Skift Take
Marriott execs cited a "normalization" in domestic U.S. vacation bookings, a potential warning sign for the post-pandemic travel frenzy. Still, with a strong dollar sending Americans overseas and a loyalty program topping 203 million members, Marriott seems well-positioned for a profitable year worldwide.
Marriott raised its forecast for 2024 profitability on Wednesday after predicting continued travel demand worldwide. But analysts spent the earnings call focused on travel booking behavior in the U.S., where post-pandemic domestic demand may be cooling.
"We now expect higher year-over-year RevPAR [revenue per available room] growth in Asia Pacific, Europe and the Middle East, the Caribbean, and Latin America, and lower levels of RevPAR growth in the U.S., Canada, and Greater China," said Leeny Oberg, chief financial officer.
The hotel operator raised its forecast for full-year EBITDA by 1.6% to $4.88 billion.