Delaware | 1-13881 | 52-2055918 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
10400 Fernwood Road, Bethesda, Maryland | 20817 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Financial Results for the Quarter and Year Ended December 31, 2016 Marriott International, Inc. (“Marriott”) today issued a press release reporting financial results for the quarter and year ended December 31, 2016. A copy of Marriott’s press release is attached as Exhibit 99 and incorporated by reference. |
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits. The following exhibit is furnished with this report: |
Exhibit 99 | Press release issued on February 15, 2017, reporting financial results for the quarter and year ended December 31, 2016. |
MARRIOTT INTERNATIONAL, INC. | ||||||||
Date: February 15, 2017 | By: | /s/ Bao Giang Val Bauduin | ||||||
Bao Giang Val Bauduin | ||||||||
Controller and Chief Accounting Officer |
Exhibit No. | Description | |
99 | Press release issued on February 15, 2017, reporting financial results for the quarter and year ended December 31, 2016. |
• | Fourth quarter reported diluted EPS totaled $0.62, a 19 percent decrease over prior year results. Fourth quarter adjusted diluted EPS totaled $0.85, a 20 percent increase over fourth quarter 2015 combined results. Adjusted 2016 fourth quarter results exclude merger-related costs. Combined 2015 fourth quarter results assume Marriott’s acquisition of Starwood and Starwood’s sale of its timeshare business had been completed on January 1, 2015; |
• | North American comparable systemwide constant dollar RevPAR rose 1.1 percent in the 2016 fourth quarter, while worldwide comparable systemwide constant dollar RevPAR rose 0.8 percent; |
• | During the twelve months ended December 31, 2016, Marriott and Starwood together added more than 68,000 rooms, including roughly 11,000 rooms converted from competitor brands and approximately 31,000 rooms in international markets; |
• | At year-end, Marriott’s worldwide development pipeline increased to more than 420,000 rooms, including nearly 34,000 rooms approved, but not yet subject to signed contracts; |
• | Fourth quarter reported net income totaled $244 million, a 21 percent increase over prior year results. Fourth quarter adjusted net income totaled $334 million, a 15 percent increase over prior year combined results; |
• | Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $756 million in the quarter, an 11 percent increase over fourth quarter 2015 combined adjusted EBITDA; |
• | For full year 2016, Marriott repurchased 8.0 million shares of the company’s common stock for $573 million, including 4.3 million shares for $348 million in the fourth quarter. |
First Quarter 2017 | Full Year 2017 | |
Total fee revenue1 | $740 million to $750 million | $3,175 million to $3,245 million |
Owned, leased and other revenue, net of direct expenses1 | $60 million to $70 million | $345 million to $360 million |
Depreciation, amortization, and other expenses | Approx. $70 million | Approx. $280 million |
General, administrative, and other expenses | $225 million to $230 million | $895 million to $905 million |
Operating income | $500 million to $525 million | $2,335 million to $2,430 million |
Gains and other income | Approx. $0 million | Approx. $0 million |
Net interest expense2 | Approx. $65 million | Approx. $260 million |
Equity in earnings (losses) | Approx. $10 million | $35 million to $40 million |
Earnings per share3 | $0.87 to $0.91 | $3.79 to $3.97 |
Tax rate4 | 23.8 percent | 30.8 percent |
MARRIOTT INTERNATIONAL, INC. | |
PRESS RELEASE SCHEDULES | |
QUARTER 4, 2016 | |
TABLE OF CONTENTS | |
Consolidated Statements of Income - As Reported | |
Consolidated Statements of Income - Fourth Quarter Adjusted 2016 Compared to Combined 2015 | |
Consolidated Statements of Income - Combined Full Year 2016 and 2015 | |
Total Lodging Products | |
Combined Key Lodging Statistics | |
Combined Adjusted EBITDA/Adjusted EBITDA | |
Adjusted EBITDA Forecast - Full Year 2017 | |
Non-GAAP Financial and Performance Measures |
As Reported | As Reported | Percent | ||||||||
Three Months Ended | Three Months Ended | Better/(Worse) | ||||||||
December 31, 2016 | December 31, 2015 | Reported 2016 vs. 2015 | ||||||||
REVENUES | ||||||||||
Base management fees | $ | 268 | $ | 172 | 56 | |||||
Franchise fees 1 | 296 | 201 | 47 | |||||||
Incentive management fees | 149 | 81 | 84 | |||||||
Total Fees | 713 | 454 | 57 | |||||||
Owned, leased, and other revenue 2 | 536 | 257 | 109 | |||||||
Cost reimbursements 3 | 4,207 | 2,995 | 40 | |||||||
Total Revenues | 5,456 | 3,706 | 47 | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||
Owned, leased, and other - direct 4 | 367 | 181 | (103 | ) | ||||||
Reimbursed costs | 4,207 | 2,995 | (40 | ) | ||||||
Depreciation, amortization, and other 5 | 71 | 32 | (122 | ) | ||||||
