Marriott International has reported a net income of $848m in the fourth quarter (Q4) of 2023, marking an increase of 26% from $673m in Q4 2022.
The company's total revenue for the quarter ending 31 December 2023 reached $6.09bn, marking a 2.90% increase from $5.92bn in the corresponding period of 2022.
Total expenses climbed to $5.37bn in Q4 2023 from $4.92bn in Q4 2022.
Basic earnings per share (EPS) for the quarter stood at $2.88, up from $2.13 in the same period of the previous year while diluted EPS increased to $2.87 from $2.12 in Q4 2022.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the latest quarter stood at $1.19bn, a rise from $1.09bn.
Marriott's Q4 2023 comparable systemwide constant dollar revenue per available room (RevPAR) saw a 7.2% worldwide increase to $121.06.
For the full year, Marriott recorded a net income of $3.08bn, up from $2.35bn in 2022, with total revenue for 2023 standing at $23.71bn compared with $20.77bn in the previous year.
Adjusted EBITDA for the full year was $4.65bn, an increase from $3.85bn in 2022.
Basic EPS for the full year 2023 was $10.23, up from $7.27 in 2022, and diluted EPS was $10.18 compared with $7.24 in the previous year.
Marriott International president and CEO Anthony Capuano said: “Our team delivered excellent results in 2023, as demand for our industry-leading portfolio of properties and offerings around the world continued to grow.
“The power of our unparalleled Marriott Bonvoy loyalty programme continues to increase, with 196 million members at year-end. We've continued to leverage our global portfolio and have expanded our co-brand credit card offerings, with 31 cards now across 11 countries. In 2023, global card spend increased a remarkable 11% over the prior year.”
The company added about 81,300 rooms globally in 2023. It recorded a net room growth of 4.7% in 2023 from year-end 2022.
At the year's end, Marriott's worldwide development pipeline stood at 3,400 properties and 573,000 rooms, including more than 21,000 pipeline rooms approved but not yet subject to signed contracts.
For the full year 2024, Marriott anticipates adjusted EBITDA to be between $4.88bn and $5.01bn.
