Third quarter occupancy at our hotels in North America reached 37 percent, nearly double occupancy in the second quarter, primarily driven by leisure, drive-to demand, with business and group recovering more slowly. I am confident that the many steps we have taken this year, combined with our unrivaled global portfolio, the strength of our brands, and the power of Marriott Bonvoy position us very well now and for the future.”. Internationally, it would seem that the high percentage of Marriott-managed properties could be the reason why international properties are so much better. Congratulations to our 2020 class of Legal Eagles. To access the replay, call 404-537-3406. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. Marriott (MAR) operated a total of 3,916 hotel properties in fiscal year 2013. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the location and extent of resurgences of the virus and the availability of effective treatments or vaccines; its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting or banning travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides or effective treatments or vaccines become available; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees take to reduce operating costs and/or enhance certain health and cleanliness protocols at our hotels; the impacts of our employee furloughs and reduced work week schedules implemented during portions of 2020, our voluntary transition program and our other restructuring activities; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth and refurbishment; the extent to which we experience adverse effects from data security incidents; and changes in tax laws in countries in which we earn significant income. The company’s net liquidity was approximately $5.1 billion as of the end of the third quarter, representing roughly $1.5 billion in available cash balances, and $3.6 billion of unused borrowing capacity under its revolving credit facility, less $30 million of commercial paper outstanding. At quarter-end, Marriott’s global lodging system totaled roughly 7,600 properties and timeshare resorts, with nearly 1,414,000 rooms. percentage of gross room nights per hotel, the percentage booked through the Marriott Channels for Generation 3/4 North American Included Franchised Hotels in … Marriott may post updates about COVID-19 and other matters on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com. Comparatively, … In 2010, Marriott approached Richard Kessler, an independent hotelier and former CEO of Days Inn, to incorporate the seven Kessler boutique properties into its system, under a yet … Autograph Collection: 136 and 29,685. Restructuring and merger-related charges totaled $1 million in the third quarter compared to $9 million in the third quarter of 2019. The overall principle of a Franchise Agreement is that the franchisee operates its own hotel, in compliance with the brand standards. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $327 million in the 2020 third quarter, compared to third quarter 2019 adjusted EBITDA of $901 million. These attorneys live and breathe franchising and understand the nuances of this unique business model at a deep level. Franchise Description: Marriott International, Inc. is the franchisor. “Although the timing of a full recovery remains unpredictable, we are pleased with the significant progress we have made in restructuring and repositioning the company to successfully manage through these challenging times. The total investment to open and operate a Courtyard by Marriott hotel as a franchisee is between $7 million and $10 million. Marriott-Hotels-Resorts franchise information. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only. Together with owners and franchisees, Marriott opened more than 470 hotels with over 76,000 rooms during 2017 — driving our worldwide distribution up by more than 5 percent, net, to nearly 1.3 million rooms. The Marriott story began in 1927 when founders J. Willard and Alice Marriott opened an A&W root beer franchise in Washington, D.C. The company offers Marriott Bonvoy™, its highly-awarded travel program. The franchisee is required to pay: A franchise fee, including the brand trademark, based on a percentage of the hotel… Incentive management fees totaled $31 million in the 2020 third quarter, compared to incentive management fees of $134 million in the year-ago quarter. Base management and franchise fees totaled $366 million in the 2020 third quarter, compared to base management and franchise fees of $821 million in the year-ago quarter. To open a Marriott-Hotels-Resorts franchise requires an initial investment of $67,354,090 - $105,312,590. Greater China continues to lead the recovery and demonstrates the resiliency of travel demand, with third quarter occupancy of 61 percent and RevPAR recovering to down 26 percent, a 35-percentage point improvement compared to the decline in the second quarter. The company expects to provide additional information about the current impact of COVID-19 on its business on its call later this morning. The year-over-year decline in these fees is primarily attributable to RevPAR declines related to COVID-19 and a decrease in other non-RevPAR related franchise fees. chases and dividends and Marriott’s average stock price rose nearly 45 percent. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on these websites, which may be material. Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,500 properties under 30 leading brands spanning 132 countries and territories. “We still have a long road ahead, but this crisis will come to an end, and I believe travel will rebound quickly. Note on forward-looking statements:All statements in this press release and the accompanying schedules are made as of November 6, 2020. Adjusted operating income in the 2020 third quarter totaled $147 million, compared to 2019 third quarter adjusted operating income of $734 million. In 2010, roughly 70% of branded hotels were franchised operations. Marriott doesn't want to be in the hotel ownership business, but it sometimes happens. Operationally, we have elevated our health and cleanliness standards to establish trust and credibility with travelers and to enhance the safety and wellbeing of our associates and guests. Marriott International is the largest hotel chain in the world. Managed 2. In total, about 97 percent of all Marriott rooms are either managed or franchised, as the company is opposed to owning the rooms outright. Globally, 94 percent of our hotels are now open and welcoming guests. Y Position Type Management Protea Hotels by Marriott® is the leading hospitality brand in Africa and one of the most widely … The Franchise Times Restaurant 200 list of the top 200 restaurant franchisees. Owned, leased, and other revenue, net of direct expenses, totaled an $18 million loss in the 2020 third quarter, compared to $67 million of profit in the year-ago quarter as a result of RevPAR declines related to COVID-19. ET, Friday, November 13, 2020. Thirty-one properties (6,066 rooms) exited the system during the quarter. Courtyard by Marriott Franchise Cost / Initial Investment / Courtyard by Marriott Franchise Income. Selected Performance InformationThe company added 127 new properties (19,064 rooms) to its worldwide lodging portfolio during the 2020 third quarter, including roughly 1,400 rooms converted from competitor brands and approximately 7,600 rooms in international markets. North American RevPAR declined 65.4 percent (a 65.4 percent decline using actual dollars), and international RevPAR declined 67.4 percent (a 67.3 percent decline using actual dollars). CORRECTION: Marriot only owns ONE hotel, the Marriot World Center in Orlando. Marriott hotels are full-service hotels that cater to discriminating business and leisure travelers. chases and dividends and Marriott’s average stock price rose nearly 45 percent. The hotels range in size from approximately 100 to 2,000 guestrooms with a full-time hotel … Of the 626 STR Included Franchised Hotels, 275 (43.9%) had 67.4% or more of their total gross room nights booked at their hotel come from all Reservation Channels and 362 (57.8%) achieved or exceeded the average percentage … CONTACT:Connie KimCorporate Relations(301) 380-4028connie.kim@marriott.com, Jackie Burka McConaghaInvestor Relations(301) 380-5126jackie.burka@marriott.com, Betsy DahmInvestor Relations(301) 380-3372betsy.dahm@marriott.com. Most of these properties were either managed, franchised, or licensed. Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,500 properties under 30 leading brands spanning 132 countries and territories. The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor, click on “Events & Presentations” and click on the quarterly conference call link. Hotel Development. The hotels range in size from approximately 100 to 2,000 guestrooms with a full-time hotel staff ranging from 100 to 3,000 associates. Marriott plans luxury hotel blitz in 2018. “The Asia Pacific region led deal signings in the third quarter, accounting for more than half of all rooms signed globally, with the vast majority of those rooms in Greater China. The addition of the former IHG and Marriott hotels will grow Sonesta's domestic footprint from 59 U.S. hotels at the end of 2019 to over 250 by the first quarter of 2021. The conference ID for the recording is 5783987. Reported results in the 2020 third quarter included impairment charges of $32 million pretax ($24 million after-tax and $0.07 per share), related to COVID-19. For full year 2020, we now expect 2.5 to 3 percent net rooms growth, including terminations of 1.5 to 2 percent. To grow in the post-2008 economic downturn, Marriott, known for its rigid uniformity, was willing to relax this stipulation to draw independent unique hotels to its network of franchised properties. The franchisee controls all aspects of the hotel’s employment policies and practices, including the selection and hiring process. The year-over-year decline in these fees is primarily attributable to lower net house profits at many hotels related to COVID-19. Franchised Managed hotel employees has more benefits compared to Franchised, they get 50% off on Hotels services, which includes Food and Beverage, Spa generally except rooms. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. A replay will be available at that same website until November 6, 2021. History. They own every one. Dividing roles to match skillsets is one lesson learned, along with the kids working their way up to build credibility. Whether working on a new build or conversion, or looking for management services or a franchise affiliation, Marriott provides the brands, tools and resources owners need to succeed. Other non-RevPAR related franchise fees in the 2020 third quarter of $119 million were $26 million, or 18 percent, lower than the year-ago quarter, largely due to lower credit card branding fees. We have selected the best franchise opportunities, financial contacts and vendors to navigate you to success. