in the premium category. The company plans to build more than 80 hotels in India within five years. Also, the president added that the real potential capacity of Marriot hotels in India is 250 hotels. Marriott International has signed 30 deals in South Asia comprising more than 5,000 rooms since last year. Of these 30 deals, 28 are in India. The company currently has Marriott hotels in more than 40 Indian cities where it has opened new hotels in Gorakhpur, Siliguri and Shillong, among others. The company posted a 35% increase in revenue in India last year.
The company also signed a purchase agreement in Jaipur a few weeks ago to buy a Ritz Carlton hotel, which will be called JW Marriott Resort & Spa. The company also released its financial results for the fourth quarter of 2023. It posted a 9% increase of $1.026 billion compared to the same quarter of the previous year. Excluding all expenses, the company earned a 26% year-over-year increase in net income, at $848 million.
President and CEO, Anthony Capuano said: “Our team delivered outstanding results in 2023 as demand for our world-class portfolio of hotels and properties continues to grow around the world. Global new hotel rooms grew by 15% and additional space grew by 4.7%. “We expect another year of solid growth and significant returns for shareholders in 2024. We also expect global new hotel rooms to grow by 3% to 5% and spaces such as meeting rooms to grow by 5.5% to 6%. The Company expects annual revenue growth of $4.9 billion to $5.0 billion due to these actions.
Marriott International Inc (NASDAQ-MAR) also pays a regular quarterly dividend to its shareholders. The dividend yield is 0.82% per annum and the actual dividend amount has been approved by the company’s general meeting of shareholders at $0.52 per share. The high estimate average target price was set at $280 per share.
