Marriott News Center

142 posts categorized "financial"

01/07/2016

Marriott International Announces Release Date for Fourth Quarter 2015 Earnings

Bethesda, Md., January 7, 2016 – Marriott International, Inc. (NASDAQ: MAR) will report fourth quarter 2015 earnings results on Wednesday, February 17, 2016, at approximately 5:00 pm Eastern Time (ET). The company will hold a conference call for the investment community to discuss its fourth quarter 2015 earnings on Thursday, February 18, 2016 at 10 a.m. ET. Mr. Arne Sorenson, Marriott International's president and chief executive officer, and Ms. Leeny Oberg, Marriott International's executive vice president and chief financial officer, will discuss the company's performance.

The conference call will be webcast simultaneously via Marriott’s investor relations website. Those wishing to access the call on the web should log on to http://www.marriott.com/investor, and click the link for the fourth quarter earnings call under “Recent and Upcoming Events”. A replay will be available at that same website until February 18, 2017. A transcript of the call will also be available on the company’s website.

The telephone dial-in number for the conference call is 706-679-3455. Please use conference ID 97407136 when dialing into the call. To help ensure you do not miss any of the conference call, please dial-in or link to the call on the web 15 minutes prior to the scheduled start time.  News media will be able to access the conference call in a listen-only mode.

A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, February 18, 2016 until 8 p.m. ET, Thursday, February 25, 2016. To access the replay, call 404-537-3406. The conference ID for the recording is 97407136.

Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Contacts:  
Felicia McLemore                 
Marriott International Corporate Relations      
(301) 380-2702         
felicia.mclemore@marriott.com                              

Betsy Dahm
Marriott International Investor Relations
(301) 380-3372
betsy.dahm@marriott.com

12/22/2015

Marriott International Files Form S-4 Registration Statement Related to Proposed Acquisition of Starwood Hotels & Resorts Worldwide in a Merger Transaction

Marriott and Starwood logosWill Resume Share Repurchases

Bethesda, Md., December 22, 2015 – Marriott International, Inc. (NASDAQ: MAR) announced today that it has filed a joint proxy and registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC) in connection with the company’s proposed acquisition of Starwood Hotels & Resorts Worldwide in a merger transaction. Once complete, the transaction would result in the world’s largest hotel company, with more than 5,500 hotels and 1.1 million rooms across 31 brands in over 100 countries.  The combined company would be named Marriott International, Inc. and would be headquartered in Bethesda, Md. 

While this registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about Marriott’s proposed acquisition of Starwood. Once declared effective by the SEC, the final proxy statement/prospectus included in the Form S-4 will be mailed to both Marriott and Starwood shareholders prior to stockholder votes on the proposed acquisition. Marriott expects the transaction will close by mid-2016.

During the preparation of the pending registration statement, Marriott has been prohibited from engaging in share repurchases. With the filing of the draft Form S-4, Marriott will resume share repurchases immediately (subject to certain regulatory mandated volume limitations in effect until the shareholder meetings to vote on the proposed merger transaction).   For 2015, Marriott expects nearly $2.2 billion will be returned to shareholders through share repurchases and dividends.

No Offer of Solicitation 

The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It

This communication relates to a proposed business combination between Marriott and Starwood. In connection with this proposed business combination, on December 22, 2015, Marriott filed with the SEC a registration statement on Form S-4 containing a preliminary joint proxy statement/prospectus of Marriott and Starwood and other documents related to the proposed transaction. The registration statement has not yet become effective. After the registration statement is declared effective by the SEC, Marriott and Starwood will each file with the SEC a definitive proxy statement/prospectus and a definitive proxy statement/prospectus will be mailed to stockholders of Marriott and Starwood. INVESTORS AND SECURITY HOLDERS OF MARRIOTT AND STARWOOD ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents (when available) that Marriott and Starwood file with the SEC at the SEC’s website at www.sec.gov. In addition, these documents may be obtained from Marriott free of charge by directing a request to investorrelations@marriott.com, or from Starwood free of charge by directing a request to ir@starwoodhotels.com.

Participants in Solicitation

Marriott, Starwood, and certain of their respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. Investors and security holders may obtain information regarding the names, affiliations and interests of Marriott’s directors and executive officers in Marriott’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 19, 2015, in its proxy statement for its 2015 Annual Meeting, which was filed with the SEC on April 7, 2015, and in the joint proxy/registration statement on Form S-4, which was filed by Marriott with the SEC on December 22, 2015. Information regarding the names, affiliations and interests of Starwood’s directors and executive officers may be found in Starwood’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 25, 2015, in its definitive proxy statement for its 2015 Annual Meeting, which was filed with the SEC on April 17, 2015, and in the joint proxy/registration statement on Form S-4, which was filed by Marriott with the SEC on December 22, 2015. These documents can be obtained free of charge from the sources listed above. Additional information regarding the interests of these individuals will also be included in the definitive proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Note on forward-looking statements

This communication contains “forward-looking statements” within the meaning of U.S. federal securities laws, including the parties’ plans for closing the transaction; the resulting impact on the size of Marriott’s operations; statements concerning the benefits of the transaction, including the combined company’s future financial and operating results, plans and expectations; and anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the receipt of necessary consents, and other risk factors that we identify in our most recent quarterly report on Form 10-Q, in our current report on Form 8-K filed with the SEC on November 16, 2015 and in our registration statement on Form S-4 filed with the SEC on December 22, 2015. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this communication. We make these forward-looking statements as of the date of this communication. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

12/07/2015

Marriott Announces Carl Berquist to Retire as Chief Financial Officer

Carl BerquistRitz-Carlton’s Leeny Oberg to Become Marriott CFO on January 1

Bethesda, Md., December 7, 2015 – Marriott International, Inc. (NASDAQ: MAR) announced today that Carl Berquist, Marriott’s executive vice president and chief financial officer for the past seven years, will retire as CFO on December 31, 2015, remaining with the company as a special adviser through March 2016.  Leeny Kelly Oberg, a 16-year Marriott veteran, and currently chief financial officer for The Ritz-Carlton Hotel Company, LLC, a wholly-owned subsidiary of Marriott, will become Marriott’s chief financial officer on January 1, 2016, succeeding Mr. Berquist. 

