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Marriott International — May 6, 2025 release

Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001628280-25-022390
Open on SEC.gov ↗
Showing in the filing
Gross fee revenues
“$1,380 to $1,395”
Period
Q2 FY2025
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 18
Net rooms growth for FY2025
“approach 5 percent”
Comparable systemwide constant $ RevPAR grow… for Q2 FY2025
“1.5% to 2.5%”
Comparable systemwide constant $ RevPAR grow… for FY2025
“1.5% to 3.5%”
Gross fee revenues for Q2 FY2025
“$1,380 to $1,395”
Gross fee revenues for FY2025
“$5,365 to $5,475”
Owned, leased, and other revenue, net of dir… for Q2 FY2025
“Approx. $100”
Owned, leased, and other revenue, net of dir… for FY2025
“$345 to $355”
General, administrative, and other expenses for Q2 FY2025
“$245 to $240”
General, administrative, and other expenses for FY2025
“$985 to $965”
Adjusted EBITDA for Q2 FY2025
“$1,370 to $1,390”
Adjusted EBITDA for FY2025
“$5,285 to $5,425”
Adjusted EPS – diluted for Q2 FY2025
“$2.57 to $2.62”
Adjusted EPS – diluted for FY2025
“$9.82 to $10.19”
Effective tax rate for Q2 FY2025
“Approx. 27%”
Effective tax rate for FY2025
“Approx. 26%”
Investment spending (including $355 million … for FY2025
“$1,355 to $1,455”
Capital return to shareholders for FY2025
“Approx. $4,000”
CitizenM acquisition funding assumption for FY2025
“$355 million”
Exhibit 99.1 · full document
NEWS Marriott International Reports First Quarter 2025 Results • First quarter 2025 RevPAR 1 increased 4.1 percent worldwide, with 3.3 percent growth in the U.S. & Canada and 5.9 percent growth in international markets • First quarter reported diluted EPS totaled $2.39 and adjusted diluted EPS totaled $2.32 • First quarter reported net income totaled $665 million and adjusted net income totaled $645 million • First quarter adjusted EBITDA totaled $1,217 million • The company added roughly 12,200 net rooms during the quarter and net rooms grew 4.6% from the end of the first quarter of 2024 • At the end of the quarter, Marriott’s worldwide development pipeline totaled approximately 3,800 properties and over 587,000 rooms, up 7.4% year-over-year • The company repurchased 2.8 million shares of common stock for $0.8 billion in the 2025 first quarter. Year to date through April 29, the company has returned over $1.2 billion to shareholders through dividends and share repurchases Fo r a summary of quarterly highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q1-earnings-infographic.pdf BE THESDA, MD – May 6, 2025 - Marriott International, Inc. (Nasdaq: MAR) today reported first quarter 2025 resul ts. Anthony Capuano, President and Chief Executive Officer, said, “The combination of continued travel demand, the strength of our brands and our fee driven business model drove strong financial results in the first quarter. Despite heightened macro-economic uncertainty, global RevPAR rose over 4 percent, primarily driven by higher ADR, and our development momentum remained positive. Our international markets experienced particularly robust growth, with RevPAR increasing nearly 6 percent, led by double-digit gains in APEC. RevPAR in the U.S. & Canada rose over 3 percent in the first quarter, although we did see slower growth in March. 1 All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2025 and 2024 reflect properties that are comparable in both years. 1 “The strong momentum in our development activity continued, with record first quarter signings of over 34,000 rooms, of which two-thirds were in international markets. Conversions remained a key driver of growth, representing around a third of our room signings and openings. “We are committed to growing our global portfolio and enhancing offerings for our guests, Marriott Bonvoy members and hotel owners. Last week, we announced that we have reached an agreement to acquire the citizenM brand, an innovative lifestyle lodging offering in the select-service segment. We are excited about the global growth prospects for this brand, given the unique and differentiated nature of the offering and our successful track record with other acquired brands like AC Hotels. Our net rooms growth outlook remains strong, and we now expect our full year 2025 net rooms growth to approach 5 percent, assuming the purchase closes before year end. “We remain