Marriott reports “terrific” year following Starwood acquisition

Martha Elwell By Martha Elwell
16 February 2018 | Updated 16 February 2018

UK: Marriott has reported a “terrific” year following its acquisition of Starwood

Marriott has reported a "terrific" year in its latest set of financial results.

The positive report comes one full year after Marriott's acquisition of Starwood. Starwood owns a range of brands including boutique hotel brands W Hotels and Aloft.

Although net income sank, fourth quarter 2017 adjusted net income was $415m (£332m), a 24% increase on 2016. Worldwide, comparable systemwide revenue per available room (revpar) rose 4.6% in the fourth quarter and 3.1% for the full year. Adjusted earnings before interest, taxes, depreciation and amortisation in the fourth quarter hit $808m (£646m), a 7% increase.

Arne Sorenson, president and chief executive officer of Marriott International, said: "2017 was a terrific year. We made great progress on the integration of Starwood, capturing significant property and corporate overhead cost synergies. In 2018, we anticipate our number of rooms will increase roughly 7% gross, while rooms deletions should total 1-1.5% during the year. We also continue to expect global revpar will increase by 1-3%."

The company added more than 76,000 rooms and 473 new properties during 2017. This included around 11,000 rooms converted from other brands.

Be in the know.

Subscribe to our newsletter »
Subscribe

Thank you sponsors

Subscribe to our Newsletter »