Marriott International revealed that net revenues for the third quarter have jumped 19% from $630m (£513.8m to $752m (£613.2m) since the same period last year, as group-wide RevPAR increased by 8.8%.
As a result, adjusted EBITDA totalled $1.1bn (£900m) by the end of this year’s third quarter, showing an increase from last year’s total of $985m (£803.3m) for the same period.
During the quarter, the global hotel chain added approximately 17,200 rooms to its portfolio, including roughly 13,000 rooms in international markets and more than 4,900 conversion rooms.
By the end of Q3, the group’s development pipeline totaled more than 3,200 properties and nearly 557,000 rooms, including roughly 40,300 of pipeline rooms approved but not yet subject to signed contracts.
Meanwhile, approximately 238,000 rooms in the pipeline were under construction as of the end of Q3.
Anthony Capuano, president and CEO of Marriott, said: “We are extremely pleased with our results in the quarter. Given the meaningful benefits we deliver to owners, demand for our brands remains strong.
“With continued momentum in our business around the world, we are raising our full year 2023 worldwide RevPAR growth guidance to 14% to 15% year-over-year and expect to return $4.3bn (£3.5bn) to $4.5bn (£3.6bn) to shareholders through share repurchases and dividends.”
Marriott anticipates that the 37,000 rooms related to its deal with MGM will be added to its distribution in early 2024. As such, the company expects FY23 net rooms growth of 4.2% to 4.5%, which is higher than its initial August 2023 guidance when excluding the MGM rooms.