Marriott International (MAR) 2024 Bank of America Gaming & Lodging Conference summary

Executive travel and global expansion

• CEO based summer travel in Italy, visited London and East Africa, highlighting new projects and growth in Africa, especially safari lodges with several projects underway.

• Ritz-Carlton's second yacht, Ilma, launched in Europe with increased capacity and amenities; third ship under construction for next year.

• Private charter business for luxury yachts is growing, with notable partnerships like Mercedes-AMG PETRONAS F1 Team events.

Political and economic environment

• U.S. political landscape is highly polarized with likely continued government gridlock, limiting dramatic policy changes.

• Republican win could favor tax policy and business, while a Democratic win may strengthen labor unions and raise taxes, but unified government is unlikely.

Business performance and sector trends

• Travel and tourism sector remains resilient despite economic headwinds, with consumers prioritizing experiences.

• Leisure segment saw 40% global RevPAR growth since 2019, now normalizing with continued steady growth.

• Business transient travel is steadily improving, with small and medium businesses recovering faster than large corporates.

• Group bookings are a standout, with high single-digit revenue growth expected for 2024 and 2025.