Marriott International, Inc (NASDAQ-MAR) recently released financial results for the first quarter of 2024. The company increased total sales by 4% year-over-year to $1.142 billion. Net income for 1Q2024 was $564 million. The company built 46,000 new rooms during the first three months of 2024 and had more than 202,000 rooms under construction at the end of the first quarter.
President and CEO of Marriott Inc. Anthony Capuano said, “We were pleased with our first quarter results, which included both rapid new construction and revenue generation. Our international markets were particularly strong, posting gains with an 11% increase. Revenue growth in Asia Pacific and China was 17%. “We are excited about the launch of the MGM Collection with Marriott Bonvoy, a strategic agreement with MGM Resorts International , which added nearly 37,000 rooms to our system. We saw excellent initial booking rates and loyalty card redemptions.”, “Our first quarter results underscore the resilience of our asset-focused business model and the strength of our brands. We are raising our full-year earnings estimates and now expect to return between $4.2 billion and $4.4 billion to shareholders this year.”
The company also announced via press release that it has renovated three luxury resorts of more than 1,000 rooms at Pelican Hill, Turtle Bay Resort and the Midtown luxury hotel in New Yourk. These luxury resorts will join Marriott’s first-class Bonvoy brand. The company also revealed its newest brand of hotels named Project Mid-T. This brand is designed primarily for redevelopment of existing hotels or reuse of office space and is aimed at mid-market clients.
Marriott International Inc (NASDAQ-MAR) also pays a regular quarterly dividend to its shareholders. The dividend yield is 1.10% per annum and the actual dividend amount has been approved by the company’s general meeting of shareholders at $0.63 per share. The high estimate average target price was set at $255.28 per share.
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