Merger-related costs and charges | 136 | — | * | |||||||
General, administrative, and other 6 | 234 | 188 | (24 | ) | ||||||
Total Expenses | 5,015 | 3,396 | (48 | ) | ||||||
OPERATING INCOME | 441 | 310 | 42 | |||||||
Gains and other income, net 7 | 2 | 7 | (71 | ) | ||||||
Interest expense | (75 | ) | (46 | ) | (63 | ) | ||||
Interest income | 13 | 10 | 30 | |||||||
Equity in earnings 8 | 2 | 3 | (33 | ) | ||||||
INCOME BEFORE INCOME TAXES | 383 | 284 | 35 | |||||||
Provision for income taxes | (139 | ) | (82 | ) | (70 | ) | ||||
NET INCOME | $ | 244 | $ | 202 | 21 | |||||
EARNINGS PER SHARE | ||||||||||
Earnings per share - basic | $ | 0.63 | $ | 0.79 | (20 | ) | ||||
Earnings per share - diluted | $ | 0.62 | $ | 0.77 | (19 | ) | ||||
Basic Shares | 387.9 | 256.9 | ||||||||
Diluted Shares | 394.0 | 262.4 |
1 | Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 2017. |
2 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of 2017. |
3 | Cost reimbursements include reimbursements from properties for company-funded operating expenses. |
4 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. |
5 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. |
6 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. |
7 | Gains and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. |
8 | Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
As Reported | As Reported | Percent | ||||||||
Twelve Months Ended | Twelve Months Ended | Better/(Worse) | ||||||||
December 31, 2016 | December 31, 2015 | Reported 2016 vs. 2015 | ||||||||
REVENUES | ||||||||||
Base management fees | $ | 806 | $ | 698 | 15 | |||||
Franchise fees 1 | 988 | 853 | 16 | |||||||
Incentive management fees | 425 | 319 | 33 | |||||||
Total Fees | 2,219 | 1,870 | 19 | |||||||
Owned, leased, and other revenue 2 | 1,307 | 986 | 33 | |||||||
Cost reimbursements 3 | 13,546 | 11,630 | 16 | |||||||
Total Revenues | 17,072 | 14,486 | 18 | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||
Owned, leased, and other - direct 4 | 900 | 733 | (23 | ) | ||||||
Reimbursed costs | 13,546 | 11,630 | (16 | ) | ||||||
Depreciation, amortization, and other 5 | 168 | 139 | (21 | ) | ||||||
Merger-related costs and charges | 386 | — | * | |||||||
General, administrative, and other 6 | 704 | 634 | (11 | ) | ||||||
Total Expenses | 15,704 | 13,136 | (20 | ) | ||||||
OPERATING INCOME | 1,368 | 1,350 | 1 | |||||||
Gains and other income, net 7 | 5 | 27 | (81 | ) | ||||||
Interest expense | (234 | ) | (167 | ) | (40 | ) | ||||
Interest income | 35 | 29 | 21 | |||||||
Equity in earnings 8 | 10 | 16 | (38 | ) | ||||||
INCOME BEFORE INCOME TAXES | 1,184 | 1,255 | (6 | ) | ||||||
Provision for income taxes | (404 | ) | (396 | ) | (2 | ) | ||||
NET INCOME | $ | 780 | $ | 859 | (9 | ) | ||||
EARNINGS PER SHARE | ||||||||||
Earnings per share - basic | $ | 2.68 | $ | 3.22 | (17 | ) | ||||
Earnings per share - diluted | $ | 2.64 | $ | 3.15 | (16 | ) | ||||
Basic Shares | 290.9 | 267.3 | ||||||||
Diluted Shares | 295.7 | 272.8 |
1 | Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 2017. |
2 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of 2017. |
3 | Cost reimbursements include reimbursements from properties for company-funded operating expenses. |
4 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. |
5 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. |
6 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. |
7 | Gains and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. |
8 | Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
Percent | ||||||||||||||||||
As Reported | Less: | As Adjusted ** | Combined 10 | Better/(Worse) | ||||||||||||||
Three Months Ended | Merger-Related | Three Months Ended | Three Months Ended | Adjusted 2016 vs. | ||||||||||||||
December 31, 2016 | Costs 9 | December 31, 2016 | December 31, 2015 | Combined 2015 | ||||||||||||||
REVENUES | ||||||||||||||||||
Base management fees | $ | 268 | $ | — | $ | 268 | $ | 265 | 1 | |||||||||
Franchise fees 1 | 296 | — | 296 | 273 | 8 | |||||||||||||
Incentive management fees | 149 | — | 149 | 150 | (1 | ) | ||||||||||||
Total Fees | 713 | — | 713 | 688 | 4 | |||||||||||||
Owned, leased, and other revenue 2 | 536 | — | 536 | 565 | (5 | ) | ||||||||||||
Cost reimbursements 3 | 4,207 | — | 4,207 | 4,321 | (3 | ) | ||||||||||||
Total Revenues | 5,456 | — | 5,456 | 5,574 | (2 | ) | ||||||||||||
OPERATING COSTS AND EXPENSES | ||||||||||||||||||
Owned, leased, and other - direct 4 | 367 | — | 367 | 400 | 8 | |||||||||||||
Reimbursed costs | 4,207 | — | 4,207 | 4,321 | 3 | |||||||||||||
Depreciation, amortization, and other 5 | 71 | — | 71 | 81 | 12 | |||||||||||||
Merger-related costs and charges | 136 | 136 | — | — | — | |||||||||||||
General, administrative, and other 6 | 234 | — | 234 | 284 | 18 | |||||||||||||
Total Expenses | 5,015 | 136 | 4,879 | 5,086 | 4 | |||||||||||||
