When you combine explosive growth—like net income nearly doubling to $2.9 billion—with a relentless expansion adding over 80,000 rooms in a single year, you begin to understand the sheer scale and momentum behind Marriott International’s record-breaking fiscal 2023.
Key Takeaways
- In fiscal year 2023, Marriott International achieved total revenue of $23.713 billion, marking a 17.42% year-over-year increase driven by strong RevPAR growth.
- Marriott's net income attributable to Marriott in 2023 reached $2.928 billion, up 94.8% from 2022.
- Adjusted EBITDA for Marriott in 2023 was $5.289 billion, reflecting a 28.5% increase over the prior year.
- As of year-end 2023, Marriott operated 8,785 properties with 1,597,369 rooms across 139 countries and 30 brands.
- Marriott added 222 properties (39,800 rooms) to its worldwide portfolio in Q4 2023 alone.
- Net rooms growth for Marriott in 2023 was 5.2%, adding over 80,000 rooms.
- Worldwide occupancy for Marriott properties averaged 70.5% in 2023.
- Average daily rate (ADR) for Marriott systemwide rose 7.5% in 2023.
- Marriott Bonvoy members accounted for 60% of all room nights in 2023.
- Marriott employees number over 120,000 associates worldwide as of 2023.
- Marriott's employee turnover rate improved to 25% in 2023 from 35% pre-pandemic.
- Over 50,000 associates trained via Marriott's TakeCare leadership program in 2023.
- Marriott recycled 75% of waste at properties in 2023.
- Marriott's Scope 1 and 2 GHG emissions decreased 10% per room night since 2019.
- 85% of Marriott properties use LED lighting as of 2023.
Marriott's 2023 performance showed strong growth across revenue, profits, and global expansion.
Employee and Operational Data
- Marriott employees number over 120,000 associates worldwide as of 2023.
- Marriott's employee turnover rate improved to 25% in 2023 from 35% pre-pandemic.
- Over 50,000 associates trained via Marriott's TakeCare leadership program in 2023.
- Women represent 48% of Marriott's global management positions.
- Marriott invested $100 million in associate benefits and wage increases in 2023.
- Average hourly wage for Marriott frontline staff rose 12% since 2021.
- 30% of Marriott's workforce is Gen Z as of 2023.
- Marriott conducted 1.2 million hours of diversity training in 2023.
- Safety incident rate for Marriott properties was 1.2 per 100 associates in 2023.
- Over 90% of Marriott general managers have internal promotion backgrounds.
- Marriott hired 40,000 new associates in 2023 amid recovery.
- Employee engagement score at Marriott reached 82% in 2023 survey.
- Marriott's U.S. properties average 250 rooms per hotel.
- 15% of Marriott revenue comes from owned/leased properties.
- Marriott operates 95% franchised or managed properties.
- Average tenure of Marriott associates is 7.5 years.
- Marriott's global supply chain includes 10,000 vendors.
- 25,000 associates work in Marriott's corporate and regional offices.
- Marriott's operational uptime for property management systems was 99.8% in 2023.
- Food cost percentage for Marriott F&B operations averaged 32% in 2023.
Employee and Operational Data Interpretation
While Marriott's army of 120,000 is battling a still-significant 25% turnover, they're fighting back by raising wages (12% since '21), promoting from within (90% of GMs), and investing heavily in training, which has helped boost engagement to 82% and built a surprisingly stable core with an average tenure of 7.5 years.
Financial Performance
- In fiscal year 2023, Marriott International achieved total revenue of $23.713 billion, marking a 17.42% year-over-year increase driven by strong RevPAR growth.
- Marriott's net income attributable to Marriott in 2023 reached $2.928 billion, up 94.8% from 2022.
- Adjusted EBITDA for Marriott in 2023 was $5.289 billion, reflecting a 28.5% increase over the prior year.
- Marriott's worldwide RevPAR for comparable systemwide properties in 2023 increased by 9.0% in constant dollar terms.
- Diluted EPS for Marriott in 2023 was $8.83, compared to $4.56 in 2022.
- Marriott repurchased 9.5 million shares of its common stock in 2023 for approximately $1.7 billion.
- Total assets of Marriott International as of December 31, 2023, stood at $27.748 billion.