Mr. Berquist’s leadership has been instrumental in the company’s significant global growth, culminating with Marriott’s announced plans in November to acquire Starwood Hotels & Resorts Worldwide in a merger transaction.  After a 28-year career at Arthur Andersen LLP, where he led the firm’s accounting work on behalf of Marriott, in 2002 Mr. Berquist joined Marriott as executive vice president and chief accounting officer.   Quickly moving into the role of executive vice president, financial information and risk management, Mr. Berquist was appointed CFO in 2009.  He created a model for the global finance team that provided flexibility and support for the company’s operating regions while ensuring appropriate enterprise controls.

During his tenure as CFO, Marriott acquired Gaylord Hotels, Protea Hotels and Delta Hotels and Resorts.  Mr. Berquist also led the spin-off of Marriott’s timeshare business in 2011, as well as a transaction with Accenture Hospitality Services involving back-office functions in 2013.

Arne Sorenson, Marriott’s president and chief executive officer, said, “While Carl’s outstanding record speaks for itself, I cannot emphasize enough the contributions that he has made as a great leader and highly-valued colleague at Marriott.  His dedication and loyalty have been instrumental to our success.  We will greatly miss his wise counsel and partnership.”

As a partner at Arthur Andersen, Mr. Berquist held numerous leadership positions, covering the management of the business as well as market facing operational roles, including managing partner of the worldwide real estate and hospitality practice. 

A member of the Board of Directors of Hertz Global Holdings, Inc., Mr. Berquist, 64, is a graduate of Penn State University, where he serves as a member of its Smeal College of Business’ Board of Visitors, as well as the School of Hospitality Management Board of Advisors. 

Lenny ObergBeginning her new role as Marriott chief financial officer on January 1, Leeny Oberg, 55, assumed her current position at Ritz-Carlton in 2013, where she contributed significantly to the brand’s performance, growth and organizational effectiveness.

Previously, Ms. Oberg served in a range of financial leadership positions with Marriott.  From 2008 to 2013, she was the company’s senior vice president, corporate and development finance, where she led a team which valued new hotel development projects, evaluated merger and acquisition opportunities, prepared the company’s long range plans and annual budgets, and made recommendations for the company’s financial and capital allocation strategy.  Ms. Oberg was a key member of the team that executed the spin-off of Marriott's timeshare business in 2011.  From 2006 to 2008, Ms. Oberg served in London as senior vice president, international project finance and asset management for Europe, the Middle East and Africa, and also as the region's senior finance executive.   Ms. Oberg first joined Marriott as part of its investor relations group in 1999.

Mr. Sorenson said, “Having worked closely with Leeny over much of her career, I am thrilled to have her join my team.  She brings great experience, leadership and passion to a very critical role within the company at a time of major opportunity in the global marketplace.”   

Prior to joining Marriott, Ms. Oberg held a variety of financial leadership positions with such organizations as Sodexo (previously Sodexo Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank. She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business.

About Marriott International, Inc.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 85 countries and territories.  Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, Bvlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 54 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Contacts: 
Tom Marder, (301) 380-2553, thomas.marder@marriott.com 
Felicia McLemore, (301) 380-2702, felicia.mclemore@marriott.com

 

12/04/2015

Marriott International CFO to Speak at Barclays 2015 Gaming, Lodging, Leisure and Restaurant Conference December 8; Remarks to be Webcast

BETHESDA, MD. – December 4, 2015 – Carl Berquist, executive vice president and chief financial officer at Marriott International, Inc. (NASDAQ:MAR), will speak at the Barclays 2015 Gaming, Lodging, Leisure and Restaurant Conference, to be held on Tuesday, December 8.  Mr. Berquist’s presentation will be at approximately 7:30 a.m., Eastern Time, and will be webcast live.

To access the webcast, please go to http://www.marriott.com/investor, and then click on the link to the “Barclays Lodging Conference” under “Recent and Upcoming Events.”

The webcast will be available until March 8, 2016 at the same site.

Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com

Media Contacts:

Felicia McLemore
Marriott International Corporate Relations      
(301) 380-2702                                                                              
felcia.mclemore@marriott.com                            

Betsy Dahm
Marriott International Investor Relations
(301) 380-3372
betsy.dahm@marriott.com 

                           

09/24/2015

Marriott International Announces Release Date for Third Quarter 2015 Earnings

Bethesda, Md., September 24, 2015 – Marriott International, Inc. (NASDAQ: MAR) will report third quarter 2015 earnings results on Wednesday, October 28, 2015, at approximately 5:00 p.m. Eastern Time (ET).  The company will hold a conference call for the investment community to discuss its third quarter 2015 earnings on Thursday, October 29, 2015 at 10 a.m. ET.  Mr. Arne Sorenson, Marriott International's president and chief executive officer, and Mr. Carl Berquist, Marriott International's executive vice president and chief financial officer, will discuss the company's performance.