OPERATING INCOME / (LOSS) | 441 | (136 | ) | 577 | 488 | 18 | ||||||||||||
Gains (losses) and other income, net 7 | 2 | — | 2 | (2 | ) | 200 | ||||||||||||
Interest expense | (75 | ) | — | (75 | ) | (81 | ) | 7 | ||||||||||
Interest income | 13 | — | 13 | 12 | 8 | |||||||||||||
Equity in earnings 8 | 2 | — | 2 | 13 | (85 | ) | ||||||||||||
INCOME / (LOSS) BEFORE INCOME TAXES | 383 | (136 | ) | 519 | 430 | 21 | ||||||||||||
(Provision) benefit for income taxes | (139 | ) | 46 | (185 | ) | (139 | ) | (33 | ) | |||||||||
NET INCOME / (LOSS) | $ | 244 | $ | (90 | ) | $ | 334 | $ | 291 | 15 | ||||||||
EARNINGS PER SHARE | ||||||||||||||||||
Earnings per share - basic | $ | 0.63 | $ | 0.86 | $ | 0.72 | 19 | |||||||||||
Earnings per share - diluted | $ | 0.62 | $ | 0.85 | $ | 0.71 | 20 | |||||||||||
Basic Shares | 387.9 | 387.9 | 403.0 | |||||||||||||||
Diluted Shares | 394.0 | 394.0 | 409.5 |
1 | Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 2017. |
2 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of 2017. |
3 | Cost reimbursements include reimbursements from properties for company-funded operating expenses. |
4 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. |
5 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. |
6 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. |
7 | Gains (losses) and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. |
8 | Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
9 | The adjusted consolidated statements of income are presented before the impact of merger-related costs. |
10 | See pages A-14 and A-15 for basis of presentation of combined financial information. |
Combined 9 | Combined 9 | Percent | ||||||||
Twelve Months Ended | Twelve Months Ended | Better/(Worse) | ||||||||
December 31, 2016 | December 31, 2015 | Combined 2016 vs. 2015 | ||||||||
REVENUES | ||||||||||
Base management fees | $ | 1,072 | $ | 1,064 | 1 | |||||
Franchise fees 1 | 1,228 | 1,146 | 7 | |||||||
Incentive management fees | 562 | 529 | 6 | |||||||
Total Fees | 2,862 | 2,739 | 4 | |||||||
Owned, leased, and other revenue 2 | 2,141 | 2,251 | (5 | ) | ||||||
Cost reimbursements 3 | 17,480 | 16,936 | 3 | |||||||
Total Revenues | 22,483 | 21,926 | 3 | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||
Owned, leased, and other - direct 4 | 1,505 | 1,663 | 10 | |||||||
Reimbursed costs | 17,480 | 16,936 | (3 | ) | ||||||
Depreciation, amortization, and other 5 | 313 | 347 | 10 | |||||||
General, administrative, and other 6 | 964 | 1,039 | 7 | |||||||
Total Expenses | 20,262 | 19,985 | (1 | ) | ||||||
OPERATING INCOME | 2,221 | 1,941 | 14 | |||||||
Losses and other income, net 7 | (22 | ) | (3 | ) | (633 | ) | ||||
Interest expense | (312 | ) | (314 | ) | 1 | |||||
Interest income | 41 | 34 | 21 | |||||||
Equity in earnings 8 | 25 | 64 | (61 | ) | ||||||
INCOME BEFORE INCOME TAXES | 1,953 | 1,722 | 13 | |||||||
Provision for income taxes | (652 | ) | (558 | ) | (17 | ) | ||||
NET INCOME | $ | 1,301 | $ | 1,164 | 12 | |||||
EARNINGS PER SHARE | ||||||||||
Earnings per share - basic | $ | 3.35 | $ | 2.89 | 16 | |||||
Earnings per share - diluted | $ | 3.30 | $ | 2.84 | 16 | |||||
Basic Shares | 388.7 | 402.9 | ||||||||
Diluted Shares | 394.4 | 409.4 |
1 | Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 2017. |
2 | Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of 2017. |
3 | Cost reimbursements include reimbursements from properties for company-funded operating expenses. |
4 | Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. |
5 | Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. |
6 | General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. |
7 | Losses and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. |
8 | Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. |
9 | See pages A-14 and A-15 for basis of presentation of combined financial information. |
North America | Total International | Total Worldwide | ||||||||||
Units | Rooms | Units | Rooms | Units | Rooms | |||||||
Managed | 827 | 250,363 | 994 | 271,189 | 1,821 | 521,552 | ||||||
JW Marriott Hotels | 15 | 9,695 | 47 | 18,925 | 62 | 28,620 | ||||||
The Ritz-Carlton Hotels | 39 | 11,410 | 51 | 14,474 | 90 | 25,884 | ||||||
The Ritz-Carlton Residences | 34 | 4,733 | 8 | 416 | 42 | 5,149 | ||||||
The Ritz-Carlton Serviced Apartments | 5 | 697 | 5 | 697 | ||||||||
Luxury Collection | 5 | 2,294 | 47 | 8,272 | 52 | 10,566 | ||||||
W Hotels | 25 | 7,729 | 23 | 5,242 | 48 | 12,971 | ||||||
St. Regis | 9 | 1,725 | 27 | 6,049 | 36 | 7,774 | ||||||
EDITION Hotels | 2 | 567 | 2 | 699 | 4 | 1,266 | ||||||
EDITION Residences | 1 | 25 | 1 | 25 | ||||||||
Bulgari Hotels & Resorts | 2 | 117 | 2 | 117 | ||||||||
Bulgari Residences | 1 | 5 | 1 | 5 | ||||||||
Marriott Hotels | 131 | 68,440 | 154 | 44,547 | 285 | 112,987 | ||||||
Sheraton | 31 | 23,654 | 188 | 64,088 | 219 | 87,742 | ||||||
Westin | 48 | 25,173 | 68 | 21,964 | 116 | 47,137 | ||||||
