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Marriott International Reports Second Quarter 2025 Results

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  • Second quarter 2025 RevPAR1 increased 1.5 percent worldwide, with 5.3 percent growth in international markets and U.S. & Canada RevPAR in line with the year-ago quarter
  • Second quarter reported diluted EPS totaled $2.78 and adjusted diluted EPS totaled $2.65
  • Second quarter reported net income totaled $763 million and adjusted net income totaled $728 million
  • Second quarter adjusted EBITDA totaled $1,415 million
  • The company added roughly 17,300 net rooms during the quarter and net rooms grew 4.7% from the end of the second quarter of 2024
  • At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled approximately 3,900 properties and over 590,000 rooms
  • The company repurchased 2.8 million shares of common stock for $0.7 billion in the 2025 second quarter. Year to date through July 30, the company has returned approximately $2.1 billion to shareholders through dividends and share repurchases

For a summary of quarterly highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q2-earnings-infographic.pdf.

BETHESDA, Md., Aug. 5, 2025 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2025 results.

Anthony Capuano, President and Chief Executive Officer, said, "Marriott delivered another solid quarter, highlighted by strong financial results and robust net rooms growth despite heightened macro-economic uncertainty. Global RevPAR increased 1.5 percent in the second quarter primarily driven by the leisure segment. International RevPAR rose over 5 percent, with strong growth in APEC and EMEA. In the U.S. & Canada, RevPAR was flat year over year with continued strength in the luxury segment offset by a decline in select service demand, largely reflecting reduced government travel and weaker business transient demand. Adjusting for the Easter holiday shift, U.S. & Canada RevPAR increased by nearly 1 percent.

"Development activity remained robust. We signed nearly 32,000 rooms, over 70 percent of which were in international markets, and our quarter-end pipeline stood at a record of more than 590,000 rooms. Conversions continued to be a key driver of growth, representing approximately 30 percent of our room signings and openings in the first half of this year. We still expect full year net rooms growth to approach 5 percent this year.

"With our strategy to be everywhere our guests want us to be, we expanded our industry leading global brand portfolio with the launch of Series by Marriott™, a new regional collection brand targeting the midscale and upscale segments. We are excited about our founding deal to affiliate the Fern portfolio of brands in India with Series by Marriott, and by the strong interest from owners around the world in this extension of our successful soft brand model. We also recently completed the acquisition of the innovative lifestyle brand citizenM, further broadening offerings for our guests, Marriott Bonvoy members and owners. We believe both of these new brands have meaningful global growth potential.

"We continue to enhance our powerful Marriott Bonvoy travel platform. Membership reached nearly 248 million members at the end of June, and we are deepening engagement through unique experiences and strategic collaborations. 

"Our results in the second quarter underscore the resiliency of our cash-generating, asset-light business model and the strength of our brands. Year to date through July 30, we have returned approximately $2.1 billion to our shareholders through share repurchases and dividends, and we remain on track to return approximately $4 billion for full year 2025."

Second Quarter 2025 Results

Base management and franchise fees totaled $1,200 million in the 2025 second quarter, a nearly 5 percent increase compared to base management and franchise fees of $1,148 million in the year-ago quarter. Higher RevPAR, rooms growth and co-branded credit card fees were key contributors to the increase.

Incentive management fees totaled $200 million in the 2025 second quarter, compared to $195 million in the 2024 second quarter, driven by strong international hotel results. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $113 million in the 2025 second quarter, compared to $99 million in the 2024 second quarter. The increase was mainly driven by the addition of the Sheraton Grand Chicago to our portfolio of owned hotels.

General, administrative, and other expenses for the 2025 second quarter totaled $245 million, compared to $248 million in the year-ago quarter. The year-over-year change largely reflects lower compensation costs.

Interest expense, net, totaled $191 million in the 2025 second quarter, compared to $164 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

In the 2025 second quarter, the provision for income taxes totaled $291 million compared to $268 million in the 2024 second quarter.

Marriott's reported operating income totaled $1,236 million in the 2025 second quarter, compared to 2024 second quarter reported operating income of $1,195 million. Reported net income totaled $763 million in the 2025 second quarter, a 1 percent decrease compared to 2024 second quarter reported net income of $772 million. Reported diluted earnings per share (EPS) totaled $2.78 in the quarter, compared to reported diluted EPS of $2.69 in the year-ago quarter.

Adjusted operating income in the 2025 second quarter totaled $1,186 million, compared to 2024 second quarter adjusted operating income of $1,120 million. Second quarter 2025 adjusted net income totaled $728 million, compared to 2024 second quarter adjusted net income of $716 million. Adjusted diluted EPS in the 2025 second quarter totaled $2.65, compared to adjusted diluted EPS of $2.50 in the year-ago quarter.

Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and, for the 2025 second quarter, income tax special items. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,415 million in the 2025 second quarter, a 7 percent increase compared to second quarter 2024 adjusted EBITDA of $1,324 million. See the press release schedules for the adjusted EBITDA calculation.

Selected Performance Information

The company added roughly 17,300 net rooms during the quarter, including more than 8,500 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 9,600 properties, with approximately 1,736,000 rooms.

At the end of the quarter, the company's worldwide development pipeline totaled 3,858 properties with more than 590,000 rooms, including 234 properties with over 37,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,447 properties with over 238,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. The quarter-end pipeline does not reflect any rooms from our acquisition of the citizenM brand or from the launch of Series by Marriott.

In the 2025 second quarter, worldwide RevPAR increased 1.5 percent (a 1.7 percent increase using actual dollars) compared to the 2024 second quarter. RevPAR in the U.S. & Canada was flat (a 0.1 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 5.3 percent (a 6.1 percent increase using actual dollars) year-over-year.

Balance Sheet & Common Stock

At the end of the quarter, Marriott's total debt was $15.7 billion and cash and equivalents totaled $0.7 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024.

The company repurchased 2.8 million shares of common stock in the 2025 second quarter for $0.7 billion. Year to date through July 30, the company has repurchased 6.4 million shares for $1.7 billion.

Company Outlook

The Company's updated outlook generally assumes the continuation of the current macro-economic environment.


Third Quarter 2025

vs. Third Quarter 2024

Full Year 2025

vs. Full Year 2024

Comparable systemwide constant $ RevPAR growth



Worldwide

flat to 1.0%

1.5% to 2.5%



Year-End 2025

vs. Year-End 2024

Net rooms growth


Approaching 5%

($ in millions, except EPS)

Third Quarter 2025

Full Year 2025

Gross fee revenues

$1,310 to $1,325

$5,365 to $5,420

Owned, leased, and other revenue, net of direct expenses

$80 to $90

$360 to $370

General, administrative, and other expenses

$245 to $240

$985 to $965

Adjusted EBITDA1,2

$1,288 to $1,318

$5,310 to $5,395

Adjusted EPS – diluted2,3

$2.31 to $2.39

$9.85 to $10.08

Investment spending (including $355 million for citizenM)4


$1,355 to $1,455

Capital return to shareholders5


Approx. $4,000

1See the press release schedules for the adjusted EBITDA calculations.

2Adjusted EBITDA and Adjusted EPS – diluted for third quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of income tax special items of $74 million.

3Assumes the level of capital return to shareholders noted above.

4This outlook includes $355 million of funding related to our acquisition of the citizenM brand. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 

5Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or additional brand acquisitions occur during the year.

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, August 5, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at www.marriott.com/investor (click on "Events & Presentations" and click on the quarterly conference call link). A replay will be available at that same website until August 5, 2026.

The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global:  +1 203-518-9814. The conference ID is MAR2Q25.  A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, August 5, 2025, until 8:00 p.m. ET, Tuesday, August 12, 2025.  To access the replay, call US Toll Free: 800-723-0389 or Global: +1 402-220-2647 using conference ID MAR2Q25.

Note on forward-looking statements:  All statements in this press release and the accompanying schedules are made as of August 5, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation and shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy travel platform; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

ABOUT MARRIOTT INTERNATIONAL

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of over 9,600 properties across more than 30 leading brands in 143 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.





1All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2025 and 2024 reflect properties that are comparable in both years. 

IRPR#1
Tables follow

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 2, 2025


Consolidated Statements of Income - As Reported

A-2

Non-GAAP Financial Measures

A-4

Total Lodging Products by Ownership Type

A-5

Total Lodging Products by Tier

A-7

Key Lodging Statistics

A-10

Adjusted EBITDA

A-14

Adjusted EBITDA Forecast - Third Quarter 2025

A-15

Adjusted EBITDA Forecast - Full Year 2025

A-16

Explanation of Non-GAAP Financial and Performance Measures

A-17

 

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED

SECOND QUARTER 2025 AND 2024

($ in millions except per share amounts, unaudited)









As Reported


As Reported


Percent



Three Months Ended


Three Months Ended


Better/(Worse)



June 30, 2025


June 30, 2024


Reported 2025 vs. 2024

REVENUES







Base management fees


$                                  340


$                                  330


3

Franchise fees1


860


818


5

Incentive management fees


200


195


3

Gross fee revenues


1,400


1,343


4

Contract investment amortization2


(29)


(27)


(7)