focused on expanding our industry-leading Marriott Bonvoy travel platform and loyalty program membership and on deepening engagement through numerous unique experiences and collaborations. By the end of March, our loyalty program membership base had grown to nearly 237 million members worldwide. “Despite uncertainty about the macro-economic outlook, we are confident that the power of our industry-leading global portfolio, the strength of our Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and resilient asset-light business model, position us very well for sustainable, long-term growth.” First Quarter 2025 Results Base management and franchise fees totaled $1,071 million in the 2025 first quarter, a 7 percent increase compared to base management and franchise fees of $1,001 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 . Incentive management fees totaled $204 million in the 2025 first quarter, compared to $209 million in the 2024 first quarter. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter. Own ed, leased, and other revenue, net of direct expenses, totaled $65 million in the 2025 first quarter, compared to $71 million in the 2024 first quarter. The decrease was primarily driven by lower termination fees. Gen eral, administrative, and other expenses for the 2025 first quarter totaled $245 million, compared to $261 million in the year-ago quarter. The year-over-year decline largely reflects lower compensation costs primarily resulting from our enterprise-wide initiative to enhance effectiveness and efficiency across the company. 2 Interest expense, net, totaled $183 million in the 2025 first quarter, compared to $153 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. In the 2025 first quarter, the provision for income taxes totaled $99 million compared to $163 million in the 2024 first quarter. The year-over-year change primarily reflects an $86 million favorable impact from the release of certain tax reserves. Ma rriott’s reported operating income totaled $948 million in the 2025 first quarter, compared to 2024 first quarter reported operating income of $876 million . Reported net income totaled $665 million in the 2025 first quarter, an 18 percent increase compared to 2024 first quarter reported net income of $564 million. Reported diluted earnings per share (EPS) totaled $2.39 in the quarter, compared to reported diluted EPS of $1.93 in the year-ago quarter. Adjusted operating income in the 2025 first quarter totaled $1,016 million, compared to 2024 first quarter adjusted operating income of $952 million. First quarter 2025 adjusted net income totaled $645 million, compared to 2024 first quarter adjusted net income of $620 million. Adjusted diluted EPS in the 2025 first quarter totaled $2.32, compared to adjusted diluted EPS of $2.13 in the year-ago quarter. The 2025 first quarter adjusted results excluded the benefit of an income tax special item of $71 million ($0.25 per share). Adjusted results also excluded cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,217 million in the 2025 first quarter, a 7 percent increase compared to first quarter 2024 adjusted EBITDA of $1,142 million. S ee the press release schedules for the adjusted EBITDA calculation. Selected Performance Information The company added roughly 12,200 net rooms during the quarter, including more than 7,300 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled nearly 9,500 properties, with approximately 1,719,000 rooms. At the end of the quarter , the company’s worldwide development pipeline totale d 3,808 properties with more than 587,000 rooms, including 171 properties with over 27,000 room s approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,447 properties wit h nearly 244,000 rooms under construction, including hotels that are in the process of 3 converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. W e also expect additional properties to join our system upon closing of our planned acquisition of the citizenM brand. The citizenM portfolio currently includes 36 open hotels with 8,544 rooms and 3 pipeline hotels with over 600 rooms. In the 2025 first quarter , worldwide RevPAR increased 4.1 percent (a 2.7 percent increase using actual dollars) compared to the 2024 first quarter. RevPAR in the U.S. & Canada increased 3.3 percent (a 3.0 percent increase using actual dollars), and RevPAR in international markets increased 5.9 percent (a 2.2 percent increase using actual dollars). Balance S heet & Common Stock At the end of the quarter, Marriott’s total debt was $15.1 billion and cash and equivalents totaled $0.5 billion, compared to $14.4 billion in d ebt and $0.4 billion of cash and equivalents at year-end 2024. The company repurchased 2.8 million shares of common stock in the 2025 first quarter for $0.8 billion. Year to date through April 29, the company has repurchased 3.9 million shares for $1.0 billion. 