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. These 2020 third quarter adjusted results included impairment charges of $24 million after-tax ($0.07 per share), related to COVID-19. Expenses in the 2020 third quarter reflect the company’s cost reduction efforts. Along with his four kids, Tony Mattiacio operates six Ziebart auto detailing shops, having turned an after-school job into a successful business. During the third quarter, we added more than 19,000 rooms to our system, nearly 70 percent more than were added in the second quarter, achieving 5 percent gross rooms growth in the last 12 months. … Balance Sheet and LiquidityAt quarter-end, Marriott’s net debt was $9.4 billion, representing total debt of $11.0 billion less cash and cash equivalents of $1.6 billion. For owners of hotels under various Marriott brands, Marriott … It's a temporary until Marriott can find a buyer. See page A-3 for the calculation of adjusted results. Worldwide RevPAR[1] declined 66 percent in the quarter, a nearly 19-percentage point improvement from the decline in the second quarter. Marriott International accounted for over 1.38 million hotel rooms worldwide in 2019, making it the leading hotel company in terms of number of guestrooms. They sign a Franchise Agreement for a specific hotel brand (ex: ibis). You can save up to 25 percent on room rates at 1,999 hotel and resort properties in North America, Central America, and South America with Marriott Bonvoy and its Escapes promotion, which offers exclusive savings every Wednesday through Sunday across select destinations throughout the United States, Canada, Latin America, and the Caribbean region — and is valid for stays at hotel … In the franchise model, Marriott Hotels lets hotel owners use one of the brand names and charges a percentage of room sales earned by the hotel in return. At quarter-end, approximately 228,000 rooms of our more than 496,000-room pipeline were under construction. By 2019, that figure rose to roughly 80%. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to the expected effects on our business of the COVID-19 pandemic and efforts to contain it (COVID-19); future performance of the company's hotels; RevPAR, occupancy and demand estimates and trends; our development pipeline, room additions, terminations and net rooms growth; our liquidity expectations; and similar statements concerning anticipated future events and expectations that are not historical facts. The year-over-year change reflects impairments of investments in management and franchise contracts related to COVID-19. 100%. We ended the year with a record 460,000 rooms in the Franchise Fee: $100,000 . … property owners.5 Marriott International, Inc. properties are operated or franchised under a broad array of Marriott brands and across five differentiated business segments including: Segment Percentage of 2009 Total Revenues With sous vide cooking used for its food preparation, eliminating the need for typical restaurant kitchen prep and venting equipment, Taffer's Tavern is attracting franchisees to multi-unit deals, the latest being Marc Magerman and Peter Weber, who signed on to bring five locations to the Boston area. Marriott has two kinda hotels - 1. In 2018, about 93 percent of the nearly 33,000 hotels in the United States were franchised, according to the market research firm Frandata. The telephone dial-in number for the conference call is 706-679-3455 and the conference ID is 5783987. Adjusted operating income in the 2020 third quarter included impairment charges of $32 million, related to COVID-19. The estimated investment required to open a Marriott Hotels & Resorts Franchise is between $74,082,490-$176,017,490. Third quarter 2020 adjusted net income totaled $20 million, compared to 2019 third quarter adjusted net income of $488 million. Marriott International, Inc. is an American multinational diversified hospitality company that manages and franchises a broad portfolio of hotels and related lodging facilities.Founded by J. Willard Marriott, the company is now led by his son, executive chairman Bill Marriott, and president and chief executive officer Arne Sorenson.Marriott International is the largest hotel … Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Friday, November 6, 2020 at 8:30 a.m. Eastern Time (ET). Brands by numbers of hotels and rooms: AC Hotels by Marriott: 123 and 17,239. Major hotel brands have led the charge. If you accept a position at this hotel you will be employed by a franchisee and not by Marriott International. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram. How many total hotels as Marriott operate or own. Financially, we have strengthened our liquidity position, realigned our cost structure, and minimized our cash burn. Marriott has 10 days to cover the $11 million shortfall or SVC will terminate the agreement and transfer the hotels — largely a mix of select-service and extended stay brands … iii Marriott’s brands are highly valuable. Together with owners and franchisees, Marriott opened more than 470 hotels with over 76,000 rooms during 2017 — driving our worldwide distribution up by more than 5 percent… The franchisee is required to pay: A franchise fee, including the brand trademark, based on a percentage of the hotel’s turnover. In all, 2,966 North American properties are franchised/licensed while 424 are managed by Marriott. We have also remained keenly focused on working with our hotel owners and franchisees to significantly reduce hotel level costs and help preserve cash in this extremely low revenue environment. Reported diluted earnings per share (EPS) totaled $0.31 in the quarter, compared to reported diluted EPS of $1.16 in the year-ago quarter. Adjusted diluted EPS in the third quarter totaled $0.06, compared to adjusted diluted EPS of $1.47 in the year-ago quarter. COVID-19Due to the numerous uncertainties associated with COVID-19, Marriott cannot presently estimate the financial impact of this unprecedented situation, which is highly dependent on the severity and duration of the pandemic and its impacts, but expects that COVID-19 will continue to be material to the company’s results. Interest expense, net, totaled $107 million in the third quarter compared to $92 million in the year-ago quarter. It has more than 6,500 properties in 127 countries and territories around the world, over 1.2 million rooms (as of September 2017), and an additional 195,000 rooms in the development pipeline. Assuming progress is made in containing COVID-19, we would expect gross room additions in 2021 to accelerate compared to our expectations for 2020. The initial franchise fee is $60,000 or $500 per room, whichever is greater. Marriott and Hilton now franchise or manage nearly all of their hotels, with only a very small percentage still owned by the parent companies. Of the 193 Sheraton hotels in North America, 162 are franchisees/licensees. 