MARRIOTT INTERNATIONAL REPORTED record growth in 2024, opening 123,000 gross rooms and achieving 6.8 percent net room growth. The company ended the year with more than 577,000 rooms in its development pipeline and signed more than 1,200 deals—an average of three per day—totaling nearly 162,000 rooms globally.
The company signed a record 608 deals in the U.S. and Canada last year, Marriott said in a statement.
“2024 was a year of growth for Marriott, with regional milestones, segment entries, brand expansions, and market debuts,” said Anthony Capuano, Marriott’s president and CEO. “We remain focused on connecting people through travel, and I’m excited about the work our global teams are doing to drive growth, innovation, and deliver strong results for our owners and franchisees.”
The U.S. and Canada portfolio ended 2024 with more than 1 million rooms across 6,307 properties, with nearly 263,000 rooms in the pipeline across 2,161 properties, the statement said. The company also announced three luxury additions in the region in June: The Resort at Pelican Hill under the St. Regis brand, The Ritz-Carlton O‘ahu, Turtle Bay, and the Luxury Collection Midtown Manhattan.
Marriott’s long-term license with MGM fueled further growth, with MGM Collection by Marriott Bonvoy spanning 16 destinations by year-end, including the newly converted W Las Vegas at Mandalay Bay.
Branded portfolio expansion
Marriott’s luxury portfolio includes seven brands with 658 properties across 74 countries and territories. The company signed a record 61 luxury deals in 2024, ending the year with 266 in the pipeline, the statement said. It also expanded its affordable midscale presence, focusing on regionally relevant lodging.
“We are thrilled to continue innovating with world-class owners, franchisees, and developers to meet the needs of every traveler,” said Leeny Oberg, Marriott’s chief financial officer and executive vice president for development.
Marriott announced the entry of its conversion-friendly brand, City Express by Marriott, in the U.S. and Canada in October, marking its first transient midscale offering in the region. The brand has 153 open properties with 17,777 rooms and 53 in the pipeline with 5,673 rooms. StudioRes, a midscale extended-stay brand, broke ground last January and ended 2024 with 35 properties and 4,037 rooms in the pipeline, with its first opening expected later this year.
The Marriott Branded Residences portfolio generated $2.1 billion in residential sales revenue for third-party developers in 2024, nearly double the previous year’s total. The company also expanded its outdoor-focused lodging offerings with two deals in December: the acquisition of Postcard Cabins, formerly Getaway Outposts, and a long-term agreement with Trailborn. It plans to launch an outdoor-focused collection this year, offering guests and Marriott Bonvoy members more options in traditional and alternative accommodations at nature-forward destinations.
Marriott announced a long-term licensing agreement with Sonder Holdings in August. The agreement adds more than 9,000 rooms to Marriott’s open portfolio and about 1,700 rooms to its development pipeline, reflecting the company’s growing presence in this high-demand segment.
In December, a joint venture between KKR and The Baupost Group acquired 33 Marriott hotels in the UK from an Abu Dhabi Investment Authority subsidiary. Marriott reported a 3 percent global RevPAR increase in the third quarter of 2024, with 2.1 percent growth in the U.S. and Canada and 5.4 percent in international markets.
