Marriott International — Nov 4, 2024 release

“Our business momentum is excellent, and we continue to evolve our business to support our numerous global growth opportunities. To that end, we have undertaken a comprehensive initiative to enhance our effectiveness and efficiency across the company. At this point in the process, we expect this initiative to yield $80 million to $90 million of annual general and administrative cost reductions beginning in 2025. In addition, we expect this work to deliver cost savings to our owners and franchisees. “With our asset light business model generating meaningful cash and our solid financial performance, we returned $3.7 billion to shareholders through share repurchases and dividends in the first nine months of the year, and now expect to return approximately $4.4 billion for the full year 2024.” Third Quarter 2024 Results Base management and franchise fees totaled $1,124 million in the 2024 third quarter, a 7 percent increase compared to base management and franchise fees of $1,054 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth, as well as higher residential and co-branded credit card fees. 2 Incentive management fees totaled $159 million in the 2024 third quarter, an 11 percent increase compared to $143 million in the 2023 third quarter . Managed hotels in international markets contributed roughly 70 percent of the incentive fees earned in the quarter. General, administrative, and other expenses for the 2024 third quarter totaled $276 million, compared to $239 mi