Marriott reports fourth-quarter 2022 earnings; coverage

Marriott reported fourth-quarter 2022 earnings, and media coverage largely highlighted the company’s robust post-COVID performance. Skift noted record fourth-quarter room rates, profits at company-managed hotels, and sign-ups for co-branded credit cards issued by American Express and Chase. Marriott’s 30 brands reported revenue 13 percent higher than before the pandemic. Additionally, the company added 598 luxury properties postpandemic, a 13% increase. Meanwhile Bonvoy reported more than 177 million subscribers, up a quarter from 2019. Altogether the company reported revenue of $5.9 billon with $673 million in net income. Meanwhile, Marriott has 199,000 rooms under construction.

The Washington Business Journal similarly noted the company’s record quarterly profits, but noted executives warned of a coming downturn, with the company’s CEO noting “meaningful uncertainty about global economic growth” in 2023. “Certainly trends could change relatively quickly given our average transient booking window is around three weeks.”