The conference call will be webcast simultaneously via Marriott’s investor relations website.  Those wishing to access the call on the web should log on to http://www.marriott.com/investor, and click the link for the second quarter earnings call under “Recent and Upcoming Events”.  A replay will be available at that same website until October 29, 2016.  A transcript of the call will also be available on the company’s website.

The telephone dial-in number for the conference call is 706-679-3455.  Please use conference ID 39462855 when dialing into the call.  To help ensure you do not miss any of the conference call, please dial-in or link to the call on the web 15 minutes prior to the scheduled start time.  News media will be able to access the conference call in a listen-only mode. 

A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, October 29, 2015 until 8 p.m. ET, Thursday, November 5, 2015.  To access the replay, call 404-537-3406.  The conference ID for the recording is 39462855.

Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Contacts: 
Felicia McLemore
Marriott International Corporate Relations 
(301) 380-2702 
felicia.mclemore@marriott.com

Betsy Dahm
Marriott International Investor Relations
(301) 380-3372
betsy.dahm@marriott.com 

 

08/06/2015

Marriott International Declares Cash Dividend

MILogoHorizBlackBethesda, Md., August 6, 2015 – Marriott International, Inc. (NASDAQ: MAR) today announced that its board of directors declared a quarterly cash dividend of 25 cents ($0.25) per share of common stock.   

The dividend is payable on September 25, 2015 to shareholders of record on August 20, 2015.

Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 81 countries and territories.  Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com

Contact:   Felicia McLemore at felicia.mclemore@marriott.com

             

 

04/29/2015

Marriott International Reports First Quarter 2015 Results

HIGHLIGHTS  

  • First quarter diluted EPS totaled $0.73, a 28 percent increase over prior year results;  
  • North American comparable systemwide constant dollar RevPAR rose 6.9 percent in the first quarter;  
  • On a constant dollar basis, worldwide comparable systemwide RevPAR rose 6.8 percent in the first quarter;  
  • Marriott repurchased 5.5 million shares of the company’s common stock for $431 million during the first quarter. Year-to-date through April 29, the company repurchased 7.2 million shares for $566 million;  
  • Comparable company-operated house profit margins increased 120 basis points both in North America and worldwide in the first quarter;  
  • The company’s adjusted operating income margin increased to 48 percent compared to 42 percent in the year-ago quarter;  
  • Over 10,000 rooms were added during the first quarter, including over 2,000 rooms converted from competitor brands and 4,000 rooms in international markets;  
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $429 million in the quarter, a 27 percent increase over first quarter 2014 adjusted EBITDA.

BETHESDA, MD – April 29, 2015 - Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2015 results.

First quarter 2015 net income totaled $207 million, a 20 percent increase over 2014 first quarter net income.  Diluted earnings per share (EPS) in the first quarter totaled $0.73, a 28 percent increase from diluted EPS in the year-ago quarter.  First quarter 2015 results reflect impairment charges totaling $12 million pretax while the prior year quarter included both a $10 million pretax impairment charge and a net $16 million tax benefit.  On February 18, 2015, the company forecasted first quarter diluted EPS of $0.68 to $0.72.

Arne M. Sorenson, president and chief executive officer of Marriott International, said, “Worldwide constant dollar RevPAR increased at the high end of our expectations in the first quarter of 2015.  Strong transient and group demand and very high occupancy rates in the U.S. allowed us to continue to reduce special discounts and enhance pricing.  Internationally, robust demand in Mexico and our Caribbean resorts and increasing travel to Egypt drove RevPAR higher. Weak currencies in Europe, the U.K. and Japan encouraged both domestic demand and international arrivals into those markets.  As a result, constant dollar RevPAR at our international hotels increased 6.7 percent, well ahead of our expectations.

“New hotel room openings accelerated in the first quarter as we added over 10,000 rooms compared to nearly 6,000 room additions in the first quarter of 2014.   We are delighted to welcome guests to our newest hotels including the JW Marriott Venice Resort and Spa and the JW Marriott Austin and look forward to the opening of The New York EDITION in a few weeks.  Despite this accelerated openings pace, our development pipeline totaled over 240,000 rooms, comparable to the year-end 2014 level.

“In 2015, we expect worldwide gross room additions of 8 percent, or 7 percent, net, including the approximately 10,000 rooms associated with our recently completed acquisition of Delta Hotels.  Given our significant development pipeline and strong owner and franchisee demand for our brands, we expect our worldwide organic room growth will accelerate meaningfully in 2016.

“Marriott remains committed to its asset light strategy, recycling over $600 million of capital to date in 2015, while retaining long-term management agreements on sold hotels.  Trailing-twelve-month return on invested capital reached 39 percent as of the end of the first quarter.  We remain on track to return at least $1.75 billion to shareholders through dividends and share repurchases in 2015.”

For the 2015 first quarter, RevPAR for worldwide comparable systemwide properties increased 6.8 percent (a 5.2 percent increase using actual dollars).

In North America, comparable systemwide RevPAR increased 6.9 percent (a 6.6 percent increase using actual dollars) in the first quarter of 2015, including a 4.9 percent increase (a 4.7  percent increase in actual dollars) in average daily rate.  RevPAR for comparable systemwide North American full-service hotels (including Marriott Hotels, The Ritz-Carlton, Renaissance Hotels, Gaylord Hotels and Autograph Collection Hotels) increased 5.3 percent (a 5.0 percent increase in actual dollars) with a 4.6 percent increase (a 4.3 percent increase in actual dollars) in average daily rate.  RevPAR for comparable systemwide North American limited-service hotels (including Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites and Fairfield Inn & Suites) increased 8.3 percent (an 8.0 percent increase in actual dollars) in the first quarter with a 5.6 percent increase (a 5.3 percent increase in actual dollars) in average daily rate.

