The following is a summary of the Marriott International, Inc. (MAR) Q4 2023 Earnings Call Transcript:

Financial Performance:

Marriott International noted a Q4 2023 revenue per available room (RevPAR) increase of over 3% YoY in the U.S. and Canada, and a 17% rise in international RevPAR.
Total gross fee revenues rose by 10% to 1.24 billion underpinned by higher RevPAR, room additions, and substantial growth in co-brand credit card fees.
Owned, lease, and other revenue net of direct expenses reached 151 million in Q4 2023.
Adjusted EBITDA for Q4 2023 climbed 10% to approximately 1.2 billion, signaling a 21% rise YoY.
The company noted approximately $267 million of tax benefits due to favorable discrete items in 2023.
For 2024, capital returns to shareholders could range from $4.1 billion to $4.3 billion, inclusive of a $500 million cash out for the Sheraton Grand purchase in Chicago.

Business Progress:

Marriott’s global RevPAR for Q1 2024 is expected to climb 4% to 5%, and 3% to 5% for the full year.
The company had a robust pipeline with 7% of open rooms and 18% of rooms under construction globally at the end of 2023.
As part of its strategic growth, Marriott partnered with China’s large hospitality company, Delemex, intending to convert several hotels.
The company exceeded its net rooms growth projections in 2023 due to robust demand for their brands.
Marriott Bonvoy, the company’s loyalty program, grew to over 196 million members by the end of 2023 with member penetration reaching record highs.
Looking ahead, the company anticipates net room growth of 5.5% to 6% in 2024 fueled by the addition of approximately 37,000 rooms from MGM by mid-March 2024.