After an overall challenging year, Marriott International ended 2025 on a strong note, coming in at the higher end of its performance expectations.
During the company's fourth-quarter and full-year 2025 earnings call, President and CEO Tony Capuano said Marriott saw full-year global hotel revenue per available room grow by 2% in 2025, with RevPAR in the U.S. and Canada growing by 0.7% and international RevPAR up over 5%. Leisure and luxury led the way with leisure RevPAR up 3% while group RevPAR grew 2%. Business transient RevPAR was flat for the year. Full-year luxury RevPAR increased over 6% while select-service RevPAR dropped 30 basis points.
“Our portfolio is well-positioned to benefit from continued expected strength at the upper end as higher-end consumers remain resilient and continue to prioritize spending on experience and travel over goods,” he said.
For the fourth quarter, worldwide RevPAR ended up in the high end of Marriott’s outlook range, Capuano said. It grew 1.9% thanks to a strong end of the year, with December RevPAR growing beyond expectations at 2.8%, the strongest monthly year-over-year growth since February.
Marriott's hotel RevPAR was strongest in the Asia-Pacific region again, benefiting from double-digit rooms growth and solid macroeconomic growth in many countries, Capuano said. RevPAR in Asia grew by nearly 9%, with growth broad-based across the region and double-digit growth in key markets, including India, Japan and Australia.
The operating environment in Greater China remains challenged by weak macroeconomic conditions and softer consumer sentiment, but robust leisure trends and continued inbound travel recovery helped RevPAR grow in the fourth quarter, he said. RevPAR grew 3%, driven by ADR thanks to stronger rates in Hong Kong and other major markets to help offset softness in tertiary markets.
In Europe, the Middle East and Africa, RevPAR grew by 7%, with United Arab Emirates leading with 17% growth, he said. In the Caribbean and Latin America, RevPAR increased 2% thanks to resilient leisure demand.
Fourth-quarter RevPAR in the U.S. and Canada was nearly flat, Capuano said. Luxury again saw solid growth, though declines in the select-service tier offset much of that growth. Leisure transient RevPAR grew 2% in the quarter while group RevPAR increased by 1%.
“These gains were offset by a 3% decline in business transient RevPAR, largely due to a meaningful decline in government RevPAR in the quarter,” he said. “Government RevPAR was down over 30% during the 43-day U.S. government shutdown, though it has since moderated to down around 15%.”
Marriott expects full-year RevPAR growth in 2026 to be similar to 2025, ranging between 1.5% to 2.5%, said Leeny Oberg, chief financial officer and executive vice president, development.
“This assumes a relatively steady macroeconomic environment,” she said.
With the exception of Greater China, RevPAR growth in international regions is expected to remain higher than in the U.S. and Canada, Oberg said. However, RevPAR growth in the U.S. and Canada should come in a bit stronger this year. The 2026 World Cup is expected to contribute around 30 to 35 basis points of global RevPAR growth for the full year.
Marriott has been named an official hotel supporter of this year's World Cup.
“We've clearly got some extraordinary events in the U.S. and Canada that will help us to the tune of probably 40-ish basis points from our expectations from the World Cup,” she said.
People love to travel and have experiences, so consumers will continue to spend more here than on goods, Oberg said. At the same time, Marriott expects the K-shaped distribution, in which lower-end consumers and guests face challenging financial situations, will stay the same. Government-related business ended the year about 15% down compared to 2024, and Marriott expects that to continue as well though not as much as last year.
For the first quarter of 2026, Marriott's global hotel RevPAR could grow 1% to 2% reflecting the positive effect of the Winter Olympics in Italy, offset somewhat by the negative effect of the timing of Easter and the Chinese New Year, Oberg said. The U.S. and Canada also have tougher year-over-year comparisons due to the U.S. inauguration last year.
Marriott’s net hotel rooms grew by more than 4.3% in 2025 from year-end 2024, according to the company’s earnings release. It added about 73,600 net rooms during the year, with about 51,600 net rooms in international markets. By the end of the year, its global system had more than 9,800 properties with nearly 1.78 million rooms. More than half the rooms in the year-end pipeline total are in international markets.
Marriott’s worldwide development pipeline reached 4,056 properties with nearly 610,00 rooms by the end of 2025. That includes 234 properties with more than 35,000 rooms approved for development but not yet subject to signed contracts.
Within the pipeline, there were 1,648 properties with nearly 265,000 rooms under construction, including those converting into a Marriott brand.
Conversions remained a key driver of growth, contributing about a third of signings and openings in the year, Capuano said. Seventy-five percent of conversion rooms joined Marriott’s system and began contributing to fee growth within 12 months of signing, he said.
Marriott projects full-year 2026 net rooms growth to accelerate to 4.5% to 5%, he said.
During 2025, Marriott signed a record 114 luxury hotel deals, Capuano said. There’s also growing owner interest in Marriott’s midscale brands. Since entering the segment less than three year ago, Marriott has more than 450 hotels open and in development in its Four Points Flex, StudioRes and City Express by Marriott brands in 26 countries and territories across the world.