4 Company Outlook The Company’s updated outlook generally assumes the continuation of current booking trends. Compared to prior expectations, it incorporates somewhat softer expectations in the U.S. & Canada region. Second Quarter 2025 vs. Second Quarter 2024 Full Year 2025 vs. Full Year 2024 Comparable systemwide constant $ RevPAR growth Worldwide 1.5% to 2.5% 1.5% to 3.5% Year-End 2025 vs. Year-End 2024 Net rooms growth Approaching 5% ($ in millions, except EPS) Second Quarter 2025 Full Year 2025 Gross fee revenues $1,380 to $1,395 $5,365 to $5,475 Owned, leased, and other revenue, net of direct expenses Approx. $100 $345 to $355 General, administrative, and other expenses $245 to $240 $985 to $965 Adjusted EBITDA 1,2 $1,370 to $1,390 $5,285 to $5,425 Adjusted EPS – diluted 2,3 $2.57 to $2.62 $9.82 to $10.19 Effective tax rate Approx. 27% Approx. 26% Investment spending (including $355 million for citizenM) 4 $1,355 to $1,455 Capital return to shareholders 5 Approx. $4,000 1 See the press release schedules for the adjusted EBITDA calculations. 2 Adjusted EBITDA and Adjusted EPS – dil uted for second quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, income tax special items or any potential asset sales or property or brand acquisitions that may occur during the year (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of an income tax special item of $71 million. 3 Assumes the level of capital return to shareholders noted above. 4 This outlook assumes funding of $355 million to complete the citizenM acquisition in the second half of 2025. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 5 Assumes the level and types of investment spending noted above and that no asset sales or property or brand acquisitions occur during the year (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025). 5 Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, May 6, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor , click on “Events & Presentations” and click on the quarterly conference call link. A replay will be available at that same website until May 6, 2026. The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9814. The conference ID is MAR1Q25. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, May 6, 2025, until 8:00 p.m. ET, Tuesday, May 13, 2025. To access the replay, call US Toll Free: 800-723-0520 or Global: +1 402-220-2653 using conference ID MAR1Q25. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of May 6, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation and shareholder returns; our growth prospects; our development pipeline; our expectations regarding acquisition of the citizenM brand and the brand’s growth prospects; our Marriott Bonvoy travel platform and loyalty program; our expectations regarding new offerings; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including failure to satisfy the conditions to the consummation of the citizenM transaction; uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 properties across more than 30 leading brands in 144 countries and territories. M arriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. Fo r more information, please visit our website at www.marriott.com , and for the latest company news, visit www.marriottnewscenter.com . I n addition, connect with us on Facebook and @MarriottIntl on X and Instagram . Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com , which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. 