BETHESDA, Md. — Marriott International, Inc. has reported positive growth for Q4 2016, as well as fiscal year 2016.
The company — which acquired Starwood Hotels & Resorts Worldwide in September — reported an adjusted net income totaling $334 million, representing a 15-per-cent increase over combined results from the previous year.
Marriott also delivered record-high fee revenues in 2016, boosted by significant unit growth, RevPAR improvement of 1.1 per cent in North America, outstanding property-level margin gains and the acquisition of Starwood Hotels & Resorts — which added 11 leading brands and 6,000 hotels to Marriott’s portfolio.
Together with owners and franchisees, Marriott and Starwood added more than 68,000 rooms during the year, including roughly 11,000 rooms converted from competitor brands and approximately 31,000 rooms in international markets. The company also drove its worldwide development pipeline to more than 420,000 rooms — including nearly 34,000 rooms approved, but not yet subject to signed contracts.
“Our strategy of managing and franchising hotels under solid, long‐term agreements is proven,” says Arne M. Sorenson, president and CEO of Marriott International. “Over the years, we’ve shown that this business model delivers meaningful growth in the number and variety of choices for our guests globally, while generating strong sustainable cash flow. In 2017, we anticipate growing our rooms distribution by six per cent, net, and expect that our worldwide RevPAR for the combined portfolio will increase 0.5per cent to 2.5 per cent.”
The complete report is available here.