On February 13th, local time in the United States, Marriott International, Inc. (Nasdaq: MAR) disclosed its performance reports for the fourth quarter and full year of 2023. Financial data shows that in the fourth quarter of 2023, Marriott's total revenue was approximately $6.095 billion, a year-on-year increase of 3%; Net profit was approximately $848 million, a year-on-year increase of 26%; Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was approximately $1.197 billion, a year-on-year increase of 9.8%.
From the perspective of revenue composition, Marriott's basic management fee revenue in the fourth quarter of 2023 was approximately 321 million US dollars, a year-on-year increase of 112%; The franchise fee revenue was approximately 705 million US dollars, a year-on-year increase of 7%; Own, leased, and other income was approximately $455 million, a year-on-year increase of 15%.
Marriott CEO Anthony Capuano stated in his performance report, "In the fourth quarter of 2023, global Marriott hotels saw a 7% increase in RevPAR (average room rental revenue), while international hotels saw a 17% increase in RevPAR, particularly strong in the Asia Pacific and Europe regions."
According to data disclosed by Marriott, the RevPAR of comparable hotels worldwide in the fourth quarter of 2023 was $121.06, a year-on-year increase of 7.2%; The occupancy rate was 67%, a year-on-year increase of 2.6 percentage points; The ADR (average daily house price) was $180.69, a year-on-year increase of 3%.
It is worth noting that the growth rate of the accommodation industry indicators in Greater China far exceeds other regions: the RevPAR in the fourth quarter of 2023 was $80.49, the highest year-on-year increase of 80.9%, which is 67.6 percentage points higher than the Asia Pacific region (excluding China), which has the second highest RevPAR growth rate of 13.3%. At the same time, the occupancy rate in Greater China was 68%, a year-on-year increase of 22.3 percentage points; The ADR was $118.36, a year-on-year increase of 21.4%.
Throughout the year, Marriott's RevPAR for comparable hotels worldwide was $124.7, a year-on-year increase of 14.9%; The occupancy rate was 69.2%, a year-on-year increase of 5.5 percentage points; The ADR was $180.24, a year-on-year increase of 5.8%. The growth rate of accommodation industry indicators in hotels in Greater China is also much higher than that in other regions: RevPAR was $82.77, a year-on-year increase of 78.6%; The occupancy rate was 67.9%, a year-on-year increase of 22.2 percentage points; The ADR was $121.91, a year-on-year increase of 20.2%.
In terms of financial data, Marriott's total revenue for the entire year of 2023 was approximately 23.713 billion US dollars, a year-on-year increase of 14%; The net profit was approximately 3.083 billion US dollars, a year-on-year increase of 31%.
Anthony Capuano said, "As our demand for industry-leading properties and product portfolios continues to grow globally, we achieved outstanding performance in 2023. Our fee driven, light asset business model has generated record cash levels."
According to data disclosed by Marriott, as of the end of 2023, the total debt was $11.9 billion, and the total cash and cash equivalents were $300 million.
Throughout 2023, Marriott Global added nearly 81300 new rooms, a net increase of 4.7% year-on-year. As of the end of 2023, Marriott has a total of 8515 hotels worldwide; The global hotel construction plan includes approximately 573000 rooms, of which 232000 are currently under construction.