6 MEDIA & INVESTOR RELATIONS CONTACTS: Melissa Froehlich Flood Senior Vice President, Global Corporate Communications & Public Policy Marriott International newsroom@marriott.com Jackie Burka McConagha Senior Vice President, Investor Relations Marriott International jackie.mcconagha@marriott.com Pilar Fernandez Senior Director, Investor Relations Marriott International pilar.fernandez@marriott.com IRPR#1 Tables follow 7 MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 1, 2025 Consolidated Statements of Income - As Reported A- 2 Non-GAAP Financial Measures A- 3 Total Lodging Products by Ownership Type A- 4 Total Lodging Products by Tier A- 6 Key Lodging Statistics A- 7 Adjusted EBITDA A- 9 Adjusted EBITDA Forecast - Second Quarter 2025 A- 10 Adjusted EBITDA Forecast - Full Year 2025 A- 11 Explanation of Non-GAAP Financial and Performance Measures A- 12 A-1 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FIRST QUARTER 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) March 31, 2025 March 31, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 325  $ 313  4  Franchise fees 1 746  688  8  Incentive management fees 204  209  (2) Gross fee revenues 1,275   1,210   5   Contract investment amortization 2 (28) (23) (22) Net fee revenues 1,247   1,187   5   Owned, leased, and other revenue 3 361  357  1  Cost reimbursement revenue 4 4,655  4,433  5  6,263   5,977   5   OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 296  286  (3) Depreciation, amortization, and other 6 51  45  (13) General, administrative, and other 7 245  261  6  Restructuring and merger-related charges 1  8  88  Reimbursed expenses 4 4,722  4,501  (5) 5,315   5,101   (4) OPERATING INCOME 948   876   8   (Losses) gains and other income, net 8 (2) 4  (150) Interest expense (192) (163) (18) Interest income 9  10  (10) Equity in earnings 9 1  —  * INCOME BEFORE INCOME TAXES 764   727   5   Provision for income taxes (99) (163) 39  NET INCOME $ 665   $ 564   18   EARNINGS PER SHARE   Earnings per share - basic $ 2.40  $ 1.94  24    Earnings per share - diluted $ 2.39  $ 1.93  24  Basic shares 276.9  290.4  Diluted shares 277.7  291.6  * Calculated percentage is not meaningful. 1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. 3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. 4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. 5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. 7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 8 (Losses) gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. 9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. A-2 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ($ in millions except per share amounts) The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. Three Months Ended Percent March 31, March 31, Better/ 2025 2024 (Worse) Total revenues, as reported $ 6,263  $ 5,977  Less: Cost reimbursement revenue (4,655) (4,433) Adjusted total revenues † 1,608  1,544  Operating income, as reported 948  876  Less: Cost reimbursement revenue (4,655) (4,433) Add: Reimbursed expenses 4,722  4,501  Add: Restructuring and merger-related charges 1  8  Adjusted operating income † 1,016   952   7 Operating income margin 15   % 15   % Adjusted operating income margin † 63   % 62   % Net income, as reported 665  564  Less: Cost reimbursement revenue (4,655) (4,433) Add: Reimbursed expenses 4,722  4,501  Add: Restructuring and merger-related charges 1  8  Income tax effect of above adjustments (17) (20) Less: Income tax special items (71) —  Adjusted net income † $ 645   $ 620   4 Diluted earnings per share, as reported $ 2.39   $ 1.93   Adjusted diluted earnings per share † $ 2.32   $ 2.13   9 † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. A-3 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of March 31, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 615   212,277   1,366   355,619   1,981   567,896    Marriott Hotels 100  56,505  192  60,300  292  116,805   Sheraton 25  19,642  180  57,875  205  77,517   Courtyard by Marriott 156  25,372  127  27,760  283  53,132   Westin 41  22,486  78  23,732  119  46,218   JW Marriott 23  13,191  76  27,038  99  40,229   The Ritz-Carlton 42  12,798  79  18,407  121  31,205   Four Points by Sheraton 1  134  97  25,853  98  25,987   Renaissance Hotels 21  9,065  52  16,299  73  25,364   Le Méridien —  —  68  19,336  68  19,336   W Hotels 20  5,515  44  12,132  64  17,647   St. Regis 13  2,669  51  11,180  64  13,849   Residence Inn by Marriott 73  12,002  9  1,116  82  13,118   Delta Hotels by Marriott 25  6,770  26  4,925  51  11,695   The Luxury Collection 6  2,296  42  7,979  48  10,275   Gaylord Hotels 6  10,220  —  —  