Renaissance Hotels | 26 | 11,625 | 50 | 16,171 | 76 | 27,796 | ||||||
Le Meridien | 4 | 720 | 75 | 20,952 | 79 | 21,672 | ||||||
Autograph Collection Hotels | 3 | 1,065 | 4 | 670 | 7 | 1,735 | ||||||
Delta Hotels and Resorts | 25 | 6,764 | 25 | 6,764 | ||||||||
Gaylord Hotels | 5 | 8,098 | 5 | 8,098 | ||||||||
Marriott Executive Apartments | 28 | 4,195 | 28 | 4,195 | ||||||||
Tribute Portfolio | 3 | 515 | 3 | 515 | ||||||||
Courtyard | 256 | 40,821 | 78 | 16,470 | 334 | 57,291 | ||||||
Residence Inn | 114 | 17,155 | 5 | 517 | 119 | 17,672 | ||||||
Fairfield Inn & Suites | 6 | 1,432 | 10 | 1,588 | 16 | 3,020 | ||||||
SpringHill Suites | 30 | 4,854 | 30 | 4,854 | ||||||||
Four Points | 1 | 134 | 58 | 14,533 | 59 | 14,667 | ||||||
TownePlace Suites | 15 | 1,740 | 15 | 1,740 | ||||||||
Aloft | 1 | 330 | 23 | 5,694 | 24 | 6,024 | ||||||
Protea Hotels | 36 | 4,201 | 36 | 4,201 | ||||||||
Element | 1 | 180 | 1 | 188 | 2 | 368 | ||||||
Franchised | 3,592 | 524,793 | 414 | 89,612 | 4,006 | 614,405 | ||||||
JW Marriott Hotels | 10 | 4,469 | 7 | 1,742 | 17 | 6,211 | ||||||
The Ritz-Carlton Hotels | 1 | 429 | 1 | 429 | ||||||||
The Ritz-Carlton Residences | 1 | 55 | 1 | 55 | ||||||||
Luxury Collection | 9 | 1,863 | 33 | 6,387 | 42 | 8,250 | ||||||
Bulgari Hotels & Resorts | 1 | 85 | 1 | 85 | ||||||||
Marriott Hotels | 210 | 65,271 | 43 | 12,491 | 253 | 77,762 | ||||||
Sheraton | 162 | 48,025 | 59 | 17,519 | 221 | 65,544 | ||||||
Westin | 75 | 24,700 | 23 | 7,334 | 98 | 32,034 | ||||||
Renaissance Hotels | 57 | 16,103 | 26 | 7,168 | 83 | 23,271 | ||||||
Le Meridien | 16 | 3,753 | 11 | 2,873 | 27 | 6,626 | ||||||
Autograph Collection Hotels | 61 | 13,234 | 38 | 9,622 | 99 | 22,856 | ||||||
Delta Hotels and Resorts | 12 | 3,020 | 12 | 3,020 | ||||||||
Tribute Portfolio | 12 | 4,541 | 6 | 282 | 18 | 4,823 | ||||||
Courtyard | 686 | 91,559 | 56 | 10,745 | 742 | 102,304 | ||||||
Residence Inn | 611 | 71,718 | 2 | 200 | 613 | 71,918 | ||||||
Fairfield Inn & Suites | 822 | 75,000 | 2 | 386 | 824 | 75,386 | ||||||
SpringHill Suites | 329 | 37,672 | 329 | 37,672 | ||||||||
Four Points | 131 | 19,996 | 37 | 6,010 | 168 | 26,006 | ||||||
TownePlace Suites | 286 | 28,512 | 286 | 28,512 | ||||||||
Aloft | 80 | 11,766 | 12 | 1,925 | 92 | 13,691 | ||||||
Protea Hotels | 51 | 3,550 | 51 | 3,550 | ||||||||
Element | 19 | 2,813 | 2 | 293 | 21 | 3,106 | ||||||
Moxy Hotels | 2 | 294 | 5 | 1,000 | 7 | 1,294 |
North America | Total International | Total Worldwide | ||||||||||
Units | Rooms | Units | Rooms | Units | Rooms | |||||||
Owned/Leased | 33 | 10,805 | 37 | 10,034 | 70 | 20,839 | ||||||
JW Marriott Hotels | 1 | 496 | 1 | 496 | ||||||||
The Ritz-Carlton Hotels | 2 | 553 | 2 | 553 | ||||||||
Luxury Collection | 3 | 468 | 3 | 468 | ||||||||
W Hotels | 1 | 509 | 2 | 665 | 3 | 1,174 | ||||||
St. Regis | 1 | 238 | 1 | 160 | 2 | 398 | ||||||
Marriott Hotels | 4 | 2,102 | 4 | 1,445 | 8 | 3,547 | ||||||
Sheraton | 3 | 2,671 | 6 | 2,867 | 9 | 5,538 | ||||||
Westin | 2 | 1,832 | 1 | 246 | 3 | 2,078 | ||||||
Renaissance Hotels | 1 | 310 | 3 | 749 | 4 | 1,059 | ||||||
Tribute Portfolio | 1 | 135 | 1 | 135 | ||||||||
Courtyard | 19 | 2,816 | 3 | 644 | 22 | 3,460 | ||||||
Residence Inn | 1 | 192 | 1 | 140 | 2 | 332 | ||||||
Protea Hotels | 10 | 1,601 | 10 | 1,601 | ||||||||
Unconsolidated Joint Ventures | 11 | 1,913 | 89 | 11,193 | 100 | 13,106 | ||||||
Autograph Collection Hotels | 5 | 348 | 5 | 348 | ||||||||
AC Hotels by Marriott | 11 | 1,913 | 84 | 10,845 | 95 | 12,758 | ||||||
Timeshare* | 66 | 17,127 | 17 | 3,575 | 83 | 20,702 | ||||||
Marriott Vacations Worldwide | 48 | 10,665 | 14 | 2,355 | 62 | 13,020 | ||||||
Vistana | 18 | 6,462 | 3 | 1,220 | 21 | 7,682 | ||||||
Grand Total | 4,529 | 805,001 | 1,551 | 385,603 | 6,080 | 1,190,604 |
North America | Total International | Total Worldwide | ||||||||||
Total Systemwide | Units | Rooms | Units | Rooms | Units | Rooms | ||||||
Luxury | 153 | 45,741 | 263 | 65,452 | 416 | 111,193 | ||||||
JW Marriott Hotels | 25 | 14,164 | 55 | 21,163 | 80 | 35,327 | ||||||
The Ritz-Carlton Hotels | 40 | 11,839 | 53 | 15,027 | 93 | 26,866 | ||||||
The Ritz-Carlton Residences | 35 | 4,788 | 8 | 416 | 43 | 5,204 | ||||||
The Ritz-Carlton Serviced Apartments | 5 | 697 | 5 | 697 | ||||||||
Luxury Collection | 14 | 4,157 | 83 | 15,127 | 97 | 19,284 | ||||||
W Hotels | 26 | 8,238 | 25 | 5,907 | 51 | 14,145 | ||||||
St. Regis | 10 | 1,963 | 28 | 6,209 | 38 | 8,172 | ||||||
EDITION Hotels | 2 | 567 | 2 | 699 | 4 | 1,266 | ||||||
EDITION Residences | 1 | 25 | 1 | 25 | ||||||||
Bulgari Hotels & Resorts | 3 | 202 | 3 | 202 | ||||||||
Bulgari Residences | 1 | 5 | 1 | 5 | ||||||||
Upper Upscale | 889 | 331,236 | 795 | 236,046 | 1,684 | 567,282 | ||||||
Marriott Hotels | 345 | 135,813 | 201 | 58,483 | 546 | 194,296 | ||||||
Sheraton | 196 | 74,350 | 253 | 84,474 | 449 | 158,824 | ||||||
Westin | 125 | 51,705 | 92 | 29,544 | 217 | 81,249 | ||||||
