Marriott Lays Out Three-Year Growth Plans
Skift Take
- STR reported a week ending September 23rd with a 1.2% increase in US hotel RevPAR and a 1.8% rise in Group RevPAR.
- Barclays lowered price targets for Travel + Leisure to $38 and Marriott Vacations to $118 while maintaining their respective ratings.
- Marriott International revealed a three-year growth plan, targeting the addition of 230,000 to 270,000 net rooms by 2025 and emphasizing global portfolio expansion and RevPAR growth.
The DJIA fell 69 points while Nasdaq was up 29, the S&P 500 was up a point and the 10-year treasury yield jumped another .07 to 4.63%. Lodging stocks were mostly higher on the day. The only big mover was AINC, to the downside by another -12% to another new low.
STR reported US lodging data for the week ended September 23. US hotel RevPAR was up 1.2% for the week. Group RevPAR was up 1.8%.
Barclays lowered their price target on Travel + Leisure to $38 from $43. They maintained their Equal Weight rating. Barclays also lowered their price target on Marriott Vacations to $118 from $131. They maintained their Overweight rating on VAC.
Marriott International outlined three-year growth plans at their Analyst Day. The company reiterated its 2023 outlook given in August and introduced two-year compounded annual growth rates (CAGRs) from 2023 to 2025 for certain key performance metri