6  10,220   Fairfield by Marriott 6  1,431  53  8,122  59  9,553   Aloft Hotels 2  505  41  8,949  43  9,454   Autograph Collection 10  3,015  15  2,964  25  5,979   Marriott Executive Apartments —  —  39  5,489  39  5,489   EDITION 5  1,379  15  2,844  20  4,223   AC Hotels by Marriott 8  1,512  14  2,681  22  4,193   Element Hotels 3  810  15  2,964  18  3,774   SpringHill Suites by Marriott 22  3,755  —  —  22  3,755   Moxy Hotels 1  380  13  2,876  14  3,256   Protea Hotels by Marriott —  —  22  2,737  22  2,737   Tribute Portfolio —  —  11  1,415  11  1,415   TownePlace Suites by Marriott 6  825  —  —  6  825   Bvlgari —  —  7  646  7  646   Owned/Leased 14   5,539   37   8,773   51   14,312    Sheraton 1  1,218  4  1,830  5  3,048   Marriott Hotels 2  1,304  5  1,631  7  2,935   Courtyard by Marriott 7  987  4  894  11  1,881   W Hotels 2  765  2  665  4  1,430   Westin 1  1,073  —  —  1  1,073   Protea Hotels by Marriott —  —  5  912  5  912   The Ritz-Carlton —  —  2  548  2  548   Renaissance Hotels —  —  2  505  2  505   JW Marriott —  —  1  496  1  496   The Luxury Collection —  —  3  383  3  383   Autograph Collection —  —  5  360  5  360   Residence Inn by Marriott 1  192  1  140  2  332   Tribute Portfolio —  —  2  249  2  249   St. Regis —  —  1  160  1  160  A-4 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of March 31, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,651   841,467   1,642   279,167   7,293   1,120,634    Courtyard by Marriott 916  122,880  135  24,993  1,051  147,873   Fairfield by Marriott 1,175  110,719  110  15,542  1,285  126,261   Residence Inn by Marriott 807  95,985  38  4,766  845  100,751   Marriott Hotels 232  73,593  70  20,066  302  93,659   Sheraton 140  43,391  82  23,289  222  66,680   Autograph Collection 153  34,542  154  30,942  307  65,484   SpringHill Suites by Marriott 547  63,622  —  —  547  63,622   TownePlace Suites by Marriott 530  53,336  —  —  530  53,336   Westin 94  31,764  32  9,761  126  41,525   Four Points by Sheraton 146  21,674  97  17,683  243  39,357   AC Hotels by Marriott 121  20,165  106  15,615  227  35,780   Aloft Hotels 166  23,748  29  5,610  195  29,358   Renaissance Hotels 71  19,545  34  8,830  105  28,375   Moxy Hotels 44  7,558  106  19,901  150  27,459   MGM Collection with Marriott Bonvoy** 12  26,210  —  —  12  26,210   Tribute Portfolio 93  17,646  54  7,636  147  25,282   Timeshare* 72  18,839  21  3,911  93  22,750   The Luxury Collection 14  7,703  61  13,504  75  21,207   Delta Hotels by Marriott 67  15,047  21  4,627  88  19,674   City Express by Marriott 1  83  152  17,694  153  17,777   Design Hotels* 21  2,273  149  10,625  170  12,898   Element Hotels 89  11,848  6  827  95  12,675   Le Méridien 24  5,262  24  6,183  48  11,445   JW Marriott 12  6,080  15  3,273  27  9,353   Sonder by Marriott Bonvoy 100  6,155  58  2,659  158  8,814   Four Points Flex by Sheraton —  —  40  6,443  40  6,443   Protea Hotels by Marriott —  —  37  3,283  37  3,283   W Hotels 1  1,117  1  226  2  1,343   Marriott Executive Apartments —  —  4  509  4  509   Apartments by Marriott Bonvoy 2  253  2  231  4  484   The Ritz-Carlton 1  429  —  —  1  429   The Ritz-Carlton Yacht Collection* —  —  2  377  2  377   Bvlgari —  —  2  161  2  161  Residences 72   7,667   66   8,033   138   15,700    The Ritz-Carlton Residences 43  4,757  21  1,854  64  6,611   St. Regis Residences 11  1,267  14  1,947  25  3,214   W Residences 10  1,092  8  768  18  1,860   Marriott Residences —  —  4  1,145  4  1,145   JW Marriott Residences —  —  3  767  3  767   Westin Residences 3  266  2  353  5  619   Bvlgari Residences —  —  5  526  5  526   Sheraton Residences —  —  3  472  3  472   The Luxury Collection Residences 1  91  3  115  4  206   Renaissance Residences 1  112  —  —  1  112   EDITION Residences 3  82  1  10  4  92   Le Méridien Residences —  —  1  62  1  62   Autograph Collection Residences —  —  1  14  1  14  Grand Total 6,352   1,066,950   3,111   651,592   9,463   1,718,542   1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in "Franchised, Licensed and Other" within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.      