Net fee revenues


1,371


1,316


4

Owned, leased, and other revenue3


441


395


12

Cost reimbursement revenue4


4,932


4,728


4



6,744


6,439


5







OPERATING COSTS AND EXPENSES







Owned, leased, and other - direct5


328


296


(11)

Depreciation, amortization, and other6


53


47


(13)

General, administrative, and other7


245


248


1

Restructuring and merger-related charges


8


8


Reimbursed expenses4


4,874


4,645


(5)



5,508


5,244


(5)







OPERATING INCOME


1,236


1,195


3







Gains and other income, net8


5


4


25

Interest expense


(203)


(173)


(17)

Interest income


12


9


33

Equity in earnings9


4


5


(20)







INCOME BEFORE INCOME TAXES


1,054


1,040


1







Provision for income taxes


(291)


(268)


(9)







NET INCOME


$                                  763


$                                  772


(1)







EARNINGS PER SHARE







  Earnings per share - basic


$                                 2.78


$                                 2.70


3

  Earnings per share - diluted


$                                 2.78


$                                 2.69


3







Basic shares


274.2


285.8



Diluted shares


274.7


286.7










1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees.

2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.

3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.

4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.

5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.

6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.

7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.

9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

 

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED

SECOND QUARTER YEAR-TO-DATE 2025 AND 2024

($ in millions except per share amounts, unaudited)









As Reported


As Reported


Percent



Six Months Ended


Six Months Ended


Better/(Worse)



June 30, 2025


June 30, 2024


Reported 2025 vs. 2024

REVENUES







Base management fees


$                                  665


$                                  643


3

Franchise fees1


1,606


1,506


7

Incentive management fees


404


404


Gross fee revenues


2,675


2,553


5

Contract investment amortization2


(57)


(50)


(14)

Net fee revenues


2,618


2,503


5

Owned, leased, and other revenue3


802


752


7

Cost reimbursement revenue4


9,587


9,161


5



13,007


12,416


5







OPERATING COSTS AND EXPENSES







Owned, leased, and other - direct5


624


582


(7)

Depreciation, amortization, and other6


104


92


(13)

General, administrative, and other7


490


509


4

Restructuring and merger-related charges


9


16


44

Reimbursed expenses4


9,596


9,146


(5)



10,823


10,345


(5)







OPERATING INCOME


2,184


2,071


5







Gains and other income, net8


3


8


(63)

Interest expense


(395)


(336)


(18)

Interest income


21


19


11

Equity in earnings9


5


5








INCOME BEFORE INCOME TAXES


1,818


1,767


3







Provision for income taxes


(390)


(431)


10







NET INCOME


$                               1,428


$                               1,336


7







EARNINGS PER SHARE







Earnings per share - basic


$                                 5.18


$                                 4.64


12

Earnings per share - diluted


$                                 5.17


$                                 4.62


12







Basic shares


275.5


288.1



Diluted shares


276.2


289.1










1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees.

2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.

3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.

4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.

5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.

6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.

7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.

9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

 

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

($ in millions except per share amounts)












The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and
Adjusted diluted earnings per share to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of
Adjusted operating income margin.













Three Months Ended


Six Months Ended






Percent






Percent


June 30,


June 30,


Better/


June 30,


June 30,


Better/


2025


2024


(Worse)


2025


2024


(Worse)

Total revenues, as reported

$          6,744


$            6,439




$        13,007


$        12,416



Less: Cost reimbursement revenue

(4,932)


(4,728)




(9,587)


(9,161)



Adjusted total revenues

1,812


1,711




3,420


3,255

























Operating income, as reported

1,236


1,195




2,184


2,071



Less: Cost reimbursement revenue

(4,932)


(4,728)




(9,587)


(9,161)



Add: Reimbursed expenses

4,874


4,645




9,596


9,146



Add: Restructuring and merger-related charges

8


8




9


16



Adjusted operating income

1,186


1,120


6


2,202


2,072


6























Operating income margin

18 %


19 %




17 %


17 %



Adjusted operating income margin

65 %


65 %




64 %


64 %

























Net income, as reported

763


772




1,428


1,336



Less: Cost reimbursement revenue

(4,932)


(4,728)




(9,587)


(9,161)



Add: Reimbursed expenses

4,874


4,645




9,596


9,146



Add: Restructuring and merger-related charges

8


8




9


16



Income tax effect of above adjustments

18


19




1


(1)



Less: Income tax special items

(3)





(74)




Adjusted net income

$             728


$               716


2


$          1,373


$          1,336


3























Diluted earnings per share, as reported

$            2.78


$              2.69




$            5.17


$            4.62



Adjusted diluted earnings per share

$            2.65


$              2.50


6


$            4.97


$            4.62


8













Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.