- Marriott's franchise and licensing fees revenue in 2023 was $3.071 billion, comprising 55% of total revenue.
- Cost of sales for Marriott in 2023 was $2.586 billion, up 12.3% from 2022.
- Marriott's effective tax rate in 2023 was 22.4%.
- In Q4 2023, Marriott's adjusted EPS was $3.42, exceeding guidance by 6%.
- Marriott's cash and cash equivalents as of end-2023 were $2.773 billion.
- Long-term debt for Marriott decreased to $10.917 billion in 2023 from $11.289 billion.
- Marriott's return on invested capital (ROIC) in 2023 was approximately 14.2%.
- Gross profit margin for Marriott in 2023 was 45.1%.
- Marriott paid dividends of $2.52 per share in 2023, totaling $686 million.
- Revenue from owned, leased, and other revenue in 2023 was $2.839 billion for Marriott.
- Marriott's incentive management fees in 2023 grew 24% to $1.1 billion.
- Operating income for Marriott in 2023 was $4.441 billion, up 38% YoY.
- Marriott's market capitalization as of December 2023 was approximately $70 billion.
- In 2023, Marriott's U.S. RevPAR grew 5.1% compared to 2022.
- International RevPAR for Marriott in 2023 increased 13.6% in constant dollars.
- Marriott's base management fees in 2023 were $1.4 billion, up 15%.
- Total shareholder returns for Marriott stock in 2023 were 72%.
- Marriott's debt-to-equity ratio as of 2023 was -5.4 (due to negative equity from accounting).
- Free cash flow generated by Marriott in 2023 was $3.2 billion.
- Marriott's Q1 2024 revenue was $5.986 billion, up 4.2% YoY.
- Capital expenditures for Marriott in 2023 totaled $344 million.
- Marriott's adjusted EPS guidance for 2024 is $9.30 to $9.70.
- Revenue per available room (RevPAR) for Marriott's luxury segment in 2023 grew 10.2%.
Financial Performance Interpretation
After a pandemic-sized hangover, Marriott's 2023 was the financial equivalent of ordering the entire room service menu, as profits nearly doubled, shareholders feasted on buybacks and dividends, and the world proved it would pay a premium to not sleep in their own bed.
Guest and Revenue Statistics
- Worldwide occupancy for Marriott properties averaged 70.5% in 2023.
- Average daily rate (ADR) for Marriott systemwide rose 7.5% in 2023.
- Marriott Bonvoy members accounted for 60% of all room nights in 2023.
- Total room nights sold by Marriott in 2023 exceeded 200 million.
- Loyalty program redemption nights grew 25% YoY to 45 million in 2023.
- Marriott's group revenue share was 35% of total revenue in 2023.
- Transient RevPAR growth was 8.2% for Marriott in 2023.
- Over 50% of Marriott bookings in 2023 came via direct channels.
- Marriott app downloads reached 100 million in 2023.
- Average length of stay for Marriott guests increased to 2.3 nights in 2023.
- Business transient demand drove 42% of Marriott's RevPAR growth in 2023.
- Leisure RevPAR for Marriott grew 6.8% YoY in 2023.
- Marriott's negotiated rates contributed 28% to total ADR.
- Over 170 countries saw Marriott guest arrivals in 2023.
- Peak occupancy month for Marriott was December 2023 at 75%.
- Marriott generated $2.5 billion in ancillary revenue from F&B in 2023.
- Mobile check-ins represented 65% of Marriott arrivals in 2023.
- Group nights grew 12% for Marriott in 2023 to 70 million nights.
- Marriott's luxury brands saw 85% occupancy in 2023.
- Contracted group rooms for 2024 already at 75% of 2023 levels.
- Marriott's RevPAR index vs. competitors was 115 in major markets.
- Weekend occupancy outperformed weekdays by 5 points in 2023.
- Marriott saw 15% growth in international leisure travelers.
- Total F&B revenue per occupied room was $45 in 2023.
Guest and Revenue Statistics Interpretation
While the numbers show Marriott's empire is thriving with guests happily paying more and rewarding loyalty, the real story is a delicate dance of managing the growing pains of group bookings, luxury demand, and weekend leisure spikes, all while keeping the direct booking engine humming and mobile check-ins flowing.