International comparable systemwide RevPAR rose 6.7 percent (a 0.2 percent decline using actual dollars) in the first quarter.  

Marriott added 60 new properties (10,148 rooms) to its worldwide lodging portfolio in the 2015 first quarter, including the 1,012-room JW Marriott Austin in Texas, the Marriott Port-au-Prince Hotel in Haiti and the JW Marriott Venice Resort & Spa in Italy.  Seven properties (1,420 rooms) exited the system during the quarter.  At quarter-end, the company’s lodging system encompassed 4,228 properties and timeshare resorts for a total of over 723,000 rooms.

The company’s worldwide development pipeline totaled over 1,450 properties with over 240,000 rooms at quarter-end, including approximately 500 properties with 88,000 rooms under construction and 162 properties with nearly 27,000 rooms approved for development, but not yet subject to signed contracts.  The company’s pipeline at the end of the first quarter did not include the approximately 10,000 rooms associated with the Delta transaction which closed on April 1, 2015.

MARRIOTT REVENUES totaled over $3.5 billion in the 2015 first quarter compared to revenues of nearly $3.3 billion for the first quarter of 2014.  Base management and franchise fees totaled $369 million compared to $318 million in the year-ago quarter, an increase of 16 percent.  The increase largely reflected higher RevPAR, higher property-level food and beverage revenue, new unit growth and $19 million of higher relicensing fees. 

First quarter worldwide incentive management fees increased 25 percent to $89 million primarily due to higher RevPAR and house profit margins, particularly at in–season Florida and Caribbean resorts, as well as favorable timing of fee recognition and incentive fees from the Protea brand portfolio, which was acquired in the second quarter of 2014.  In the first quarter, 48 percent of worldwide company-managed hotels earned incentive management fees compared to 35 percent in the year-ago quarter.

On February 18, the company estimated total fee revenue for the first quarter would total $440 million to $450 million.  Actual total fee revenue of $458 million in the quarter was higher than estimated due to better than expected RevPAR growth and house profit margins driving incentive fees higher.

Worldwide comparable company-operated house profit margins increased 120 basis points in the first quarter with higher room rates, improved productivity, and lower utility costs.  House profit margins for North American comparable company-operated properties increased 120 basis points from the year-ago quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $63 million, compared to $49 million in the year-ago quarter.  The year-over-year increase largely reflected the $5 million favorable impact of the Protea acquisition, the $3 million favorable impact of several expired leases in Europe and improved results at a few hotels. 

On February 18, the company estimated owned, leased, and other revenue, net of direct expenses for the first quarter would total approximately $60 million.  Actual results in the quarter were above the estimate largely due to stronger results at one international leased hotel and the favorable timing of pre-opening expenses.

DEPRECIATION, AMORTIZATION, and OTHER expenses totaled $44 million in the first quarter of 2015 compared to $36 million in the year-ago quarter.  Expenses in the 2015 first quarter include $12 million of impairment charges related to The New York EDITION hotel and The Miami Beach EDITION residences.  Over the last 12 months, the company generated proceeds of nearly $1 billion from the sale of EDITION assets including the sale of The New York EDITION at the beginning of the 2015 second quarter.  Expenses in the quarter also included $3 million of accelerated amortization of contract acquisition costs primarily related to contract terminations and $2 million of higher amortization of contract acquisition costs related to the Protea transaction.  The 2014 first quarter expenses included a $10 million impairment charge.

On February 18, the company estimated depreciation, amortization, and other expenses for the first quarter would total $30 million.  Actual expenses in the quarter were higher than expected largely due to the $12 million of impairment charges discussed above, as well as $3 million of accelerated amortization of contract acquisition costs primarily related to contract terminations.

GENERAL, ADMINISTRATIVE, and OTHER expenses for the 2015 first quarter totaled $145 million compared to $148 million in the year-ago quarter.  The decline in expenses year-over-year was largely due to the $14 million net favorable impact to legal expenses associated with a few litigation resolutions, partially offset by $7 million of higher guarantee reserves and $2 million of expenses related to the Protea brand portfolio.

On February 18, the company estimated general, administrative, and other expenses for the first quarter would total $150 million to $155 million.  Actual expenses in the quarter were lower than expected largely due to favorable timing and higher deferred development costs.

Provision for Income Taxes
The provision for income taxes in the first quarter of 2014 included a net $16 million non-cash tax benefit largely related to a settlement with the IRS.

Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization (EBITDA)
For the first quarter, adjusted EBITDA totaled $429 million, a 27 percent increase over first quarter 2014 adjusted EBITDA of $339 million.  See page A-5 for the adjusted EBITDA calculation.

BALANCE SHEET
At quarter-end, total debt was $4,028 million and cash balances totaled $120 million, compared to $3,781 million in debt and $104 million of cash at year-end 2014.

COMMON STOCK
Weighted average fully diluted shares outstanding used to calculate diluted EPS totaled 283.5 million in the 2015 first quarter, compared to 303.3 million in the year-ago quarter.

The company repurchased 5.5 million shares of common stock in the first quarter at a cost of $431 million.  To date in 2015, the company has repurchased 7.2 million shares for $566 million. 

OUTLOOK
For the 2015 second quarter, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 5 to 7 percent in North America, 3 to 5 percent outside North America and 5 to 7 percent worldwide.  The company’s guidance for second quarter RevPAR growth reflects the shift of Ramadan, which will begin earlier in the second quarter this year.

