On this page of StockholderLetter.com we present the latest annual shareholder letter from MARRIOTT INTERNATIONAL INC /MD/ — ticker symbol MAR. Reading current and past MAR letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
2024 ANNUAL REPORT LETTER TO STOCKHOLDERS ANTHONY CAPUANO PRESIDENT AND CHIEF EXECUTIVE OFFICER DEAR STOCKHOLDER, I am pleased to share that 2024 was another strong year for Marriott International, re ecting continued robust demand from guests, owners, and franchisees for our more than 30 brands. Marriott has made signi cant strides in enhancing the breadth and depth of our portfolio, growing our offerings across market segments, from midscale to luxury. I am proud to report that our portfolio encompassed over 9,300 properties across 144 countries and territories at year-end 2024. The company remains focused on offering fantastic travel experiences for every trip purpose and elevating Marriott Bonvoy, the industry s leading travel platform. As Marriott Bonvoy continued to drive guest loyalty and owner value in 2024, the program grew meaningfully during the year to nearly 228 million members globally at year-end. i MARRIOTT INTERNATIONAL, INC.
2024 ANNUAL REPORT FINANCIAL PERFORMANCE asset light model generating meaningful cash, we returned over $4.4 billion to our Our nancial performance for 2024 was stockholders through a combination of cash excellent, with notable highlights including dividends and share repurchase in 2024. impressive RevPAR and net rooms growth across ever-increasing destinations, experiences, CELEBRATING GROWTH and price points.1 In 2024, global RevPAR rose over 4 percent. Travel demand ended the year 2024 was a remarkable year for global growth on a high note, with our 2024 fourth quarter and development net rooms grew 6.8 worldwide RevPAR increasing 5 percent. For percent year-over-year, helped by the addition full year 2024, all customer segments leisure, of around 38,000 rooms from our agreement business transient, and group experienced with MGM Resorts International. Our industry solid RevPAR growth on a global basis, with leading portfolio boasted over 1.7 million rooms group increasing meaningfully by 8 percent globally at year-end 2024. With a record of and leisure and business transient each rising over 1,200 deals signed in 2024, we ended 3 percent. the year with over 577,000 rooms in our development pipeline. We also delivered strong returns to our stockholders. For the full year, gross fees and Marriott also celebrated key company growth 2 adjusted EBITDA both increased 7 percent milestones throughout the year. We announced compared to 2023. With Marriott s powerful the opening of our 9,000th property, The St. Regis Longboat Key Resort in Florida, and grew our luxury portfolio to 658 properties 2024 WAS A REMARKABLE YEAR at year-end, spanning 74 countries and FOR GLOBAL GROWTH AND territories. In 2025, we mark the 25th DEVELOPMENT NET ROOMS anniversary of our entry into branded GREW 6.8 PERCENT YEAR-OVER- residences, and today, Marriott is the largest YEAR, HELPED BY THE ADDITION branded residences company in the world. OF AROUND 38,000 ROOMS FROM In addition, the company also strengthened OUR AGREEMENT WITH MGM our presence in affordable midscale in 2024. RESORTS INTERNATIONAL. 