00:00 OK so Arnie let me ask you about the hotel company that you run now. Marriott (MAR) operated a total of 3,916 hotel properties in fiscal year 2013. According to Ibis World, the U.S. is home to 61.9% of Marriott’s rooms. At year-end 2019, the company’s net debt was $10.7 billion, representing total debt of $10.9 billion less cash and cash equivalents of $0.2 billion. They sign a Franchise Agreement for a specific hotel brand (ex: ibis). There is an initial franchise fee of $50,000 which grants you the license to run a business under the Marriott Hotels … Click here to download MAR Q3 2020 Press Release Schedules or visit http://marriott.com/investor. Each Marriott International-branded hotel is supported by a robust global distribution platform and an innovative sales and marketing network that delivers high-value guests through state-of-the-art technology, global negotiating power, and extensive shared services to ensure more return on investment for our owners. Reported net income totaled $100 million in the 2020 third quarter, compared to 2019 third quarter reported net income of $387 million. Progress on projects under construction largely continues apace around the world, although we have designated a slightly higher number of projects on hold given macroeconomic uncertainty and discussions with our owners. Marriott was founded by John Willard Marriott in 1927. Arne M. Sorenson, president and chief executive officer of Marriott International, said, “While COVID-19 is still significantly impacting our business, our results for the third quarter showed continued improvement in demand trends around the world. Marriott Hotels & Resorts Franchise Opportunities - History. Adjusted results exclude restructuring and merger-related charges, cost reimbursement revenue, and reimbursed expenses. Job Description A telephone replay of the conference call will be available from 2:00 p.m. Third Quarter 2020 ResultsMarriott’s reported operating income totaled $252 million in the 2020 third quarter, compared to 2019 third quarter reported operating income of $607 million. Every other Marriot property is an individually owned franchise. In 2019, we earned $580 In addition to earning hotel-based management and franchise fees, we continue to monetize our brands through other closely-related businesses. In the third quarter, the company issued $1.0 billion of Series GG Senior Notes due in 2032 with a 3.5 percent interest rate coupon. Marriott operates and franchises its hotels under various brands, including Marriott, the Ritz-Carlton, Renaissance, Courtyard, TownePlace Suites, and Bulgari. Marriott International accounted for over 1.38 million hotel rooms worldwide in 2019, making it the leading hotel company in terms of number of guestrooms. See page A-11 for the adjusted EBITDA calculation. Marriott hotels are full-service hotels that cater to business and leisure travelers. The hotels range in size from approximately 100 to 2,000 guestrooms. The franchisor is a worldwide operator and franchisor of hotels and related lodging facilities. percentage of gross room nights per hotel, the percentage booked through the Marriott Channels for North American Included Franchised Hotels in 2013 ranged from 12.1% to 84.5%, and the average percentage Franchise Fee: 100000 . At quarter-end, the company’s worldwide development pipeline totaled 2,899 properties with more than 496,000 rooms, including 1,201 properties with approximately 228,000 rooms under construction and 160 properties with roughly 25,000 rooms approved for development, but not yet subject to signed contracts. Most of these properties were either managed, franchised, or licensed. Aloft Hotel: 138 and 23,494. Most of these properties were either managed, franchised, or licensed. Franchised Managed hotel employees has more benefits compared to Franchised, they get 50% off on Hotels services, which includes Food … For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. ET, Friday, November 6, 2020 until 8:00 p.m. Marriott International, Inc. (NASDAQ: MAR) today reported third quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19). All franchised Marriott hotels in the United States and Canada are part of a single system. The overall principle of a Franchise Agreement is that the franchisee operates its own hotel, in compliance with the brand standards. Marriott has two kinda hotels - 1. The firm’s flagship brand is Marriott Hotels, designed to serve business and leisure travel-ers as well as meeting groups. Marriott, Sr., to take care of our guests and associ- ... percent, according to hotel data source STR. All franchised Marriott hotels in the United States and Canada are part of a single system. The company halted share repurchases in February of this year and suspended its quarterly dividend beginning in the second quarter. 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