MARRIOTT INTERNATIONAL REPORTS POSITIVE FULL YEAR 2013 EARNINGS ACROSS MEA
• 8.1% RevPAR increase (excluding Egypt) in 2013
· Results driven by ADR growth of 6.6%
· 3% decrease in Q4 REVPAR
· 45 hotels to join regional portfolio by 2018
Dubai, United Arab Emirates – 24 February 2014 –Following the release of Marriott International’s, Inc. (NASDAQ: MAR) 2013 global results the company announced today that full year RevPAR earnings for the Middle East and Africa (excluding Egypt) have increased by 8.1% year on year (YOY) for managed comparable units. These improvements are being driven by ADR growth of 6.6% and a slight improvement in occupancy of 0.9%. However in Q4, RevPAR declined 3% YOY. This is driven by an improved 1.2% ADR and a decline in occupancy by 1.3%.
Commenting on the organizations MEA results in 2013, Alex Kyriakidis, President and Managing Director of Marriott International, Middle East and Africa, said “The hospitality industry in the region is full of opportunity at the moment and we in a good position to capitalize on it. Throughout the year Marriott International has succeeded in expanding its footprint and our growing portfolio is reflecting positively in our results.”
With reference to the dip in Q4 figures, Kyriakidis added: “Egypt remains a challenging market for the industry as a result of the on-going political instability. However, we have confidence in the markets ability to bounce back and we remain committed to the Egyptian travel industry.”
In MEA the company currently has a regional presence consisting of 47 properties in 12 countries, offering 13,868 rooms and spanning seven lodging brands*. At the end of 2013 Marriott International had a total of 45 announced properties that are scheduled to join the company’s portfolio by 2018, adding 10,777 rooms to the Marriott International system.
At the start of 2014 Marriott International announced it had signed a definitive agreement with South Africa’s Protea Hospitality Holdings for the purchase by Marriott of Protea’s three brands and Management Company. Protea has 116 hotels with 10,148 rooms in seven African countries including South Africa. At closing, Marriott will become the largest hotel company in the Middle East & Africa region, nearly doubling its distribution there to more than 23,000 rooms.
For more information on Marriott International 2013 year-end result click here.
* Due to the company’s change in the fiscal calendar beginning in 2013, the fourth quarter of 2013 reflects the period from October 1, 2013 through December 31, 2013 (92 days) compared to the 2012 fourth quarter, which reflects the period from September 8, 2012 through December 28, 2012 (112 days). Full year 2013 reflects the period from December 29, 2012 through December 31, 2013 (368 days) compared full year 2012, which reflects the period from December 31, 2011 through December 28, 2012 (364 days). Prior year results have not been restated for the change in fiscal calendar, although revenue per available room (REVPAR), occupancy and average daily rate statistics are reported for calendar quarters for purposes of comparability.
* JW Marriott Hotels & Resorts and The Ritz-Carlton in the luxury tier; Marriott Hotels & Resorts and Renaissance Hotels in the upscale, quality tier; Courtyard by Marriott Hotels and Residence Inn by Marriott in the quality tier and the upscale Marriott Executive Apartments for extended stay travelers.
Marriott International, Inc. (NASDAQ: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with more than 3,900 properties in 72 countries and territories and reported revenues of nearly $13 billion in fiscal year 2013. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands, including Marriott Hotels, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Gaylord Hotels, Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott Executive Apartments, Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club. There are approximately 330,000 employees at headquarters, managed and franchised properties. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.