Marriott International, Inc. (NASDAQ:MAR) Q2 2024 Earnings Call Transcript July 31, 2024 8:30 AM ET

Company Participants

Jackie McConagha - SVP, IR
Tony Capuano - President and CEO
Leeny Oberg - CFO and EVP, Development

Conference Call Participants

Stephen Grambling - Morgan Stanley
Shaun Kelley - Bank of America
Smedes Rose - Citi
Joe Greff - JPMorgan
David Katz - Jefferies
Brandt Montour - Barclays
Dan Politzer - Wells Fargo
Bill Crow - Raymond James
Ari Klein - BMO Capital Markets
Robin Farley - UBS
Patrick Scholes - Truist Securities
Michael Bellisario - Baird

Operator

Good day everyone and welcome to today's Marriott International Q2 2024 Earnings. 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 this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Senior Vice President, Investor Relations, Jackie McConagha.

Jackie McConagha

Thank you. Good morning and welcome to Marriott's second quarter 2024 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. Unless otherwise stated, our RevPAR occupancy average daily rate and property level revenues comments reflect system-wide constant currency results for comparable hotels and all changes refer to year-over-year changes for the comparable period. 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 Investors Relations website.

And now I will turn the call over to Tony.

Tony Capuano

Thanks, Jackie, and good morning everyone. We delivered another strong quarter as travel demand remained robust in most markets around the world. And our net rooms grew by 6% year-over-year. Second quarter global RevPAR rose nearly 5%. Average daily rate increased around 3% and occupancy reached 73%, up about 150 basis points compared to last year's second quarter. RevPAR rose nearly 4% in the US and Canada, benefiting from the shift of the Easter holiday. All chain scales in the US and Canada, from select service to luxury, posted positive second quarter year-over-year RevPAR.