Marriott also has 100 open and pipeline Series by Marriott properties, part of the company’s new collection brand for midscale and upscale properties. The company has fully integrated the lifestyle brand CitizenM into its system. Last year, the company also launched its Outdoor Collection by Marriott.
For the fourth quarter, Marriott reported net income of $445 million, a 2% year-over-year decrease. For the full year, it reported net income of $2.6 billion, a 10% year-over-year increase.
The company also reported adjusted earnings before interest, taxes, depreciation and amortization of more than $1.4 billion during the fourth quarter. It reported adjusted EBITDA of nearly $5.4 billion for the full year.
By the end of 2025, Marriott’s total debt was $16.2 billion, according to the earnings release. It had cash and cash equivalents of $400 million. For comparison, it had $14.4 billion in debt and $400 million in cash and cash equivalents at the end of 2024.
It repurchased 3.5 million shares of its common stock in the fourth quarter for $1 billion. For the full year, it repurchased 12.1 million shares for $3.3 billion. Year to date through Feb. 6, it has repurchased 1.1 million shares for $350 million.
As of press time, Marriott’s stock was trading at $360.76 per share, up 18.4% year over year. The Nasdaq Composite Index was up 18.1% for the same period.
Passenger Fights Back After Feds Seize $82,000 at Airport
Mackenzie Marco/Unsplash
https://www.fodors.com/news/news/passenger-fights-back-after-feds-seize-82-000-at-airport
The class action lawsuit follows a 2019 incident.
U.S. law enforcement can seize cash from travelers at airports if they are suspicious of its origins. But a group of travelers, who believe it’s an overreach, want to stop this practice.
This effort stems from a
2019 case involving a woman traveling with thousands of dollars through Pittsburgh, Pennsylvania, when her cash was seized. It took her more than six months to get it back, but she—along with other travelers in similar situations—filed a class action lawsuit against the Transportation Security Administration (TSA) and Drug Enforcement Administration (DEA) to prevent more such incidents.
The Background
In 2019,
Rebecca Brown was flying from Pittsburgh to Boston with $82,000, her father’s life savings. Her father, a retired railroad engineer, had saved the money over many years and kept it at home before handing it to his daughter when he moved to a smaller apartment. He asked Brown to take it to Boston and deposit it in a joint bank account. But the money was confiscated by federal agents at the airport.
Before traveling, Brown confirmed there were no restrictions on traveling with cash domestically in the United States, she explained in a
2020 video. However, TSA agents found the money during security screening and questioned her, followed by the DEA. The cash was seized by the DEA, but Brown was not charged or arrested. She described the impact on her family, as the money was set aside for her father’s dental care and truck repairs.
To recover the money, she partnered with the nonprofit
Institute for Justice and
filed a federal class action lawsuit. In 2020, the DEA returned the money, but the lawsuit continued. “The government shouldn’t be able to take money for no reason, hang on to it for months and then give it back like nothing happened, which is why the lawsuit we filed will continue,”
she said.
Two others, Stacy Jones and Matthew Berger, also joined the class action lawsuit after $43,000 and $55,000, respectively, were seized from them. In all three cases, no one was charged, but the money was not returned until attorneys intervened.
Last week, a federal judge
heard arguments from attorneys representing the plaintiffs in a federal court in Pittsburgh. “We think there is no dispute of material facts that the TSA unlawfully and unconstitutionally stops and seizes travelers with cash at the airport, even though it admits it poses no threat to transportation security,” said Dan Alban, senior attorney for the Institute for Justice. Alban also emphasized that law enforcement agencies keep the cash they seize.
Government attorneys argued they acted within legal parameters and asked for the case to be dismissed. However, Alban insisted there are no clear guidelines for what is considered suspicious. “In some of the TSA depositions, they said as little as $100 in 100 one-dollar bills would still count as a large amount of currency,” he added.
A ruling on the case is still pending.
Flying With Cash
Travelers should know there is
no limit to how much cash a person can carry on domestic flights. But if you’re traveling internationally, you must declare amounts over $10,000 to customs when entering or leaving the United States. This includes U.S. dollars, foreign currency, traveler’s checks, and money orders. Failure to report may result in confiscation, fines up to $500,000, or imprisonment for up to 10 years.
On domestic flights, there is no need to report large sums. However, the TSA is entitled to inspect cash and alert law enforcement if they find it suspicious.
TSA agents cannot seize your cash; they must involve law enforcement.
Flying with a large amount is legal, but your money can be seized by law enforcement if they suspect criminal activity or laundering. Once seized, the process to prove the money was earned legally and reclaim it can be lengthy. If you travel with a large sum, carry receipts or proof of funds to avoid scrutiny.
