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. celebrated the opening of a new hotel under its new StudioRes hotel brand on January 17, 2024, through inaugurations in Canada and the U.S. This new and distinct company brand features Marriott’s affordable mid-market guest experience. The move marks a significant milestone for Marriott International as it expands its hotel offerings to the middle class and helps make staycation dreams come true. Among those attending the ceremony were Marriott President and CEO Tony Capuano and Liam Brown, along with other company leaders.
The company also recently released its financial results for the third quarter of 2023. The company’s total sales increased by 8.8% year-over-year, and the company reported net income of $752 million. This compares to USD 634 million in the same quarter of the previous year. During the third quarter, the company built approximately 17,200 new rooms worldwide. At the end of the quarter, Marriott’s global development pipeline included more than 3,200 properties and nearly 557,000 rooms, including approximately 40,300 approved for construction. At the end of the third quarter, approximately 238,000 hotel rooms were under construction. During the third quarter, Marriott International, Inc (NASDAQ-MAR) repurchased 4.8 million shares of common stock for $950 million and returned $3.7 billion to its shareholders through dividends.
Marriott International, Inc. (Nasdaq-MAR) will report financial results via conference call for the fourth quarter and full year 2023 on Tuesday, February 13, 2024. Marriott International’s President and Chief Executive Officer, Anthony Capuano, and Chief Financial Officer and Executive Vice President of Development, Leeny Oberg, will discuss the Company’s performance on this conference call.
Marriott International Inc (NASDAQ-MAR) also pays a regular quarterly dividend to its shareholders. The dividend yield is 0.89% 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 $255 per share.
