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Revenue increased 6% year over year to $6.65 billion.Adjusted EPS came in at $2.72, beating analyst estimates.
Marriott's development pipeline hit a record 4,107 properties and nearly 618,000 rooms, up 5%.
KEY POINTS
- Over 35% of Marriott's new hotel signings and over 40% of openings were conversions.
- Marriott now expects Middle East travel disruptions will last through 2026 with RevPAR there dropping 50%.
- Marriott raised its 2024 gross fee revenue guidance to $5.93-$5.99 billion, up 9-10% year-over-year.
- Ongoing U.S. co-branded credit card negotiations are not included in current financial guidance.
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