Property and Brand Portfolio
- As of year-end 2023, Marriott operated 8,785 properties with 1,597,369 rooms across 139 countries and 30 brands.
- Marriott added 222 properties (39,800 rooms) to its worldwide portfolio in Q4 2023 alone.
- Net rooms growth for Marriott in 2023 was 5.2%, adding over 80,000 rooms.
- Marriott's franchise properties represent 82% of its total rooms as of 2023.
- The company signed 566 new properties (111,000 rooms) in 2023.
- Marriott's pipeline consists of 3,220 properties with 576,000 rooms as of Dec 2023.
- In the U.S., Marriott has 4,200 properties totaling 750,000 rooms.
- Marriott's luxury portfolio includes 500 properties across 10 luxury brands.
- Residence Inn by Marriott has over 900 properties worldwide.
- JW Marriott brand has 100 properties open and 50 in pipeline.
- Marriott Bonvoy loyalty program has over 210 million members as of 2023.
- Fairfield by Marriott brand surpassed 1,200 properties in 2023.
- Marriott's extended-stay brands account for 25% of total portfolio rooms.
- In Asia Pacific, Marriott has 575 properties with 140,000 rooms.
- Europe hosts 2,100 Marriott properties with 430,000 rooms.
- Marriott opened its 9,000th property in 2023.
- Protea Hotels by Marriott has 60+ properties in Africa.
- Marriott's all-inclusive brands like Westin Vacations have 70 resorts.
- Courtyard by Marriott leads midscale with 1,250 properties.
- In 2023, Marriott converted 150 properties into its system.
- Moxy Hotels brand grew to 70 properties globally.
- Ritz-Carlton brand has 115 luxury hotels and resorts.
- Marriott's Timeshare (Marriott Vacation Club) has 70 resorts.
- In the Middle East & Africa, 450 properties with 90,000 rooms.
- Sheraton brand operates 450 hotels in 70+ countries.
- Marriott Vacation Club points members exceed 700,000.
- In 2023, 60% of Marriott signings were conversions.
- Delta Hotels by Marriott has 80 properties.
Property and Brand Portfolio Interpretation
For a company that practically owns the ZIP code of hospitality, Marriott's staggering growth—from adding enough rooms each quarter to house a small city to converting rivals into its fold—proves that in the game of global lodging, they're not just playing checkers; they're aggressively franchising a worldwide monopoly of stays, one Bonvoy member at a time.
Sustainability and CSR
- Marriott recycled 75% of waste at properties in 2023.
- Marriott's Scope 1 and 2 GHG emissions decreased 10% per room night since 2019.
- 85% of Marriott properties use LED lighting as of 2023.
- Marriott sourced 25% of food locally at properties in 2023.
- The company planted 2 million trees via Serve 360 in 2023.
- Water usage intensity at Marriott fell 20% from 2018 baseline.
- 60% of Marriott energy comes from renewables in key markets.
- Marriott donated $50 million to communities through foundation in 2023.
- 100% of seafood served is sustainable at Marriott properties.
- Marriott achieved LEED certification for 500 properties.
- Plastic reduction efforts eliminated 1 billion single-use items since 2019.
- 40% reduction in food waste through composting and donations.
- Marriott's ESG score from Sustainalytics is 15.7 (low risk).
- Over 500,000 volunteer hours by associates in 2023.
- 90% of Marriott suppliers adhere to Responsible Business Sourcing Policy.
- Carbon offset program covered 50% of flights for associates.
- Marriott invested $200 million in sustainability initiatives 2021-2023.
- Biodiversity efforts protected 100,000 acres via partnerships.
- Energy Star ratings held by 1,200 Marriott properties.
- Zero-waste-to-landfill achieved at 200 properties.
Sustainability and CSR Interpretation
Marriott is quietly building a hotel empire that treads so lightly you might forget it's there, having swapped a billion plastic trinkets for two million trees, halving its food waste while sourcing a quarter of it locally, powering rooms with renewables and LEDs, saving water like a desert cactus, and all while ensuring your salmon is sustainable and its own corporate flights are half-offset.
Sources & References
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