1 Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. All RevPAR statistics are systemwide constant dollar. RevPAR comparisons between 2024 and 2023 re ect properties that are comparable in both years. 2 Please see page 75 for further information on the calculation of adjusted EBITDA, including a reconciliation of this adjusted nancial measure to the corresponding generally accepted accounting principles (GAAP) measure. ii MARRIOTT INTERNATIONAL, INC.
2024 ANNUAL REPORT We announced the expansion of City Express Uber, Starbucks, United Airlines, Hertz, and by Marriott to our U.S. & Canada region; Royal Caribbean, travel insurance offerings we broke ground on the rst StudioRes in with Allianz, and exciting experiences such as the U.S., and we closed 2024 with a strong Taylor Swift | The Eras Tour, have delighted portfolio of open and pipeline Four Points existing members and attracted new members Flex by Sheraton properties in our Asia Paci c to Marriott Bonvoy. Excluding China and Europe, Middle East & SERVING OUR WORLD Africa regions. The company remains focused on creating We also announced the expansion of our a positive and sustainable impact wherever outdoor-focused lodging offerings through we do business. As we continue to grow our founding deals with Postcard Cabins and global footprint and loyal customer base, we Trailborn, and apartment-style accommodations are committed to serving our world and the through a long-term agreement with Sonder communities in which we operate. Company Holdings Inc. associates and Marriott hotels volunteered more than 3.4 million hours in local communities DEEPENING LOYALTY worldwide in 2024. With over 15.6 million As we focus on expanding and enriching the volunteer hours reported since 2016, the Marriott Bonvoy travel platform, we were company achieved its 2025 volunteerism goal a pleased to see strong growth in the number full year early. Volunteer efforts in 2024 included of Marriott Bonvoy co-branded credit card disaster response and supporting relief and holders again in 2024. Marriott Bonvoy member penetration of room nights achieved historic highs in the fourth quarter of 2024, at 73 MARRIOTT BONVOY MEMBER percent in the U.S. and 66 percent globally, PENETRATION OF ROOM NIGHTS reinforcing the power and value of Marriott ACHIEVED HISTORIC HIGHS IN THE Bonvoy to guests, owners, and franchisees. FOURTH QUARTER OF 2024, AT 73 PERCENT IN THE U.S. AND 66 We continue to deepen engagement with PERCENT GLOBALLY, REINFORCING Marriott Bonvoy through innovative offerings, THE POWER AND VALUE OF experiences, and collaborations. Loyalty MARRIOTT BONVOY TO GUESTS, member opportunities with companies like OWNERS, AND FRANCHISEES. iii MARRIOTT INTERNATIONAL, INC.
 • shareholder letter icon 3/27/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/28/2023 MAR Stockholder Letter
 • stockholder letter icon 3/27/2024 MAR Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon MAR Benford's Law Stock Score = 75


