Marriott Raises Full-Year Profit Forecast After Revenue Jumps

Marriott International, Inc. announced its first-quarter results and raised the full-year profit forecast for 2023 as travel demand continues to increase and international tourism rebounds.

The hotel giant reported a steady uptick in bookings at properties around the world despite fear of an economic slowdown and high inflation slowing consumer spending.

Officials from Marriott revealed that first-quarter comparable systemwide RevPAR increased 34.3 percent worldwide, 25.6 percent in the United States and Canada, and 63.1 percent in international markets.

“We are off to a great start in 2023,” Marriott CEO Anthony Capuano said. “First quarter worldwide RevPAR1 grew 34 percent year over year, with meaningful gains in both occupancy and average daily rate.”

“International markets were particularly robust, with RevPAR growth of 63 percent,” Capuano continued. “The lifting of travel restrictions throughout Asia Pacific, particularly in Greater China, significantly boosted first quarter demand in the region.”

Reported net income in the first quarter totaled $757 million, compared to $377 million last year, and adjusted net income totaled $648 million. Adjusted EBITDA also totaled $1.09 billion, an increase from the $759 million recorded during the same period in 2022.