Marriott International Celebrates Impressive Third-Quarter Growth in 2023

Marriott International has marked a significant milestone in its 2023 journey, showcasing robust growth in its third-quarter results. The renowned hospitality giant reported an 8.8 percent global increase in revenue per available room (RevPAR), with notable performances in various regions: a 4.3 percent rise in the U.S. and Canada, and a remarkable 21.8 percent surge in international markets, compared to the same period last year.

Marriott’s President and Chief Executive Officer, Anthony Capuano, expressed great satisfaction with these results. The 9 percent year-over-year worldwide RevPAR growth is a testament to strong global demand. The international market, particularly the Asia Pacific region, demonstrated exceptional strength with a 22 percent increase in RevPAR. This growth was fueled by both higher occupancy rates and room rates.

In the U.S. and Canada, the RevPAR growth exceeded 4 percent. Urban markets in these regions experienced significant growth, buoyed by mid-single-digit revenue gains in both group and business transient sectors, primarily due to rate increases. Leisure transient demand remained robust, contributing to a 4 percent revenue growth in the segment compared to the previous year.

Marriott’s expansion strategy also saw significant progress in the third quarter, with the addition of approximately 17,200 rooms worldwide. This expansion is part of a larger strategy, as evidenced by Marriott’s global pipeline, which includes 200 properties and nearly 557,000 rooms.

These third-quarter results highlight Marriott’s successful navigation through the dynamic hospitality landscape, reflecting its ability to adapt and thrive amid changing market conditions. The company’s strategic growth and solid performance in various regions underscore its status as a leader in the global hospitality industry. With a strong presence in key markets and a commitment to expansion, Marriott International continues to set benchmarks for success and innovation in the sector.