Marriott International Q4 U.S. RevPAR dragged down by government shutdown, but up globally
https://hotelsmag.com/news/marriott-international-q4-u-s-revpar-dragged-down-by-government-shutdown-but-up-globally/
A 43-day government shutdown is all it took to drag Marriott International U.S. and Canada RevPAR into negative territory in the fourth quarter. The good news is, it was up globally to the tune of around 2% YOY, with 6.1% growth in international markets. For full-year 2025, RevPAR increased 2% worldwide, with 5.1%growth in international markets and 0.7% increase in U.S. & Canada.
Fourth quarter reported net income totaled $445 million and adjusted net income totaled $695 million.
Net rooms in the global system grew by more than 4.3% in 2025 as nearly 73,600 net rooms were added from year-end 2024. At year-end the system included over 9,800 properties with nearly 1,780,000 rooms. Marriott’s worldwide development pipeline totalled approximately 4,056 properties with nearly 610,000 rooms at year-end including 1,648 properties with nearly 265,000 rooms under construction.
Looking forward, the company provided guidance for 2026 that includes expected worldwide RevPAR growth of 1.5 to 2.5 percent net rooms growth of 4.5 to 5 percent and adjusted EBITDA growth of 8 to 10 percent. Marriott also anticipates more than $4,300 million of capital returned to shareholders in 2026.
Much of the quarter and full year was fueled by luxury travel and performance. “Globally, our luxury hotels continued to outperform during the quarter, with RevPAR rising over 6 % and performance moderating down the chain scales,” said Tony Capuano, president and CEO of Marriott International.
During the fourth quarter, Marriott completed the integration of the citizenM portfolio, adding 37 hotels and nearly 8,800 rooms to our system. It marked the opening of the first 37 Series by Marriott hotels in India and expanded the brand into the U.S. and Canada, with its first two properties opening just months after the brand’s regional debut.
In 2025, Marriott added approximately 43 million members to Marriott Bonvoy, bringing total membership to nearly 271 million at year‑end. Member stays in 2025 accounted for 75% of room nights in the U.S. & Canada and 68% globally.
“As we look ahead, we remain focused on the disciplined execution of our growth strategy, delivering exceptional experiences for our guests, strong performance for our owners and long‑term value for our shareholders,” said Capuano.
Viral Italian Village Takes Drastic Step to Limit Tourist Crowds
Krzysztof Kowalik/Unsplash
https://www.fodors.com/world/europe/italy/experiences/news/viral-italian-village-takes-drastic-step-to-limit-tourist-crowds
The village is installing a barrier this summer.
A small village church in northern Italy went viral on social media, prompting residents to seek restrictions on tourist access to ease pressure on local infrastructure.
The
village of Val di Funes sits in a picturesque setting, with the jagged Odle Peaks surrounding its green valleys. The
Santa Maddalena church, once a stop for backpackers hiking in the Dolomites, has become a familiar image on social media. On busy days, as many as 600 people arrive to photograph the church; for context, the village has only 2,500 residents. The influx has led to traffic jams on narrow village roads, and villagers have complained about tourists trespassing on private land.
The village is planning new measures to handle the wave of daytrippers.
Starting May 1, only residents and those staying at least one night will be allowed to access the village. A barrier will manage entry, and all tourist buses and cars will be turned away. The church will remain open to visitors, but they will need to walk 30 minutes from designated parking areas. On days when those lots fill up, drivers must park farther away. Parking fees will rise from €4 ($4.70) to an undisclosed amount, aimed at discouraging quick visits for selfies.
Peter Pernthaler, mayor of the Funes district,
told CNN that “overtourism” is not the right word to describe the situation. “I’m not even saying that tourists are a nuisance. But a lot of them come, and we have to manage them. For the residents’ peace of mind and also to ensure a positive experience for the tourists themselves.”
The church gained attention when it appeared on Chinese SIM cards in 2005. In 2013, Apple used the Seceda mountain as a wallpaper, sparking more interest in the region. The mayor said the village receives both types of tourists—those who stay for days and those who take a quick photo and leave.
He also clarified that a barrier already exists. However, the plan is to move it to the center of the village, where the church is located, so tourists have to arrive on foot rather than by car. “We need order, both for those who live here and for those who want to arrive, take the classic photo, and leave.”
Another Italian landmark is also dealing with overwhelming tourist numbers.
Rome’s Trevi Fountain began charging tourists €2 this month. Visitors who want to get close and throw coins into the fountain now need a ticket from 9 a.m. to 10 p.m. on weekends and from 11 a.m. to 10 p.m. Monday through Friday. However, some are defying the new rules and throwing coins from above,
according to CNN. The ticketing system aims to help local authorities manage the crowds—on peak days, around 70,000 people come to admire the 18th-century fountain.
Last year, the Dolomites faced a similar issue with crowds along a popular trail. Locals installed turnstiles and began charging a €5 fee, a move unauthorized by the government.
Elsewhere in Europe, other towns are feeling the pressure of growing tourist numbers and are using different strategies to raise awareness or deter bad behavior. A few years ago, the
Austrian town of Hallstatt—famous for inspiring the Disney movie Frozen—installed a fence to stop tourists from photographing a scenic viewpoint. The fence was later taken down but attracted international attention.
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