MAR Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT


2024
ANNUAL REPORT
LETTER TO STOCKHOLDERS
ANTHONY CAPUANO
PRESIDENT AND CHIEF EXECUTIVE OFFICER
DEAR STOCKHOLDER,
I am pleased to share that 2024 was another strong year for Marriott International,
re   ecting continued robust demand from guests, owners, and franchisees for our more
than 30 brands. Marriott has made signi   cant strides in enhancing the breadth and depth
of our portfolio, growing our offerings across market segments, from midscale to luxury.
I am proud to report that our portfolio encompassed over 9,300 properties across 144
countries and territories at year-end 2024. The company remains focused on offering
fantastic travel experiences for every trip purpose and elevating Marriott Bonvoy, the
industry   s leading travel platform. As Marriott Bonvoy continued to drive guest loyalty
and owner value in 2024, the program grew meaningfully during the year to nearly 228
million members globally at year-end.
i
MARRIOTT INTERNATIONAL, INC.

2024
ANNUAL REPORT
FINANCIAL PERFORMANCE
asset light model generating meaningful
cash, we returned over $4.4 billion to our
Our    nancial performance for 2024 was
stockholders through a combination of cash
excellent, with notable highlights including
dividends and share repurchase in 2024.
impressive RevPAR and net rooms growth
across ever-increasing destinations, experiences,
CELEBRATING GROWTH
and price points.1 In 2024, global RevPAR rose
over 4 percent. Travel demand ended the year
2024 was a remarkable year for global growth
on a high note, with our 2024 fourth quarter
and development     net rooms grew 6.8
worldwide RevPAR increasing 5 percent. For
percent year-over-year, helped by the addition
full year 2024, all customer segments     leisure,
of around 38,000 rooms from our agreement
business transient, and group     experienced
with MGM Resorts International. Our industry
solid RevPAR growth on a global basis, with
leading portfolio boasted over 1.7 million rooms
group increasing meaningfully by 8 percent
globally at year-end 2024. With a record of
and leisure and business transient each rising
over 1,200 deals signed in 2024, we ended
3 percent.
the year with over 577,000 rooms in our
development pipeline.
We also delivered strong returns to our
stockholders. For the full year, gross fees and
Marriott also celebrated key company growth
2
adjusted EBITDA both increased 7 percent
milestones throughout the year. We announced
compared to 2023. With Marriott   s powerful
the opening of our 9,000th property, The St.
Regis Longboat Key Resort in Florida, and
grew our luxury portfolio to 658 properties
2024 WAS A REMARKABLE YEAR
at year-end, spanning 74 countries and
FOR GLOBAL GROWTH AND
territories. In 2025, we mark the 25th
DEVELOPMENT     NET ROOMS
anniversary of our entry into branded
GREW 6.8 PERCENT YEAR-OVER-
residences, and today, Marriott is the largest
YEAR, HELPED BY THE ADDITION
branded residences company in the world.
OF AROUND 38,000 ROOMS FROM
In addition, the company also strengthened
OUR AGREEMENT WITH MGM
our presence in affordable midscale in 2024.
RESORTS INTERNATIONAL.
1
Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. All RevPAR statistics are systemwide constant dollar. RevPAR comparisons between 2024 and 2023 re   ect properties that are comparable in both years.
2
Please see page 75 for further information on the calculation of adjusted EBITDA, including a reconciliation of this adjusted
   nancial measure to the corresponding generally accepted accounting principles (GAAP) measure.
ii
MARRIOTT INTERNATIONAL, INC.

2024
ANNUAL REPORT
We announced the expansion of City Express
Uber, Starbucks, United Airlines, Hertz, and
by Marriott to our U.S. & Canada region;
Royal Caribbean, travel insurance offerings
we broke ground on the    rst StudioRes in
with Allianz, and exciting experiences such as
the U.S., and we closed 2024 with a strong
Taylor Swift | The Eras Tour, have delighted
portfolio of open and pipeline Four Points
existing members and attracted new members
Flex by Sheraton properties in our Asia Paci   c
to Marriott Bonvoy.
Excluding China and Europe, Middle East &
SERVING OUR WORLD
Africa regions.
The company remains focused on creating
We also announced the expansion of our
a positive and sustainable impact wherever
outdoor-focused lodging offerings through
we do business. As we continue to grow our
founding deals with Postcard Cabins and
global footprint and loyal customer base, we
Trailborn, and apartment-style accommodations
are committed to serving our world and the
through a long-term agreement with Sonder
communities in which we operate. Company
Holdings Inc.
associates and Marriott hotels volunteered more
than 3.4 million hours in local communities
DEEPENING LOYALTY
worldwide in 2024. With over 15.6 million
As we focus on expanding and enriching the
volunteer hours reported since 2016, the
Marriott Bonvoy travel platform, we were
company achieved its 2025 volunteerism goal a
pleased to see strong growth in the number
full year early. Volunteer efforts in 2024 included
of Marriott Bonvoy co-branded credit card
disaster response and supporting relief and
holders again in 2024. Marriott Bonvoy member
penetration of room nights achieved historic
highs in the fourth quarter of 2024, at 73
MARRIOTT BONVOY MEMBER
percent in the U.S. and 66 percent globally,
PENETRATION OF ROOM NIGHTS
reinforcing the power and value of Marriott
ACHIEVED HISTORIC HIGHS IN THE
Bonvoy to guests, owners, and franchisees.
FOURTH QUARTER OF 2024, AT
73 PERCENT IN THE U.S. AND 66
We continue to deepen engagement with
PERCENT GLOBALLY, REINFORCING
Marriott Bonvoy through innovative offerings,
THE POWER AND VALUE OF
experiences, and collaborations. Loyalty
MARRIOTT BONVOY TO GUESTS,
member opportunities with companies like
OWNERS, AND FRANCHISEES.
iii
MARRIOTT INTERNATIONAL, INC.



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