For full year 2015, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 5 to 7 percent in North America, 4 to 6 percent outside North America and 5 to 7 percent worldwide.

The company anticipates gross room additions of approximately 8 percent, or 7 percent, net, worldwide for the full year 2015, including the approximately 10,000 rooms associated with the recently completed acquisition of Delta Hotels.

The company assumes full year fee revenue could total $1,890 million to $1,930 million, growth of 10 to 12 percent over 2014 fee revenue of $1,719 million.  This fee revenue estimate reflects approximately $11 to $13 million of incremental fees associated with the Delta acquisition, partially offset by the impact of later than anticipated openings of new hotels in 2015 and the continued strengthening of the U.S. dollar.  With very strong incentive fee performance in the first quarter, the company anticipates incentive management fees alone will increase at a mid-teens rate for full year 2015.

The company estimates depreciation, amortization, and other expenses for full year 2015 will total approximately $150 million, including approximately $3 million of amortization related to the Delta transaction.  

For 2015, the company anticipates general, administrative and other expenses will total $635 million to $645 million, a 2 to 4 percent decline compared to 2014 expenses of $659 million.  Compared to the company’s prior estimate of 2015 general and administrative costs, the current estimate assumes approximately $9 million related to the Delta acquisition, largely offset by an estimated $7 million favorable impact of higher deferred development costs.  The company’s estimate of general and administrative expenses does not reflect transition or transaction costs associated with the Delta acquisition.

Given these assumptions, 2015 diluted EPS could total $3.00 to $3.12, an 18 to 23 percent increase year-over-year, excluding Delta transition and transaction costs.

 

 

Second Quarter 2015 Full Year 2015
 Total fee revenue         $490 million to $500 million              $1,890 million to $1,930 million
Owned, leased and other revenue,  net of direct expenses $55 million to $60 million     Approx. $255 million
Depreciation, amortization, and other expenses  Approx. $30 million      Approx. $150 million
 General, administrative, and other expenses      $160 million to $165 million  $635 million to $645 million
 Operating income      $350 million to $370 million  $1,350 million to $1,400 million
 Gains and other income      Approx. $0 million  Approx. $0 million
 Net interest expense1  Approx. $35 million  Approx. $140 million
 Equity in earnings (losses)  Approx. $5 million  Approx. $10 million
 Earnings per share      $0.78 to $0.83  $3.00 to $3.12
 Tax rate    32.3 percent

1Net of interest income

The company expects investment spending in 2015 will total approximately $600 million to $800 million, including approximately $140 million for maintenance capital and approximately $135 million for the Delta transaction.  Investment spending also includes other capital expenditures (including property acquisitions), new mezzanine financing and mortgage notes, contract acquisition costs, and equity and other investments.  Assuming this level of investment spending, at least $1.75 billion could be returned to shareholders through share repurchases and dividends.

Based upon the assumptions above, the company expects full year 2015 adjusted EBITDA will total $1,730 million to $1,780 million, a 14 to 17 percent increase over the 2014 full year adjusted EBITDA of $1,524 million.  See page A-6 for the adjusted EBITDA calculation.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, April 30, 2015 at 10 a.m. Eastern Time (ET).  The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor, click the “Recent and Upcoming Events” tab and click on the quarterly conference call link.  A replay will be available at that same website until April 30, 2016.

The telephone dial-in number for the conference call is 706-679-3455 and the conference ID is 99597993.  A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, April 30, 2015 until 8 p.m. ET, Thursday, May 7, 2015.  To access the replay, call 404-537-3406.  The conference ID for the recording is 99597993.

Note on forward-looking statements:  This press release and accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including RevPAR, profit margin and earnings trends, estimates and assumptions; the number of lodging properties we expect to add to or remove from our system in the future; our expectations about investment spending; and similar statements concerning anticipated future events and expectations that are not historical facts.  We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those we identify below and other risk factors that we identify in our most recent annual or quarterly report on Form 10-K or Form 10-Q.  Risks that could affect forward-looking statements in this press release include changes in market conditions; the continuation and pace of the economic recovery; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance hotel growth and refurbishment.  Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.  We make these forward-looking statements as of April 29, 2015.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,200 properties in 80 countries and territories.  Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Click here to Download MAR Q1 2015 Press Release Schedules - FINAL

Contacts: 

Tom Marder, (301) 380-2553, thomas.marder@marriott.com 
Betsy Dahm, (301) 380-3372, betsy.dahm@marriott.com

03/24/2015

Marriott International Announces Release Date for First Quarter 2015 Earnings

Bethesda, Md., March 20, 2015 – Marriott International, Inc. (NASDAQ: MAR) will report first quarter 2015 earnings results on Wednesday, April 29, 2015, at approximately 5:00 pm Eastern Time (ET).  The company will hold a conference call for the investment community to discuss its first quarter 2015 earnings on Thursday, April 30, 2015 at 10 a.m. ET.  Mr. Arne Sorenson, Marriott International's president and chief executive officer, and Mr. Carl Berquist, Marriott International's executive vice president and chief financial officer, will discuss the company's performance.

The conference call will be webcast simultaneously via Marriott’s investor relations website.  Those wishing to access the call on the web should log on to http://www.marriott.com/investor, and click the link for the first quarter earnings call under “Recent and Upcoming Events”.  A replay will be available at that same website until April 30, 2016.  A transcript of the call will also be available on the company’s website.

The telephone dial-in number for the conference call is 706-679-3455.  Please use conference ID 99597993 when dialing into the call.  To help ensure you do not miss any of the conference call, please dial-in or link to the call on the web 10 minutes prior to the scheduled start time.  News media will be able to access the conference call in a listen-only mode. 

