Marriott International CEO, Anthony Capuano

Marriott International has appointed current Chief Executive Officer Anthony Capuano, as President and CEO effective February 24, 2023.

Capuano will take over from current President, Stephanie Linnartz, who is stepping down to become CEO of Under Armour.

The announcement preceded the company’s fourth quarter and full year results for 2022, in which the company reported a 28.8% worldwide RevPAR increase in the fourth quarter compared with the same period in 2021.

Capuano described the group’s performance as “terrific”.

“Just two years after experiencing the sharpest downturn in our company’s history, we reported record financial results,” he said.

“Our fee-driven, asset-light business model generated significant cash during the year, allowing us to both invest in the growth of our business and return $2.9 billion to shareholders.

“For the fourth quarter, worldwide RevPAR grew 5% compared to 2019, driven by a 13% increase in ADR. With the exception of Greater China, RevPAR in all regions more than fully recovered and continued to show meaningful advances in occupancy and ADR. Our international business posted RevPAR 3% above 2019 levels in the fourth quarter.”

In the US and Canada, RevPAR increased 5% on the 2019 quarter, driven by improved occupancy and an 11% increase in ADR.

“Leisure demand remained robust and group demand more than fully recovered, leading to fourth quarter group revenues 10% above pre-pandemic levels,” Capuano said.

“Business transient demand was at nearly 90% recovery in the quarter, while ADR was 3% above 2019. Our successful negotiation of high single-digit special corporate rate increases for 2023 bodes well for continued price strength.”

Marriott signed nearly 108,000 rooms globally in 2022, nearly 40% of which are in high value luxury and premium brands, and nearly 50% of rooms signed during the year in international markets.

Capuano believes that despite market challenges, Marriott is well positioned for growth in 2023 and beyond.

“As we look ahead, while concerns about the macroeconomic environment persist around the world, booking trends to date remain robust and we have significant momentum in our business,” he said.

“With our industry-leading brand portfolio, powerful loyalty program, the largest global rooms distribution, and our incredibly dedicated associates, Marriott is well-positioned for strong growth over the coming years as people around the world further embrace their love for travel.”

At the end of 2022, Marriott’s worldwide development pipeline totalled over 3,000 properties and more than 496,000 rooms. Approximately 199,000 rooms in the pipeline were under construction at the time.