Marriott International and Choice Hotels & Resorts both announced strong third quarter results, with healthy pipelines in development.

Marriott highlights included:

• Third quarter 2024 comparable systemwide revenue per available room (RevPAR) increased 3% worldwide, 2.1% in the US and Canada, and 5.4% in international markets, compared with the 2023 third quarter.

• Third quarter adjusted net income totaled $638 million, compared with third quarter 2023 adjusted net income of $634 million;
• The company added roughly 16,000 net rooms during the quarter. At the end of the quarter, Marriott’s worldwide development pipeline totaled approximately 3,800 properties and 585,000 rooms, including roughly 34,000 pipeline rooms approved, but not yet subject to signed contracts. More than 220,000 rooms in the pipeline were under construction as of the end of the third quarter.

Anthony Capuano, CEO, said, “Marriott had another solid quarter, highlighted by strong net rooms and fee growth, robust development activity and a 3% increase in global RevPAR.” Third quarter international RevPAR, he said, rose 5.4%, led by meaningful gains in the Asia-Pacific and Europe/Middle East/Africa regions with resilient domestic and cross-border demand, as well as solid average daily rate (ADR) growth. RevPAR in the US and Canada increased more than 2% compared with the year-ago quarter, with average daily rate (ADR) up 2.3%.

Group business, said Capuano, remained the “standout customer segment,” with global group RevPAR rising 10% in the quarter and on pace to rise 8% for full year 2024. RevPAR for the business transient segment, he said, continued to “grow nicely” in the quarter, while leisure transient RevPAR was flat year over year, but still well ahead of pre-pandemic levels.

For Choice, earnings highlights included:

• Total revenues reached $428 million for third quarter 2024, a quarterly record and a 1% increase compared with the same period of 2023.
• Net income increased 15% to $105.7 million for the third quarter, a 23% increase compared with the same period of 2023.
• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter 2024 grew to a quarterly record of $177.6 million, a 14% increase compared with the same period in 2023.
• The global pipeline as of Sept. 30 increased 11% to a third quarter record of over 110,000 rooms since Sept 30, 2023, highlighted by a 54% increase in conversion rooms. Domestic rooms pipeline as of Sept. 30, 2024, increased by 10% since Sept. 30, 2023, including a 68% increase for conversion rooms.
• Global hotel openings for third quarter 2024 increased by 75% compared with the same period of 2023.
• The company’s upscale, extended stay and midscale rooms portfolio, as of Sept. 30, 2024, increased by 1.8% globally since Sept. 30, 2023.
• The international portfolio as of Sept. 30, 2024, expanded by 3.8% in the number of rooms, highlighted by international hotel openings that tripled in third quarter 2024 compared with the same period of 2023.

Patrick Pacious, CEO, said, “Choice Hotels generated another quarter of record financial performance, demonstrating the successful execution of our growth strategy and giving us the confidence to raise our full-year guidance.” He said Choice accelerated its unit growth, increased its global pipeline to new levels, expanded its international reach and significantly grew the size of its rewards program.

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