 

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE

As of June 30, 2025


US & Canada

Total International1

Total Worldwide


Properties

Rooms

Properties

Rooms

Properties

Rooms

Managed

612

213,382

1,360

353,456

1,972

566,838

 Marriott Hotels

99

56,180

187

59,155

286

115,335

 Sheraton

25

19,769

180

57,877

205

77,646

 Courtyard by Marriott

155

25,227

132

28,912

287

54,139

 Westin

41

22,486

79

23,888

120

46,374

 JW Marriott

23

13,191

76

27,076

99

40,267

 The Ritz-Carlton

42

12,798

79

18,394

121

31,192

 Four Points by Sheraton

1

134

96

25,583

97

25,717

 Renaissance Hotels

21

9,065

51

16,054

72

25,119

 Le Méridien

67

18,286

67

18,286

 W Hotels

20

5,513

45

12,460

65

17,973

 St. Regis

13

2,669

52

11,380

65

14,049

 Residence Inn by Marriott

73

12,002

9

1,116

82

13,118

 Gaylord Hotels

7

11,820

7

11,820

 The Luxury Collection

6

2,296

41

7,859

47

10,155

 Delta Hotels by Marriott

24

6,622

19

3,329

43

9,951

 Fairfield by Marriott

6

1,431

55

8,450

61

9,881

 Aloft Hotels

2

505

40

8,777

42

9,282

 Autograph Collection

11

3,269

16

3,209

27

6,478

 Marriott Executive Apartments

39

5,489

39

5,489

 EDITION

5

1,379

15

2,844

20

4,223

 AC Hotels by Marriott

8

1,512

14

2,680

22

4,192

 Element Hotels

3

810

15

2,964

18

3,774

 SpringHill Suites by Marriott

20

3,499

20

3,499

 Moxy Hotels

1

380

13

2,876

14

3,256

 Protea Hotels by Marriott

22

2,737

22

2,737

 Tribute Portfolio

11

1,415

11

1,415

 TownePlace Suites by Marriott

6

825

6

825

 Bvlgari

7

646

7

646

 Owned/Leased

14

5,539

36

8,667

50

14,206

 Sheraton

1

1,218

3

1,724

4

2,942

 Marriott Hotels

2

1,304

5

1,631

7

2,935

 Courtyard by Marriott

7

987

4

894

11

1,881

 W Hotels

2

765

2

665

4

1,430

 Westin

1

1,073

1

1,073

 Protea Hotels by Marriott

5

912

5

912

 The Ritz-Carlton

2

548

2

548

 Renaissance Hotels

2

505

2

505

 JW Marriott

1

496

1

496

 The Luxury Collection

3

383

3

383

 Autograph Collection

5

360

5

360

 Residence Inn by Marriott

1

192

1

140

2

332

 Tribute Portfolio

2

249

2

249

 St. Regis

1

160

1

160

Franchised, Licensed, and Other

5,725

849,133

1,714

289,705

7,439

1,138,838

 Courtyard by Marriott

920

123,572

137

25,379

1,057

148,951

 Fairfield by Marriott

1,179

111,061

114

15,993

1,293

127,054

 Residence Inn by Marriott

810

96,464

38

4,766

848

101,230

 Marriott Hotels

234

74,162

78

22,034

312

96,196

 Autograph Collection

153

34,504

159

32,171

312

66,675

 Sheraton

141

43,631

81

22,628

222

66,259

 SpringHill Suites by Marriott

552

64,189

552

64,189

 TownePlace Suites by Marriott

541

54,487

541

54,487

 Westin

95

32,010

33

9,615

128

41,625

 Four Points by Sheraton

148

21,350

108

19,600

256

40,950

 AC Hotels by Marriott

127

21,145

106

15,615

233

36,760

 Aloft Hotels

167

23,904

30

5,782

197

29,686

 Moxy Hotels

47

8,093

111

20,848

158

28,941

 Renaissance Hotels

71

19,545

33

8,347

104

27,892

 MGM Collection with Marriott Bonvoy**

12

26,210

12

26,210

 Tribute Portfolio

93

17,646

60

8,269

153

25,915

 Timeshare*

73

18,949

21

3,911

94

22,860

 Delta Hotels by Marriott

68

15,195

29

6,283

97

21,478

 The Luxury Collection

15

7,812

62

13,560

77

21,372

 City Express by Marriott

2

258

153

17,781

155

18,039

 Design Hotels*

24

2,573

165

11,355

189

13,928

 Element Hotels

93

12,404

6

827

99

13,231

 Le Méridien

23

5,060

25

7,184

48

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