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14.02.2024 - 22:03 / skift.com / Sean Oneill / Marriott International
Marriott International is the world’s largest hotelier, but Hilton Worldwide is a close rival. The following are noteworthy details from the latest annual 10-K filings for Marriott and Hilton.
As of year-end 2023, this was the state of the race on loyalty program membership:
Hilton grew its program more quickly, though from a relatively smaller base. If the companies retain their one-year growth rate in the coming year, Hilton may overtake Marriott in loyalty member count when they report figures in early to mid-2025.
As of the end of 2023, Marriott’s program generated a much higher volume of rewards owed to loyalty members than Hilton’s had. Its program is simply bigger and more heavily used.
Hotel loyalty programs are complex. Hotel owners pay into in a fund when they receive paying guests. They take money out when they serve guests redeeming rewards. Both Marriott and Hilton ensure hoteliers set aside enough money to cover all the rewards promised to guests. These showed up as liabilities on the 10-Ks.
Marriott has a short-term liability of $3.33 billion for its guest loyalty program and an additional long-term liability of $3.67 billion. Those numbers are a proxy for how much its guests have effectively earned in the company’s loyalty program.
In contrast, Hilton had a short-term liability of only $1.2 billion for its guest loyalty program and a long-term liability of only $1.53 billion.
There are different ways to measure profit, but let’s look at adjusted EBITDA.
In 2017, Marriott produced adjusted EBITDA that amounted to 62% of its net revenue after reimbursements to hotel owners.
In 2023, its comparable adjusted EBITDA margin was 72.9% — an approximately 11 percentage point gain.
In 2017, Hilton’s full-year adjusted EBITDA was $1.965 billion, or a 56% margin.
In 2023, Hilton’s adjusted EBITDA was $3.089 billion, or 69% — an approximately 13 percentage point gain.
Marriott’s Homes and Villas business generates such a small amount of revenue and earnings that Marriott didn’t need to materially report it in its 10-K. Airbnb needn’t feel threatened.
But it did have this to say:
“We encounter strong competition in the short-term lodging market from large national and international chains that operate hotels or franchise their brands, unaffiliated hotels, and online platforms, including Airbnb and Vrbo, that allow travelers to book short-term rentals of homes and apartments as an alternative to hotel rooms,” the Marriott 10-K said.
Hilton has avoided the alternative accommodations segment.
Hilton said that, as of year-end, its workforce worldwide that it directly employs or manages through third parties was 43% women. Its corporate leadership was approximately 42% women and its hotel leadership was
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