Renaissance Hotels | 84 | 28,038 | 79 | 24,088 | 163 | 52,126 | ||||||
Le Meridien | 20 | 4,473 | 86 | 23,825 | 106 | 28,298 | ||||||
Autograph Collection Hotels | 64 | 14,299 | 47 | 10,640 | 111 | 24,939 | ||||||
Delta Hotels and Resorts | 37 | 9,784 | 37 | 9,784 | ||||||||
Gaylord Hotels | 5 | 8,098 | 5 | 8,098 | ||||||||
Marriott Executive Apartments | 28 | 4,195 | 28 | 4,195 | ||||||||
Tribute Portfolio | 13 | 4,676 | 9 | 797 | 22 | 5,473 | ||||||
Limited-Service | 3,421 | 410,897 | 476 | 80,530 | 3,897 | 491,427 | ||||||
Courtyard | 961 | 135,196 | 137 | 27,859 | 1,098 | 163,055 | ||||||
Residence Inn | 726 | 89,065 | 8 | 857 | 734 | 89,922 | ||||||
Fairfield Inn & Suites | 828 | 76,432 | 12 | 1,974 | 840 | 78,406 | ||||||
SpringHill Suites | 359 | 42,526 | 359 | 42,526 | ||||||||
Four Points | 132 | 20,130 | 95 | 20,543 | 227 | 40,673 | ||||||
TownePlace Suites | 301 | 30,252 | 301 | 30,252 | ||||||||
Aloft | 81 | 12,096 | 35 | 7,619 | 116 | 19,715 | ||||||
AC Hotels by Marriott | 11 | 1,913 | 84 | 10,845 | 95 | 12,758 | ||||||
Protea Hotels | 97 | 9,352 | 97 | 9,352 | ||||||||
Element | 20 | 2,993 | 3 | 481 | 23 | 3,474 | ||||||
Moxy Hotels | 2 | 294 | 5 | 1,000 | 7 | 1,294 | ||||||
Timeshare* | 66 | 17,127 | 17 | 3,575 | 83 | 20,702 | ||||||
Marriott Vacations Worldwide | 48 | 10,665 | 14 | 2,355 | 62 | 13,020 | ||||||
Vistana | 18 | 6,462 | 3 | 1,220 | 21 | 7,682 | ||||||
Grand Total | 4,529 | 805,001 | 1,551 | 385,603 | 6,080 | 1,190,604 |
Comparable Company-Operated International Properties1 | ||||||||||||||||||
Three Months Ended December 31, 2016 and December 31, 2015 | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Region | 2016 | vs. 2015* | 2016 | vs. 2015* | 2016 | vs. 2015* | ||||||||||||
Greater China | $ | 92.39 | 0.8 | % | 70.7 | % | 4.3 | % | pts. | $ | 130.60 | -5.4 | % | |||||
Rest of Asia Pacific | $ | 117.34 | 1.1 | % | 75.8 | % | 1.4 | % | pts. | $ | 154.83 | -0.8 | % | |||||
Asia Pacific | $ | 100.78 | 0.9 | % | 72.4 | % | 3.4 | % | pts. | $ | 139.12 | -3.8 | % | |||||
Caribbean & Latin America | $ | 137.49 | -3.1 | % | 64.3 | % | -2.1 | % | pts. | $ | 213.96 | 0.0 | % | |||||
Europe | $ | 115.09 | 1.3 | % | 70.1 | % | 0.7 | % | pts. | $ | 164.15 | 0.3 | % | |||||
Middle East & Africa | $ | 119.24 | -1.1 | % | 67.8 | % | 0.6 | % | pts. | $ | 175.77 | -2.0 | % | |||||
Total International2 | $ | 110.54 | 0.2 | % | 70.4 | % | 1.8 | % | pts. | $ | 157.04 | -2.3 | % | |||||
Worldwide3 | $ | 125.53 | 0.4 | % | 71.0 | % | 0.7 | % | pts. | $ | 176.75 | -0.6 | % |
Comparable Systemwide International Properties1 | ||||||||||||||||||
Three Months Ended December 31, 2016 and December 31, 2015 | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Region | 2016 | vs. 2015* | 2016 | vs. 2015* | 2016 | vs. 2015* | ||||||||||||
Greater China | $ | 92.84 | 0.5 | % | 70.6 | % | 4.1 | % | pts. | $ | 131.59 | -5.3 | % | |||||
Rest of Asia Pacific | $ | 119.26 | 0.9 | % | 75.2 | % | 0.9 | % | pts. | $ | 158.54 | -0.3 | % | |||||
Asia Pacific | $ | 103.69 | 0.7 | % | 72.5 | % | 2.8 | % | pts. | $ | 143.08 | -3.2 | % | |||||
Caribbean & Latin America | $ | 106.02 | -2.6 | % | 60.8 | % | -1.0 | % | pts. | $ | 174.34 | -1.0 | % | |||||
Europe | $ | 110.24 | 1.7 | % | 70.8 | % | 1.2 | % | pts. | $ | 155.77 | 0.0 | % | |||||
Middle East & Africa | $ | 114.01 | -1.1 | % | 67.3 | % | 0.5 | % | pts. | $ | 169.39 | -1.8 | % | |||||
Total International2 | $ | 107.28 | 0.2 | % | 69.7 | % | 1.5 | % | pts. | $ | 153.99 | -1.9 | % | |||||
Worldwide3 | $ | 107.95 | 0.8 | % | 69.6 | % | 0.4 | % | pts. | $ | 155.14 | 0.3 | % |
1 | International includes properties located outside the United States and Canada. |
2 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Le Meridien, Courtyard, Residence Inn, Fairfield Inn & Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. |
3 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Gaylord Hotels, Le Meridien, Tribute Portfolio, Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, TownePlace Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. |
Comparable Company-Operated International Properties 1 | |||||||||||||||||||||
Twelve Months Ended December 31, 2016 and December 31, 2015* | |||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||
Region | 2016 | vs. 2015 | 2016 | vs. 2015 | 2016 | vs. 2015 | |||||||||||||||
Greater China | $ | 89.17 | 0.4 | % | 67.5 | % | 3.7 | % | pts. | $ | 132.16 | -5.1 | % | ||||||||
Rest of Asia Pacific | $ | 112.69 | 3.7 | % | 75.2 | % | 3.0 | % | pts. | $ | 149.80 | -0.5 | % | ||||||||
Asia Pacific | $ | 97.08 | 1.6 | % | 70.1 | % | 3.4 | % | pts. | $ | 138.52 | -3.4 | % | ||||||||
Caribbean & Latin America | $ | 139.69 | 0.4 | % | 65.3 | % | -0.9 | % | pts. | $ | 213.99 | 1.8 | % | ||||||||
Europe | $ | 124.87 | 0.8 | % | 71.8 | % | -0.5 | % | pts. | $ | 173.84 | 1.5 | % | ||||||||
