Leisure and international travel continue to be two of the biggest drivers for Marriott International (MAR), as the hotel operator expects 3 to 5% in worldwide revenue development and 5.5 to 6% in net development in its full-year guidance.
Mariott International chief executive officer and President Anthony Capuano sits down with Yahoo money management Executive Editor Brian Sozzi, outlining the hotel chain’s expansion and conversion plans as well as how the firm sees pricing and inflation fit into its 2024 forecasts.
“The vast majority of our owners and franchisees are long-term investors in the sector, they understand that it’s cyclical. I don’t think they’re hesitant because of finance charge rates, to be sure, that squeezes the returns. But their bigger challenge is just accessing debt,” Capuano explains. “The debt markets for new hotel construction are very constricted in the US and in western Europe. There’s plenty of available debt capital for existing resources, but the irony is, when you talk to these lenders, especially regional lenders, their hospitality portfolios are the best-performing resources in their commercial real estate collection of investments.”
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