A-5 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of March 31, 2025 US & Canada Total International 1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 207   61,231   459   106,006   666   167,237    JW Marriott 35  19,271  92  30,807  127  50,078   JW Marriott Residences —  —  3  767  3  767   The Ritz-Carlton 43  13,227  81  18,955  124  32,182   The Ritz-Carlton Residences 43  4,757  21  1,854  64  6,611   The Ritz-Carlton Yacht Collection* —  —  2  377  2  377   The Luxury Collection 20  9,999  106  21,866  126  31,865   The Luxury Collection Residences 1  91  3  115  4  206   W Hotels 23  7,397  47  13,023  70  20,420   W Residences 10  1,092  8  768  18  1,860   St. Regis 13  2,669  52  11,340  65  14,009   St. Regis Residences 11  1,267  14  1,947  25  3,214   EDITION 5  1,379  15  2,844  20  4,223   EDITION Residences 3  82  1  10  4  92   Bvlgari —  —  9  807  9  807   Bvlgari Residences —  —  5  526  5  526  Premium 1,245   407,357   1,374   324,314   2,619   731,671    Marriott Hotels 334  131,402  267  81,997  601  213,399   Marriott Residences —  —  4  1,145  4  1,145   Sheraton 166  64,251  266  82,994  432  147,245   Sheraton Residences —  —  3  472  3  472   Westin 136  55,323  110  33,493  246  88,816   Westin Residences 3  266  2  353  5  619   Autograph Collection 163  37,557  174  34,266  337  71,823   Autograph Collection Residences —  —  1  14  1  14   Renaissance Hotels 92  28,610  88  25,634  180  54,244   Renaissance Residences 1  112  —  —  1  112   Delta Hotels by Marriott 92  21,817  47  9,552  139  31,369   Le Méridien 24  5,262  92  25,519  116  30,781   Le Méridien Residences —  —  1  62  1  62   Tribute Portfolio 93  17,646  67  9,300  160  26,946   MGM Collection with Marriott Bonvoy** 12  26,210  —  —  12  26,210   Design Hotels* 21  2,273  149  10,625  170  12,898   Gaylord Hotels 6  10,220  —  —  6  10,220   Sonder by Marriott Bonvoy 100  6,155  58  2,659  158  8,814   Marriott Executive Apartments —  —  43  5,998  43  5,998   Apartments by Marriott Bonvoy 2  253  2  231  4  484  Select 4,827   579,440   1,065   193,224   5,892   772,664    Courtyard by Marriott 1,079  149,239  266  53,647  1,345  202,886   Fairfield by Marriott 1,181  112,150  163  23,664  1,344  135,814   Residence Inn by Marriott 881  108,179  48  6,022  929  114,201   SpringHill Suites by Marriott 569  67,377  —  —  569  67,377   Four Points by Sheraton 147  21,808  194  43,536  341  65,344   TownePlace Suites by Marriott 536  54,161  —  —  536  54,161   AC Hotels by Marriott 129  21,677  120  18,296  249  39,973   Aloft Hotels 168  24,253  70  14,559  238  38,812   Moxy Hotels 45  7,938  119  22,777  164  30,715   Element Hotels 92  12,658  21  3,791  113  16,449   Protea Hotels by Marriott —  —  64  6,932  64  6,932  Midscale 1   83   192   24,137   193   24,220    City Express by Marriott 1  83  152  17,694  153  17,777   Four Points Flex by Sheraton —  —  40  6,443  40  6,443  Timeshare* 72   18,839   21   3,911   93   22,750   Grand Total 6,352   1,066,950   3,111   651,592   9,463   1,718,542   1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. A-6 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 267.85  5.5  % 73.0  % 2.2  % pts. $ 366.97  2.3  % The Ritz-Carlton $ 412.33  8.0  % 69.0  % 2.7  % pts. $ 597.40  3.9  % W Hotels $ 264.10  4.8  % 65.9  % 2.5  % pts. $ 401.05  0.8  % Composite US & Canada Luxury 1 $ 349.69   5.7   % 70.6   % 2.1   % pts. $ 495.55   2.6   % Marriott Hotels $ 164.53  5.6  % 67.0  % 0.7  % pts. $ 245.74  4.5  % Sheraton $ 156.89  2.7  % 65.6  % -0.8  % pts. $ 239.24  4.0  % Westin $ 158.98  4.9  % 64.8  % 1.2  % pts. $ 245.45  2.9  % Composite US & Canada Premium 2 $ 161.23   5.4   % 66.3   % 0.9   % pts. $ 243.03   4.0   % US & Canada Full-Service 3 $ 202.25   5.5   % 67.3   % 1.2   % pts. $ 300.68   3.7   % Courtyard by Marriott $ 103.93  3.3  % 62.8  % 1.1  % pts. $ 165.53  1.4  % Residence Inn by Marriott $ 147.30  2.9  % 73.7  % 1.0  % pts. $ 199.80  1.5  % Composite US & Canada Select 4 $ 119.93   3.1   % 67.0   % 1.3   % pts. $ 179.05   1.0   % US & Canada - All 5 $ 181.75   5.1   % 67.2   % 1.2   % pts. $ 270.49   3.2   % Comparable Systemwide US & Canada Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 255.36  5.0  % 72.7  % 1.7  % pts. $ 351.43  2.4  % The Ritz-Carlton $ 402.56  8.2  % 68.8  % 2.7  % pts. $ 585.50  3.9  % W Hotels $ 264.10  4.8  % 65.9  % 2.5  % pts. $ 401.05  0.8  % Composite US & Canada Luxury 1 $ 319.08   5.6   % 70.4   % 2.0   % pts. $ 453.15   2.7   % Marriott Hotels $ 