Marriott International (MAR) Barclays 11th Annual Eat, Sleep, Play, Shop Conference 2025 summary

Leadership transition

• CFO Leeny Oberg is retiring in March after years of industry leadership and is recognized for her contributions.

• Oberg expresses gratitude for support and confidence in the company's future leadership.

Demand environment and RevPAR trends

• Global RevPAR midpoint guidance for the year shifted from 3% to 2% due to uncertainty and underperformance in group and business travel segments.

• Leisure demand remained strong and stable, especially in luxury and premium sectors, while group bookings did not meet initial expectations.

• U.S. RevPAR in October was slightly below expectations, while international RevPAR outperformed, with the U.S. impacted by economic and government uncertainty.

• Q4 RevPAR is expected at the lower end of the 1-2% range, mainly due to U.S. softness.

Forward-looking statements and 2026 outlook

• Preliminary 2026 RevPAR growth guidance is 1.5%-2.5%, with the U.S. expected to improve but still lag international markets.

• The 2026 World Cup is anticipated to add 30-40 basis points to global RevPAR, with a higher impact in the U.S.