Middle East & Africa | $ | 106.49 | -3.8 | % | 64.6 | % | 0.6 | % | pts. | $ | 164.90 | -4.8 | % | ||||||||
Total International2 | $ | 109.05 | 0.3 | % | 69.2 | % | 1.6 | % | pts. | $ | 157.69 | -2.1 | % | ||||||||
Worldwide3 | $ | 128.37 | 1.6 | % | 72.5 | % | 1.1 | % | pts. | $ | 177.11 | 0.1 | % |
Comparable Systemwide International Properties 1 | |||||||||||||||||||||
Twelve Months Ended December 31, 2016 and December 31, 2015* | |||||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | |||||||||||||||||||
Region | 2016 | vs. 2015 | 2016 | vs. 2015 | 2016 | vs. 2015 | |||||||||||||||
Greater China | $ | 89.33 | 0.2 | % | 67.2 | % | 3.5 | % | pts. | $ | 132.92 | -5.1 | % | ||||||||
Rest of Asia Pacific | $ | 114.07 | 4.0 | % | 74.4 | % | 2.4 | % | pts. | $ | 153.35 | 0.7 | % | ||||||||
Asia Pacific | $ | 99.50 | 2.0 | % | 70.2 | % | 3.1 | % | pts. | $ | 141.82 | -2.5 | % | ||||||||
Caribbean & Latin America | $ | 116.98 | -0.4 | % | 63.5 | % | 0.0 | % | pts. | $ | 184.29 | -0.3 | % | ||||||||
Europe | $ | 114.62 | 1.4 | % | 70.6 | % | 0.1 | % | pts. | $ | 162.34 | 1.3 | % | ||||||||
Middle East & Africa | $ | 102.09 | -3.5 | % | 64.2 | % | 0.4 | % | pts. | $ | 159.12 | -4.1 | % | ||||||||
Total International2 | $ | 106.39 | 0.7 | % | 68.5 | % | 1.4 | % | pts. | $ | 155.31 | -1.5 | % | ||||||||
Worldwide3 | $ | 113.50 | 1.8 | % | 72.5 | % | 0.6 | % | pts. | $ | 156.53 | 1.0 | % |
1 | International includes properties located outside the United States and Canada. |
2 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Le Meridien, Courtyard, Residence Inn, Fairfield Inn & Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. |
3 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Gaylord Hotels, Le Meridien, Tribute Portfolio, Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, TownePlace Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. |
Comparable Company-Operated North American Properties1 | ||||||||||||||||||
Three Months Ended December 31, 2016 and December 31, 2015 | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Brand | 2016 | vs. 2015* | 2016 | vs. 2015* | 2016 | vs. 2015* | ||||||||||||
JW Marriott Hotels | $ | 179.45 | 3.2 | % | 73.0 | % | 1.5 | % | pts. | $ | 245.66 | 1.0 | % | |||||
The Ritz-Carlton | $ | 241.05 | 3.2 | % | 68.6 | % | 0.7 | % | pts. | $ | 351.28 | 2.1 | % | |||||
W Hotels | $ | 246.64 | -1.1 | % | 80.2 | % | 0.8 | % | pts. | $ | 307.71 | -2.0 | % | |||||
Composite North American Luxury2 | $ | 238.36 | 2.3 | % | 73.3 | % | 1.1 | % | pts. | $ | 325.13 | 0.8 | % | |||||
Marriott Hotels | $ | 135.69 | -0.9 | % | 70.5 | % | -0.4 | % | pts. | $ | 192.47 | -0.4 | % | |||||
Sheraton Hotels | $ | 144.61 | 0.2 | % | 72.1 | % | -2.0 | % | pts. | $ | 200.70 | 3.0 | % | |||||
Westin Hotels | $ | 159.66 | -1.1 | % | 73.3 | % | -1.6 | % | pts. | $ | 217.97 | 1.1 | % | |||||
Composite North American Upper Upscale3 | $ | 143.03 | -0.3 | % | 71.9 | % | -0.7 | % | pts. | $ | 198.87 | 0.7 | % | |||||
Composite North American Full-Service4 | $ | 160.65 | 0.4 | % | 72.2 | % | -0.4 | % | pts. | $ | 222.57 | 0.9 | % | |||||
Courtyard | $ | 94.56 | 0.2 | % | 68.4 | % | -0.8 | % | pts. | $ | 138.35 | 1.4 | % | |||||
Residence Inn | $ | 108.67 | 3.0 | % | 75.2 | % | 0.2 | % | pts. | $ | 144.56 | 2.8 | % | |||||
Composite North American Limited-Service5 | $ | 97.36 | 1.2 | % | 70.5 | % | -0.5 | % | pts. | $ | 138.10 | 1.8 | % | |||||
Composite - All | $ | 140.35 | 0.5 | % | 71.6 | % | -0.4 | % | pts. | $ | 195.91 | 1.1 | % |
Comparable Systemwide North American Properties1 | ||||||||||||||||||
Three Months Ended December 31, 2016 and December 31, 2015 | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Brand | 2016 | vs. 2015* | 2016 | vs. 2015* | 2016 | vs. 2015* | ||||||||||||
JW Marriott Hotels | $ | 169.31 | 1.9 | % | 71.9 | % | 0.9 | % | pts. | $ | 235.33 | 0.6 | % | |||||
The Ritz-Carlton | $ | 241.05 | 3.2 | % | 68.6 | % | 0.7 | % | pts. | $ | 351.28 | 2.1 | % | |||||
W Hotels | $ | 246.64 | -1.1 | % | 80.2 | % | 0.8 | % | pts. | $ | 307.71 | -2.0 | % | |||||
Composite North American Luxury2 | $ | 227.14 | 2.0 | % | 72.8 | % | 0.9 | % | pts. | $ | 311.92 | 0.7 | % | |||||
Marriott Hotels | $ | 113.78 | -0.2 | % | 67.4 | % | 0.0 | % | pts. | $ | 168.91 | -0.2 | % | |||||
Sheraton Hotels | $ | 107.68 | 0.9 | % | 68.2 | % | -0.8 | % | pts. | $ | 157.97 | 2.0 | % | |||||
Westin Hotels | $ | 143.36 | -0.1 | % | 71.7 | % | -1.1 | % | pts. | $ | 200.02 | 1.5 | % | |||||
Composite North American Upper Upscale3 | $ | 122.03 | 0.6 | % | 69.3 | % | -0.2 | % | pts. | $ | 176.13 | 0.9 | % | |||||
Composite North American Full-Service4 | $ | 133.08 | 0.9 | % | 69.7 | % | -0.1 | % | pts. | $ | 191.06 | 1.0 | % | |||||
Courtyard | $ | 91.89 | 0.6 | % | 67.8 | % | -0.4 | % | pts. | $ | 135.45 | 1.2 | % | |||||
Residence Inn | $ | 104.05 | 2.0 | % | 74.6 | % | -0.1 | % | pts. | $ | 139.49 | 2.1 | % | |||||
