Marriott International, Inc. (NASDAQ:MAR) Q3 2023 Earnings Call Transcript November 2, 2023 8:00 AM ET

Company Participants

Jackie McConagha - Senior Vice President, Investor Relations

Tony Capuano - President & Chief Executive Officer

Leeny Oberg - Chief Financial Officer & Executive Vice President, Development

Conference Call Participants

Shaun Kelley - Bank of America

Stephen Grambling - Morgan Stanley

Smedes Rose - Citi

David Katz - Jefferies

Robin Farley - UBS

Richard Clarke - Bernstein

Chad Beynon - Macquarie

Michael Bellisario - Baird

Bill Crow - Raymond James

Conor Cunningham - Melius Research

Meredith Jensen - HSBC

Operator

Good day, everyone and welcome to today's Marriott International Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, today's call will be recorded and I'll be standing by if you should need any assistance.

It is now my pleasure to turn the call over to Jackie McConagha. Please go ahead.

Jackie McConagha

Thank you. Good morning and welcome to Marriott's third quarter 2023 earnings call.

On the call with me today are Tony Capuano, our President and Chief Executive Officer, Leeny Oberg, our Chief Financial Officer and Executive Vice President, Development; and Betsy Dahm, our Vice President of Investor Relations.

Before we begin, I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under Federal Securities Laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

Please also note that, unless otherwise stated, our RevPAR occupancy and average daily rate comments reflect system-wide constant currency results for comparable hotels. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website.

And now, I will turn the call over to Tony.

Tony Capuano

Thanks, Jackie. Thank you all for joining us today. We recorded terrific third quarter results this morning. Global demand for travel has remained strong and worldwide RevPAR of the quarter rose 9% versus 2022. RevPAR increased over 4% in the US and Canada and 22% internationally, driven by significant gains across Asia Pacific. Robust RevPAR growth, combined with nearly 5% year-over-year rooms growth, resulted in adjusted EPS of $2.11, up 25% from 2022. The third quarter tends to see a seasonally higher level of leisure transient travel, which accounted for 45% of global room nights during the quarter, about 4 percentage points above the first half.