Marriott Sees Strong Growth in Revenue and Hotel Development in 2023
Photo Caption: An infinity swimming pool is on the rooftop of the five-star Melbourne Marriott Hotel Docklands in Melbourne, Australia. Source: Marriott International.
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For Marriott, 2023 is shaping up to be a banner year.
Marriott International's executives reported strong revenue growth in the third quarter on Thursday. They forecasted a steady pace of revenue expansion that would return it to its historical 10-year average after the pandemic disruption.
Revenue-per-available room, or RevPAR, is a key industry metric. In the third quarter, Marriott's third-quarter comparable systemwide constant dollar RevPAR rose 4.3% in the U.S. and Canada and soared 21.8% in international markets compared to a year ago.
"Both occupancy and rate contributed to global RevPAR gains in the third quarter, and cross‐border travel continued to rise," said president and CEO Anthony Capuano.
Executives said they expected the hotelier's revenue per available room to grow between now and 2025 at a pace of between 3% and
