Marriott International, Inc. (NASDAQ:MAR) Q3 2024 Earnings Conference Call November 4, 2024 8:30 AM ET

Company Participants

Jackie McConagha - SVP, IR
Anthony Capuano - President & CEO
Leeny Oberg - CFO & EVP, Development

Conference Call Participants

Stephen Grambling - Morgan Stanley
Shaun Kelley - Bank of America
Patrick Scholes - Truist Securities
Richard Clarke - Bernstein
Robin Farley - UBS
Joe Greff - JPMorgan
Brandt Montour - Barclays
David Katz - Jefferies
Dan Politzer - Wells Fargo
Michael Bellisario - Baird
Duane Pfennigwerth - Evercore ISI
Smedes Rose - Citi
Lizzie Dove - Goldman Sachs
Chad Beynon - Macquarie
Conor Cunningham - Melius Research

Operator

Good day, and welcome to today's Marriott International Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the prepared remarks, the floor will be opened for questions. [Operator Instructions]

I will now turn the call over to Jackie McConagha, Senior [Technical Difficulty]

Jackie McConagha

Thank you. Good morning, and welcome to Marriott's third 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 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 in 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.

Anthony Capuano

Thank you, Jackie. Thank you all for joining us today. We are pleased with our third quarter results, which reflect continued momentum in our business. Net rooms grew nearly 6% year-over-year and development activity remained strong. Global RevPAR increased 3% in the quarter, driven by another quarter of solid rate growth with ADR up 2.5%.