Fairfield Inn | $ | 71.11 | 1.4 | % | 65.4 | % | -0.1 | % | pts. | $ | 108.68 | 1.5 | % | |||||
Composite North American Limited-Service5 | $ | 88.22 | 1.3 | % | 69.5 | % | -0.2 | % | pts. | $ | 127.01 | 1.6 | % | |||||
Composite - All | $ | 108.23 | 1.1 | % | 69.5 | % | -0.1 | % | pts. | $ | 155.62 | 1.3 | % |
1 | Includes properties located in the United States and Canada. |
2 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. |
3 | Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Gaylord Hotels, Le Meridien, and Tribute Portfolio. |
4 | Includes Composite North American Luxury and Composite North American Upper Upscale. |
5 | Includes Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, and TownePlace Suites. Systemwide also includes Four Points, Aloft Hotels and Element Hotels. |
Comparable Company-Operated North American Properties1 | ||||||||||||||||||
Twelve Months Ended December 31, 2016 and December 31, 2015* | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Brand | 2016 | vs. 2015 | 2016 | vs. 2015 | 2016 | vs. 2015 | ||||||||||||
JW Marriott Hotels | $ | 187.02 | 4.0 | % | 76.8 | % | 2.2 | % | pts. | $ | 243.57 | 1.1 | % | |||||
The Ritz-Carlton | $ | 252.40 | 3.6 | % | 71.9 | % | 1.0 | % | pts. | $ | 350.99 | 2.2 | % | |||||
W Hotels | $ | 239.94 | -2.2 | % | 81.7 | % | 0.2 | % | pts. | $ | 293.82 | -2.5 | % | |||||
Composite North American Luxury2 | $ | 242.10 | 2.8 | % | 76.3 | % | 1.4 | % | pts. | $ | 317.13 | 0.9 | % | |||||
Marriott Hotels | $ | 144.94 | 2.4 | % | 75.4 | % | 0.7 | % | pts. | $ | 192.23 | 1.4 | % | |||||
Sheraton Hotels | $ | 149.49 | 2.1 | % | 76.5 | % | -0.5 | % | pts. | $ | 195.40 | 2.7 | % | |||||
Westin Hotels | $ | 167.21 | 0.9 | % | 77.4 | % | -0.6 | % | pts. | $ | 216.07 | 1.7 | % | |||||
Composite North American Upper Upscale3 | $ | 149.92 | 2.3 | % | 76.1 | % | 0.3 | % | pts. | $ | 196.98 | 1.8 | % | |||||
Composite North American Full-Service4 | $ | 166.97 | 2.4 | % | 76.2 | % | 0.5 | % | pts. | $ | 219.25 | 1.7 | % | |||||
Courtyard | $ | 103.65 | 2.2 | % | 73.1 | % | 0.3 | % | pts. | $ | 141.83 | 1.7 | % | |||||
Residence Inn | $ | 118.14 | 3.8 | % | 79.0 | % | 0.6 | % | pts. | $ | 149.56 | 3.0 | % | |||||
Composite North American Limited-Service5 | $ | 106.20 | 2.8 | % | 75.0 | % | 0.5 | % | pts. | $ | 141.68 | 2.1 | % | |||||
Composite - All | $ | 147.48 | 2.5 | % | 75.8 | % | 0.5 | % | pts. | $ | 194.64 | 1.8 | % |
Comparable Systemwide North American Properties1 | ||||||||||||||||||
Twelve Months Ended December 31, 2016 and December 31, 2015* | ||||||||||||||||||
REVPAR | Occupancy | Average Daily Rate | ||||||||||||||||
Brand | 2016 | vs. 2015 | 2016 | vs. 2015 | 2016 | vs. 2015 | ||||||||||||
JW Marriott Hotels | $ | 178.91 | 3.5 | % | 76.0 | % | 1.3 | % | pts. | $ | 235.47 | 1.8 | % | |||||
The Ritz-Carlton | $ | 252.40 | 3.6 | % | 71.9 | % | 1.0 | % | pts. | $ | 350.99 | 2.2 | % | |||||
W Hotels | $ | 239.94 | -2.2 | % | 81.7 | % | 0.2 | % | pts. | $ | 293.82 | -2.5 | % | |||||
Composite North American Luxury2 | $ | 231.99 | 2.8 | % | 76.0 | % | 1.2 | % | pts. | $ | 305.36 | 1.2 | % | |||||
Marriott Hotels | $ | 124.39 | 2.0 | % | 72.4 | % | 0.3 | % | pts. | $ | 171.92 | 1.5 | % | |||||
Sheraton Hotels | $ | 115.58 | 2.4 | % | 73.3 | % | 0.3 | % | pts. | $ | 157.73 | 2.0 | % | |||||
Westin Hotels | $ | 152.94 | 2.4 | % | 76.9 | % | 0.1 | % | pts. | $ | 198.98 | 2.3 | % | |||||
Composite North American Upper Upscale3 | $ | 130.44 | 2.5 | % | 73.9 | % | 0.4 | % | pts. | $ | 176.52 | 1.9 | % | |||||
Composite North American Full-Service4 | $ | 141.11 | 2.6 | % | 74.1 | % | 0.5 | % | pts. | $ | 190.41 | 1.9 | % | |||||
Courtyard | $ | 101.49 | 1.9 | % | 72.9 | % | 0.0 | % | pts. | $ | 139.24 | 1.9 | % | |||||
Residence Inn | $ | 112.78 | 2.4 | % | 79.0 | % | -0.1 | % | pts. | $ | 142.78 | 2.6 | % | |||||
Fairfield Inn | $ | 77.96 | 1.2 | % | 70.1 | % | -0.5 | % | $ | 111.20 | 1.9 | % | ||||||
Composite North American Limited-Service5 | $ | 96.62 | 2.0 | % | 74.2 | % | 0.0 | % | pts. | $ | 130.15 | 2.0 | % | |||||
Composite - All | $ | 116.47 | 2.3 | % | 74.2 | % | 0.2 | % | pts. | $ | 157.00 | 2.0 | % |
1 | Includes properties located in the United States and Canada. |
2 | Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. |
3 | Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Gaylord Hotels, Le Meridien, and Tribute Portfolio. |
4 | Includes Composite North American Luxury and Composite North American Upper Upscale. |
5 | Includes Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, and TownePlace Suites. Systemwide also includes Four Points, Aloft Hotels and Element Hotels. |
Fiscal Year 2016 | |||||||||||||||||||
Combined 1 First Quarter | Combined 1 Second Quarter | Combined 1 Third Quarter | Adjusted 2 Fourth Quarter | Combined Total | |||||||||||||||
Net income2 | $ | 290 | $ | 333 | $ | 344 | $ | 334 | $ | 1,301 | |||||||||
Interest expense | 77 | 79 | 81 | 75 | 312 | ||||||||||||||