A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, April 30, 2015 until 8 p.m. ET, Thursday, May 7, 2015.  To access the replay, call 404-537-3406.  The conference ID for the recording is 99597993. 

Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Connect with thomas.marder@marriott.com or betsy.dahm@marriott.com 

02/27/2015

Marriott International CFO to Speak at Raymond James Institutional Investors Conference March 3

Remarks to be Webcast 

Bethesda, Md., February 27, 2015 – Carl Berquist, executive vice president and chief financial officer at Marriott International, Inc. (NASDAQ:MAR), will speak at the 2015 Raymond James Institutional Investors Conference, to be held on Tuesday, March 3.  Mr. Berquist’s presentation will be at approximately 9:15 a.m., Eastern Time, and will be webcast live.

To access the webcast, please go to http://www.marriott.com/investor, and then click on the link to the “Raymond James Conference” under “Recent and Upcoming Events.”

The webcast will be available until March 10, 2015 at the same site.

Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

 

Contacts:
Felicia McLemore / Betsy Dahm 
(301) 380-2702 / (301) 380-3372                        felcia.mclemore@marriott.com / betsy.dahm@marriott.com 

 

 

02/18/2015

Marriott International Reports Fourth Quarter and Full Year 2014 Results

HIGHLIGHTS 

  • Fourth quarter diluted EPS totaled $0.68, a 39 percent increase over prior year results;
     
  • North American comparable systemwide RevPAR rose 6.7 percent in the fourth quarter and 7.0 percent for the full year;
     
  • On a constant dollar basis, worldwide comparable systemwide RevPAR rose 6.2 percent in the fourth quarter and 6.6 percent for the full year;
     
  • For full year 2014, Marriott repurchased 24.2 million shares of the company’s common stock for $1.5 billion including 7.7 million shares for $544 million in the fourth quarter;
     
  • Comparable company-operated house profit margins increased 150 basis points in North America and 120 basis points worldwide for the full year;
     
  • At year-end, the company’s worldwide development pipeline increased to nearly 240,000 rooms, including approximately 30,000 rooms approved, but not yet subject to signed contracts;
     
  • Over 46,000 rooms were added in 2014 including nearly 9,000 rooms converted from competitor brands and over 10,000 rooms associated with the Protea transaction;
     
  • The company signed a record 100,000 rooms in 2014;
     
  • Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $384 million in the quarter, a 20 percent increase over fourth quarter 2013 adjusted EBITDA;
     
  • Adjusted for cost reimbursements, the company’s full year 2014 operating income margin increased to 42 percent.  Return on invested capital totaled 36 percent in 2014;
     
  • For full year 2015, Marriott expects North American and worldwide comparable systemwide constant dollar RevPAR to increase 5 to 7 percent. 

BETHESDA, MD – February 18, 2015 - Marriott International, Inc. (NASDAQ: MAR) today reported fourth quarter and full year 2014 results.

Fourth quarter 2014 net income totaled $197 million, a 30 percent increase over 2013 net income.  Fourth quarter 2014 diluted earnings per share (EPS) totaled $0.68, a 39 percent increase from 2013 diluted EPS.  On October 28, 2014, the company forecasted fourth quarter diluted EPS of $0.62 to $0.66.

Arne M. Sorenson, president and chief executive officer of Marriott International, said, “Today, we post both record earnings and unit growth and conclude 2014 with the strongest worldwide development pipeline of rooms in our history.  Our powerful portfolio of brands has never been better positioned or more in demand by our owners, franchisees and guests.  In 2014, we signed agreements for a record-breaking 100,000 rooms, boosting our development pipeline to nearly 240,000 rooms. At year-end, our system reached nearly 715,000 rooms in 79 countries and territories.  With the strength of our portfolio, we expect to reach one million rooms open or under development well before the end of 2015, offering a growing number of travel opportunities for our 49 million loyal Rewards members.

“In the fourth quarter, our worldwide systemwide RevPAR increased more than 6 percent.  In North America, business and leisure transient demand were strong, which drove limited-service systemwide RevPAR up 8 percent.  We expect transient demand to remain strong.  In fact, based on signings to date, we expect special corporate room rates across all our managed North American hotels will increase 5 to 6 percent in 2015.

“During the year, our calendar of group meeting business in North America favored the first three quarters of 2014, largely due to the timing of holidays.  As expected, this tempered results at our full-service hotels during the fourth quarter, particularly at our largest convention hotels.  We are seeing group business restrengthen for 2015.  Group revenue bookings for our managed full-service hotels are up almost 5 percent for the full year 2015 and 6 percent in the first quarter alone.

“Our international hotels performed well in the fourth quarter.  Strong leisure demand in the Caribbean and Mexico, good weather in Europe, increased travel to Egypt, and improving trends in India and Japan drove systemwide constant dollar RevPAR up nearly 5 percent.  However, on an actual dollar basis, our international systemwide RevPAR increased only 0.5 percent.  After hedges, the change in exchange rates reduced our income before taxes by $5 million in the fourth quarter and $23 million for the full year.  The full year impact included $11 million related to the Venezuela devaluation earlier in 2014.