134.95  5.4  % 64.4  % 1.1  % pts. $ 209.62  3.6  % Sheraton $ 115.40  3.1  % 61.9  % 0.4  % pts. $ 186.42  2.4  % Westin $ 154.66  5.2  % 66.7  % 1.3  % pts. $ 231.71  3.1  % Composite US & Canada Premium 2 $ 137.21   5.2   % 64.5   % 1.2   % pts. $ 212.68   3.3   % US & Canada Full-Service 3 $ 157.43   5.3   % 65.2   % 1.2   % pts. $ 241.57   3.3   % Courtyard by Marriott $ 98.81  0.5  % 63.1  % -0.5  % pts. $ 156.47  1.4  % Residence Inn by Marriott $ 119.59  1.1  % 72.2  % 0.2  % pts. $ 165.60  0.8  % Fairfield by Marriott $ 80.42  0.9  % 62.5  % -0.4  % pts. $ 128.76  1.5  % Composite US & Canada Select 4 $ 100.59   1.2   % 66.3   % -0.2   % pts. $ 151.66   1.5   % US & Canada - All 5 $ 123.40   3.3   % 65.9   % 0.4   % pts. $ 187.37   2.7   % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels. 5 Includes US & Canada Full-Service and Composite US & Canada Select. A-7 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 143.27  5.1  % 62.5  % 2.6  % pts. $ 229.10  0.8  % Middle East & Africa $ 146.94  4.5  % 70.1  % 0.3  % pts. $ 209.62  4.1  % Greater China $ 77.23  -2.1  % 64.3  % 0.6  % pts. $ 120.13  -3.1  % Asia Pacific excluding China $ 133.23  10.6  % 71.3  % 1.7  % pts. $ 186.86  8.0  % Caribbean & Latin America $ 244.14  10.8  % 70.0  % 2.0  % pts. $ 348.58  7.6  % International - All 1 $ 121.49   5.2   % 67.4   % 1.1   % pts. $ 180.32  3.5  % Worldwide 2 $ 146.49   5.2   % 67.3   % 1.2   % pts. $ 217.67  3.4  % Comparable Systemwide International Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 102.28  6.2  % 60.5  % 2.9  % pts. $ 169.09  1.1  % Middle East & Africa $ 134.86  5.4  % 68.9  % 0.6  % pts. $ 195.76  4.5  % Greater China $ 71.20  -1.6  % 63.2  % 0.8  % pts. $ 112.70  -2.7  % Asia Pacific excluding China $ 132.36  10.9  % 71.5  % 2.0  % pts. $ 185.08  7.7  % Caribbean & Latin America $ 150.67  7.2  % 64.8  % -0.2  % pts. $ 232.62  7.5  % International - All 1 $ 111.39   5.9   % 65.4   % 1.4   % pts. $ 170.44  3.7  % Worldwide 2 $ 119.38   4.1   % 65.7   % 0.7   % pts. $ 181.73  2.9  % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-8 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2025 First Quarter Net income, as reported $ 665  Cost reimbursement revenue (4,655) Reimbursed expenses 4,722  Interest expense 192  Interest expense from unconsolidated joint ventures 1  Provision for income taxes 99  Depreciation and amortization 51  Contract investment amortization 28  Depreciation and amortization classified in reimbursed expenses 57  Depreciation, amortization, and impairments from unconsolidated joint ventures 4  Stock-based compensation 52  Restructuring and merger-related charges 1  Adjusted EBITDA † $ 1,217   Change from 2024 Adjusted EBITDA † 7   % Fiscal Year 2024 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net income, as reported $ 564  $ 772  $ 584  $ 455  $ 2,375  Cost reimbursement revenue (4,433) (4,728) (4,617) (4,704) (18,482) Reimbursed expenses 4,501  4,645  4,681  4,972  18,799  Interest expense 163  173  179  180  695  Interest expense from unconsolidated joint ventures 2  2  1  3  8  Provision for income taxes 163  268  202  143  776  Depreciation and amortization 45  47  45  46  183  Contract investment amortization 23  27  26  27  103  Depreciation and amortization classified in reimbursed expenses 48  50  52  56  206  Depreciation, amortization, and impairments from unconsolidated joint ventures 5  3  4  3  15  Stock-based compensation 53  57  63  64  237  Restructuring and merger-related charges 8  8  9  52  77  Gain on asset dispositions —  —  —  (11) (11) Adjusted EBITDA † $ 1,142   $ 1,324   $ 1,229   $ 1,286   $ 4,981   † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. A-9 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST SECOND QUARTER 2025 ($ in millions) Range Estimated Second Quarter 2025 Second Quarter 2024 Net income excluding certain items 1 $ 706  $ 721  Interest expense 200  200  Interest expense from unconsolidated joint ventures 2  2  Provision for income taxes 264  269  Depreciation and amortization 47  47  Contract investment amortization 29  29  Depreciation and amortization classified in reimbursed expenses 62  62  Depreciation, amortization, and impairments from unconsolidated joint ventures 5  5  Stock-based compensation 55  55  Adjusted EBITDA † $ 1,370   $ 1,390   $ 1,324   