Investment Rating - The investment rating for Marriott Hotels & Resorts is maintained at NEUTRAL with a target price of 255,indicatingan11.6288.42 [2][7][17]. Core Insights - Marriott's 4Q24 performance exceeded market expectations, with total revenue increasing by 1.9% year-over-year to 1,725million,drivenbygrowthinbasemanagementfeesandfranchisefees[3][14].−Theguidancefor2025non−RevPARrelatedrevenueisbelowexpectationsduetoseveralfactors,includingareturntonormalcyinco−brandedcreditcardfeerevenueandadeclineinlong−staybrandfeerevenue[3][14][17].−GlobalRevPARfor4Q24grewby5126.26, surpassing previous guidance and expectations, with North America showing strong leisure demand during the holiday season [4][15]. Summary by Sections Financial Performance - In 4Q24, base management fees and franchise fees grew by 3.7% and 12.8% to 333millionand795 million, respectively [3][14]. - Adjusted EBITDA for 4Q24 was 1,286million,exceedingexpectations[3][14].−Theeffectivetaxratewas23.96,899 million, reflecting a 4% increase from 2024 [2][7]. - Adjusted diluted EPS is expected to grow from 9.33in2024to10.18 in 2025, representing a 9.2% year-over-year increase [2][17]. Room Count and Membership Growth - By the end of 2024, Marriott had over 1.7 million rooms globally, a 6.6% increase year-over-year, with a significant contribution from franchised hotels [6][16]. - Marriott BONVOY membership reached 228 million, with a global member occupancy rate of 66% [6][16]. Market Outlook - The guidance for 2025 investor returns is approximately $4 billion, consistent with previous years [6][17]. - The report anticipates a 3.0% growth in RevPAR for 2025, with North America expected to grow by 2.1% [4][15].
Marriott International(MAR) 海通国际·2025-02-20 00:20