“We remain committed to driving growth, delivering results and returning excess cash to shareholders.  In 2014, worldwide systemwide RevPAR increased just under 7 percent and we expanded our system size by 6 percent, net, including the rooms from the Protea transaction.  Earnings per share increased by 27 percent and adjusted EBITDA rose 15 percent.  In 2015, we expect worldwide systemwide constant dollar RevPAR will increase 5 to 7 percent, and we expect the number of rooms in our existing brands will increase by about 6 percent, net.  In addition, we expect to add an additional 10,000 rooms with the closing of the anticipated Delta transaction.  Excluding the impact of Delta, diluted EPS could total $3.00 to $3.12 in 2015, an 18 to 23 percent increase over 2014 and adjusted EBITDA could increase 13 to 16 percent.  We returned nearly $1.75 billion to shareholders through share repurchase and dividends in 2014 and we expect to return at least as much in 2015.  We are looking forward to another great year.”

For the 2014 fourth quarter, RevPAR for worldwide comparable systemwide properties increased 6.2 percent (a 5.3 percent increase using actual dollars).  For the full year, RevPAR for worldwide comparable systemwide properties increased 6.6 percent (a 6.3 percent increase using actual dollars).

In North America, comparable systemwide RevPAR increased 6.7 percent in the fourth quarter of 2014, including a 4.2 percent increase in average daily rate.  RevPAR for comparable systemwide North American full-service hotels (including Marriott Hotels, The Ritz-Carlton, Renaissance Hotels, Gaylord Hotels and Autograph Collection Hotels) increased 5.2 percent with a 4.4 percent increase in average daily rate.  RevPAR for comparable systemwide North American limited-service hotels (including Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites and Fairfield Inn & Suites) increased 8.2 percent in the fourth quarter with a 4.6 percent increase in average daily rate.

International comparable systemwide RevPAR rose 4.6 percent (a 0.5 percent increase using actual dollars) in the fourth quarter.  For the full year, international comparable systemwide RevPAR rose 5.1 percent (a 4.0 percent increase using actual dollars).

Marriott added 70 new properties (14,605 rooms) to its worldwide lodging portfolio in the 2014 fourth quarter, including the Atlantis Paradise Island, an Autograph Collection hotel, the Miami Beach EDITION and the Ritz-Carlton, Bali.  Twenty-two properties (1,851 rooms) exited the system during the quarter.  At year-end, the company’s lodging system encompassed 4,175 properties and timeshare resorts for a total of nearly 715,000 rooms.

The company’s worldwide development pipeline increased to nearly 1,450 properties with nearly 240,000 rooms at year-end, including 180 properties with approximately 30,000 rooms approved for development, but not yet subject to signed contracts.  The company’s pipeline at year-end 2014 does not include the approximately 10,000 rooms associated with the expected Delta transaction announced on January 27, 2015.

MARRIOTT REVENUES totaled nearly $3.6 billion in the 2014 fourth quarter compared to revenues of $3.2 billion for the fourth quarter of 2013.  Base management and franchise fees totaled $348 million compared to $315 million in the year-ago quarter, an increase of 10 percent.  The increase largely reflected higher RevPAR and new unit growth, partially offset by $2 million of unfavorable foreign exchange. 

Fourth quarter worldwide incentive management fees increased 12 percent to $82 million primarily due to higher RevPAR and house profit margins, partially offset by $3 million of unfavorable foreign exchange and $5 million of lower deferred fee recognition.   In the fourth quarter, 40 percent of worldwide company-managed hotels earned incentive management fees compared to 32 percent in the year-ago quarter.  For full year 2014, 50 percent of worldwide company-managed hotels earned incentive management fees compared to 38 percent in 2013.

Worldwide comparable company-operated house profit margins increased 90 basis points in the fourth quarter with higher room rates, improved productivity and solid cost controls.  House profit margins for comparable company-operated properties outside North America increased 70 basis points and North American comparable company-operated house profit margins increased 110 basis points from the year-ago quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $73 million, compared to $63 million in the year-ago quarter.  The year-over-year improvement reflected higher residential and credit card branding fees, an increase in termination fees and the favorable impact of the Protea leased hotel portfolio acquired at the beginning of the second quarter, partially offset by $2 million of higher pre-opening expenses and $1 million of unfavorable foreign exchange. 

On October 28, 2014, the company estimated owned, leased, and other revenue, net of direct expenses for the fourth quarter would total approximately $65 million.  Actual results in the quarter were above the estimate largely due to $4 million of stronger results at owned and leased hotels and $4 million of higher than expected termination fees.

GENERAL, ADMINISTRATIVE, and OTHER expenses for the 2014 fourth quarter totaled $180 million compared to $178 million in the year-ago quarter.  Expenses in the quarter included $4 million of guarantee reserves relating to two hotels.   For full year 2014, general, administrative, and other expenses increased 2 percent to $659 million.

GAINS AND OTHER INCOME totaled $4 million in the fourth quarter.  Gains and other income in the fourth quarter of 2014 included a $5 million distribution related to the sale of a hotel in an investment fund. 

INTEREST EXPENSE, NET declined $9 million in the fourth quarter.  Interest expense for the fourth quarter decreased $6 million largely due to a $7 million one-time favorable interest expense true-up, partially offset by higher senior debt borrowings.  Interest income increased $3 million year-over-year as a result of an increase in loans receivable.

On October 28, 2014, the company estimated interest expense, net for the fourth quarter would total approximately $20 million.  Actual interest expense, net in the quarter was lower than the estimate largely due to the one-time favorable interest expense true-up.

EQUITY IN EARNINGS increased $3 million in the fourth quarter.  The increase largely reflected better operating results in one joint venture.

Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization (EBITDA)
For the fourth quarter, adjusted EBITDA totaled $384 million, a 20 percent increase over fourth quarter 2013 adjusted EBITDA of $321 million.  See page A-8 for the adjusted EBITDA calculation.