Increase over 2024 Adjusted EBITDA † 3   % 5   % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-10 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FULL YEAR 2025 ($ in millions) Range Estimated Full Year 2025 Full Year 2024 Net income excluding certain items 1 $ 2,757  $ 2,860  Interest expense 816  816  Interest expense from unconsolidated joint ventures 7  7  Provision for income taxes 885  922  Depreciation and amortization 200  200  Contract investment amortization 117  117  Depreciation and amortization classified in reimbursed expenses 265  265  Depreciation, amortization, and impairments from unconsolidated joint ventures 18  18  Stock-based compensation 220  220  Adjusted EBITDA † $ 5,285   $ 5,425   $ 4,981   Increase over 2024 Adjusted EBITDA † 6   % 9   % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-11 MARRIOTT INTERNATIONAL, INC. EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles ( “ GAAP ” ). These non-GAAP financial measures are labeled as “adjusted” and/or identified with the symbol “†”. We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management’s reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. Adjusted Operating Income and Adjusted Operating Income Margin.  Adjusted operating income and Adjusted operating income margin exclude cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and certain non-cash impairment charges (when applicable). Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Net Income and Adjusted Diluted Earnings Per Share. Adjusted net income and Adjusted diluted earnings per share reflect our net income and diluted earnings per share excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, certain non-cash impairment charges (when applicable), and gains and losses on asset dispositions made by us or by our joint venture investees (when applicable and if above a specified threshold). Additionally, Adjusted net income and Adjusted diluted earnings per share exclude the income tax effect of the above adjustments (calculated using an estimated tax rate applicable to each adjustment) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization, provision (benefit) for income taxes, restructuring and merger-related charges, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes certain non-cash impairment charges and gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, and Adjusted EBITDA, we exclude restructuring and merger-related charges as well as non-cash impairment charges (if above a specified threshold) related to our management and franchise contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the “Contract investment amortization,” “Depreciation, amortization, and other,” and “Equity in earnings” captions of our Consolidated Statements of Income (our “Income Statements”), to allow for period-over period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. We do not operate these programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we are typically reimbursed at the same time that we incur expenses. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results. We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under “Depreciation, amortization, and other” as well as depreciation and amortization classified in “Contract investment amortization,” “Reimbursed expenses,” and “Equity in earnings” of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in “Reimbursed expenses” reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. A-12 MARRIOTT INTERNATIONAL, INC. EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES RevPAR. In addition to the foregoing non-GAAP financial measures, we present Revenue per Available Room (“RevPAR”) as a performance measure. We believe RevPAR, which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate (“ADR”), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property’s available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results. We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2024 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, and timeshare properties. We use the term “hotel owners” throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy ® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection ® . A-13
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other guidance in this release
Text is the filed exhibit, verbatim.