Marriott International plans to expand its footprint in France with 10 more hotels with more than 1,000 rooms by the end of 2025. The company currently has a portfolio of 69 hotels in 29 cities in France with more than 12,000 rooms (Paris, Nice, Cannes, Lyon, Strasbourg, Marseille, Reims, Lille, Bordeaux and Toulouse). The company also announced through a press release that it has renovated three luxury resorts of more than 1,000 rooms at Pelican Hill, Turtle Bay Resort and a luxury hotel in Midtown, New York. These luxury resorts will join Marriott’s first-class Bonvoy brand. The company also unveiled its newest hotel brand, named Project Mid-T. This brand is designed primarily for redevelopment of existing hotels or reuse of office space and is aimed at mid-market clients.
Marriott International, Inc (NASDAQ-MAR) recently released financial results for the first quarter of 2024. The company increased total sales by 4% year-over-year to $1.142 billion. Net income for 1Q2024 was $564 million. The company built 46,000 new rooms during the first three months of 2024 and had more than 202,000 rooms under construction at the end of the first quarter.
Marriott International Inc (NASDAQ-MAR) also pays a regular quarterly dividend to its shareholders. The dividend yield is 1.03% per annum and the actual dividend amount has been approved by the company’s general meeting of shareholders at $0.63 per share. The average target price for the short to medium term investment horizon was set at $256.18 per share.
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