Tax provision | 140 | 161 | 166 | 185 | 652 | ||||||||||||||
Depreciation and amortization | 82 | 79 | 81 | 71 | 313 | ||||||||||||||
Depreciation classified in reimbursed costs | 32 | 33 | 34 | 33 | 132 | ||||||||||||||
Interest expense from unconsolidated joint ventures | 4 | 4 | 4 | 4 | 16 | ||||||||||||||
Depreciation and amortization from unconsolidated joint ventures | 11 | 11 | 13 | 10 | 45 | ||||||||||||||
EBITDA ** | 636 | 700 | 723 | 712 | 2,771 | ||||||||||||||
Loss on asset dispositions and impairments, net | — | 23 | — | — | 23 | ||||||||||||||
Share-based compensation (including share-based compensation reimbursed by third-party owners) | 47 | 50 | 52 | 44 | 193 | ||||||||||||||
Adjusted EBITDA ** | $ | 683 | $ | 773 | $ | 775 | $ | 756 | $ | 2,987 | |||||||||
Increase over 2015 Combined Adjusted EBITDA ** | 3 | % | 7 | % | 14 | % | 11 | % | 9 | % |
Fiscal Year 20151 | |||||||||||||||||||
Combined First Quarter | Combined Second Quarter | Combined Third Quarter | Combined Fourth Quarter | Combined Total | |||||||||||||||
Net income 2 | $ | 272 | $ | 326 | $ | 275 | $ | 291 | $ | 1,164 | |||||||||
Interest expense | 75 | 77 | 81 | 81 | 314 | ||||||||||||||
Tax provision | 131 | 156 | 132 | 139 | 558 | ||||||||||||||
Depreciation and amortization | 83 | 91 | 80 | 81 | 335 | ||||||||||||||
Depreciation classified in reimbursed costs | 30 | 31 | 32 | 32 | 125 | ||||||||||||||
Interest expense from unconsolidated joint ventures | 4 | 4 | 5 | 3 | 16 | ||||||||||||||
Depreciation and amortization from unconsolidated joint ventures | 12 | 8 | 11 | 11 | 42 | ||||||||||||||
EBITDA ** | 607 | 693 | 616 | 638 | 2,554 | ||||||||||||||
EDITION impairment charge | 12 | — | — | — | 12 | ||||||||||||||
Loss (gain) on asset dispositions and impairments, net | — | 22 | 14 | (7 | ) | 29 | |||||||||||||
Gain on redemption of preferred equity ownership interest | — | (41 | ) | — | — | (41 | ) | ||||||||||||
Share-based compensation (including share-based compensation reimbursed by third-party owners) | 43 | 48 | 47 | 51 | 189 | ||||||||||||||
Adjusted EBITDA ** | $ | 662 | $ | 722 | $ | 677 | $ | 682 | $ | 2,743 |
** | Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations on their use. |
1 | See pages A-14 and A-15 for basis of presentation of combined financial information. |
2 | For the 2016 fourth quarter, see page A-3 for a reconciliation of net income to adjusted net income. For other periods presented, see pages A-14 and A-15 for a reconciliation to pro forma net income calculated in accordance with Article 11 of Regulation S-X. |
Range | |||||||||||
Estimated Fiscal Year 2017 | Combined Fiscal Year 20161 | ||||||||||
Net income 2 | $ | 1,461 | $ | 1,529 | $ | 1,301 | |||||
Interest expense | 300 | 300 | 312 | ||||||||
Tax provision | 649 | 681 | 652 | ||||||||
Depreciation and amortization | 280 | 280 | 313 | ||||||||
Depreciation classified in Reimbursed costs | 145 | 145 | 132 | ||||||||
Interest expense from unconsolidated joint ventures | 10 | 10 | 16 | ||||||||
Depreciation and amortization from unconsolidated joint ventures | 40 | 40 | 45 | ||||||||
EBITDA ** | 2,885 | 2,985 | 2,771 | ||||||||
Loss (gain) on asset dispositions and impairments, net | — | — | 23 | ||||||||
Share-based compensation (including share-based compensation reimbursed by third-party owners) | 190 | 190 | 193 | ||||||||
Adjusted EBITDA ** | $ | 3,075 | $ | 3,175 | $ | 2,987 | |||||
Increase over 2016 Combined Adjusted EBITDA ** | 3 | % | 6 | % |
1 | See pages A-14 and A-15 for basis of presentation of combined financial information and a reconciliation to pro forma net income calculated in accordance with Article 11 of Regulation S-X. |
2 | Estimated 2017 net income excludes merger-related costs, which the company cannot accurately forecast, but expects will be significant on a full-year basis. |
2016 | |||||||||||
(in millions) | First Quarter | Second Quarter | Third Quarter | ||||||||
Pro forma net income under Article 11 | $ | 291 | $ | 209 | $ | 179 | |||||
Merger-related costs and charges | 3 | 16 | 220 | ||||||||
Income taxes (1) | (4 | ) | 17 | (55 | ) | ||||||
Loss on cumulative translation adjustment | — | 91 | — | ||||||||
Combined net income | $ | 290 | $ | 333 | $ | 344 |
2015 | |||||||||||||||
(in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
Pro forma net income under Article 11 | $ | 264 | $ | 335 | $ | 280 | $ | 306 | |||||||
Merger-related costs and charges | 16 | 8 | 3 | 5 | |||||||||||
Income taxes (1) | (8 | ) | (17 | ) | (8 | ) | (20 | ) | |||||||
Combined net income | $ | 272 | $ | 326 | $ | 275 | $ | 291 |
(1) | Combined net income applies an effective income tax rate of 32.5% for all periods presented. For pro forma net income under Article 11, we applied the historical effective tax rates for Marriott and Starwood. |
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