Full year 2014 adjusted EBITDA totaled $1,524 million, a 15 percent increase over 2013 adjusted EBITDA of $1,325 million. 

BALANCE SHEET
At year-end, total debt was $3,781 million and cash balances totaled $104 million, compared to $3,199 million in debt and $126 million of cash at year-end 2013.

At the beginning of the 2014 fourth quarter, the company issued $400 million of Series N Senior Notes due in 2021 with a 3.1 percent interest rate coupon. 

COMMON STOCK
Weighted average fully diluted shares outstanding used to calculate diluted EPS totaled 289.0 million in the 2014 fourth quarter, compared to 307.5 million in the year-ago quarter.

The company repurchased 7.7 million shares of common stock in the fourth quarter at a cost of $544 million.  For full year 2014, Marriott repurchased 24.2 million shares of its stock for $1.5 billion at an average price of $62.09.  To date in 2015, the company has repurchased 3.6 million shares for $275 million.  On February 12, 2015, the board of directors increased the company’s share authorization to repurchase shares by 25 million for a total authorization of 36.5 million shares as of February 18, 2015. 

OUTLOOK
For the 2015 first quarter, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 5 to 7 percent in North America, 4 to 6 percent outside North America and 5 to 7 percent worldwide.

For full year 2015, the company expects comparable systemwide RevPAR on a constant dollar basis will increase 5 to 7 percent in North America, 3 to 5 percent outside North America and 5 to 7 percent worldwide.

The company anticipates gross room additions of approximately 7 percent, or 6 percent, net, worldwide for the full year 2015.  This does not include the approximately 10,000 rooms associated with the expected Delta transaction.

The company assumes full year fee revenue could total $1,875 million to $1,915 million, growth of 9 to 11 percent over 2014 fee revenue of $1,719 million. 

For 2015, the company anticipates general, administrative and other expenses will total $635 million to $645 million, a 2 to 4 percent decline compared to 2014 expenses of $659 million.

Given these assumptions, 2015 diluted EPS could total $3.00 to $3.12, an 18 to 23 percent increase year-over-year.  The guidance provided for 2015 does not include the impact of the expected Delta transaction.

 

First Quarter 2015 Full Year 2015
 Total fee revenue         $440 million to $450 million              $1,875 million to $1,915 million
 Owned, leased and other revenue, net of direct expenses  Approx. $60 million      Approx. $250 million
Depreciation, amortization, and other expenses  Approx. $30 million      Approx. $135 million
 General, administrative, and other expenses      $150 million to $155 million  $635 million to $645 million
 Operating income      $315 million to $330 million  $1,345 million to $1,395 million
 Gains and other income      Approx. $0 million  Approx. $0 million
 Net interest expense1  Approx. $30 million  Approx. $135 million
 Equity in earnings (losses)  Approx. $0 million  Approx. $5 million
 Earnings per share      $0.68 to $0.72  $3.00 to $3.12
 Tax rate    32.3 percent

1Net of interest income

The company expects investment spending in 2015 will total approximately $600 million to $800 million, including approximately $125 million for maintenance capital and approximately $135 million for the expected Delta transaction.  Investment spending also includes other capital expenditures (including property acquisitions), new mezzanine financing and mortgage notes, contract acquisition costs, and equity and other investments.  Assuming this level of investment spending, at least $1.75 billion could be returned to shareholders through share repurchases and dividends.

Based upon the assumptions above, the company expects full year 2015 adjusted EBITDA will total $1,715 million to $1,765 million, a 13 to 16 percent increase over the 2014 full year adjusted EBITDA of $1,524 million.  See page A-9 for the adjusted EBITDA calculation.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, February 19, 2015 at 10 a.m. Eastern Time (ET).  The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor, click the “Recent and Upcoming Events” tab and click on the quarterly conference call link.  A replay will be available at that same website until February 19, 2016.

The telephone dial-in number for the conference call is 706-679-3455 and the conference ID is 41025602.  A telephone replay of the conference call will be available from 1 p.m. ET, Thursday, February 19, 2015 until 8 p.m. ET, Thursday, February 26, 2015.  To access the replay, call 404-537-3406.  The conference ID for the recording is 41025602.

Note on forward-looking statements:  This press release and accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including RevPAR, profit margin and earnings trends, estimates and assumptions; the number of lodging properties we expect to add to or remove from our system in the future; our expectations about investment spending; and similar statements concerning anticipated future events and expectations that are not historical facts.  We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those we identify below and other risk factors that we identify in our most recent annual or quarterly report on Form 10-K or Form 10-Q.  Risks that could affect forward-looking statements in this press release include changes in market conditions; the continuation and pace of the economic recovery; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance hotel growth and refurbishment.  Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.  We make these forward-looking statements as of February 18, 2015.  We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Marriott International, Inc. (NASDAQ: MAR) is a leading lodging global company based in Bethesda, Maryland, USA, with more than 4,100 properties in 79 countries and territories.  Marriott International reported revenues of nearly $14 billion in fiscal year 2014.  The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands, including: Marriott Hotels, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Gaylord Hotels, Autograph Collection, AC Hotels by Marriott, Moxy Hotels, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Protea Hotels, Marriott Executive Apartments and Marriott Vacation Club timeshare brand.  Marriott has been consistently recognized as a top employer and for its superior business ethics.  The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 49 million members.  For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

Click here to Download MAR Q4 2014 Press Release Schedules - FINAL

Contacts: 
Tom Marder, (301) 380-2553, thomas.marder@marriott.com 
Betsy Dahm, (301) 380-3372, betsy.dahm@marriott.com