Marriott International, Inc. - Ordinary Shares - Class A

First Quarter Results: Marriott International reported a strong first quarter for 2025, with global RevPAR (Revenue per Available Room) increasing by 4.1% year-over-year. The U.S. and Canada region experienced a 3% increase in RevPAR, while international RevPAR saw a notable hike of nearly 6%. Strong demand from both group and transient guests contributed to this growth with group RevPAR rising 8%.

Revised Full-Year Guidance: Due to a more cautious outlook, Marriott lowered its full-year RevPAR growth forecast by 50 basis points, now estimating a range of 1.5% to 3.5%. This adjustment reflects uncertainty in the U.S. and Canada, particularly with declining government demand expected to continue.

Development Activity: The company achieved record signings in Q1, with net room growth of 4.6% year-over-year and a pipeline totaling over 587,000 rooms. Development remains solid, with conversions and multi-unit opportunities driving significant growth. This positions Marriott well for long-term success, even amid uncertainties in construction financing.