Marriott International 실적 발표

… capitalize on the significant opportunities GenAI represents. While AI search and commerce models are still emerging, We're excited about AI's ability to further personalize and simplify the travel search and the booking process. And we're optimistic about the potential for AI to bring more consumers into the Marriott Bonvoy ecosystem and help strengthen our direct booking channels in a very efficient manner. In the first half of this year, we plan to start deploying natural language search on Marriott.com and on the Bonvoy mobile app. We're also optimizing our content for generative AI technologies, so our properties are well positioned wherever and however consumers are searching. Furthermore, we are actively collaborating with numerous tech companies across the space. For example, we are one of the initial companies working with Google on their forthcoming Google AI mode travel product and with OpenAI on their ad pilot program. Before I end my prepared remarks, I want to thank our team around the world for their hard work and care that they bring to Marriott every day. And Lene, for the last time, I'll turn the call over to you to discuss our financial results in more detail.

… fully integrated onto our platforms in November, Series by Marriott, our new global collection brand for the mid-scale and upscale segments, and the Outdoor Collection by Marriott Bonvoy. Our focus on being in more places with the best brands and experiences helps fuel the growth of our powerful Marriott Bonvoy loyalty programs. Last year alone, 43 million new members joined Bonvoy, propelling the membership base to 271 million members worldwide at year end. We continue to augment the Bonvoy platform with popular collaborations like Uber and Starbucks, and with new bespoke Bonvoy moments and immersive experiences. We recently won the Points Guy Award for the Best Hotel Loyalty Program for the third year in a row. And we're thrilled that Marriott Bonvoy is now the official hotel supporter of the 2026 FIFA World Cup, with our extensive portfolio of hotels across the 16 host cities and curated fan activations poised to provide incredible, memorable experiences throughout the 104-match tournament. We are actively investing in technology, data, and A.I., both internally and with partners, to transform the guest and the associate experience. The multi-year transformation of Marriott's …

… in November, Series by Marriott, our new global collection brand for the mid-scale and upscale segments, and the Outdoor Collection by Marriott Bonvoy. Our focus on being in more places with the best brands and experiences helps fuel the growth of our powerful Marriott Bonvoy loyalty programs. Last year alone, 43 million new members joined Bonvoy, propelling the membership base to 271 million members worldwide at year end. We continue to augment the Bonvoy platform with popular collaborations like Uber and Starbucks, and with new bespoke Bonvoy moments and immersive experiences. We recently won the Points Guy Award for the Best Hotel Loyalty Program for the third year in a row. And we're thrilled that Marriott Bonvoy is now the official hotel supporter of the 2026 FIFA World Cup, with our extensive portfolio of hotels across the 16 host cities and curated fan activations poised to provide incredible, memorable experiences throughout the 104-match tournament. We are actively investing in technology, data, and A.I., both internally and with partners, to transform the guest and the associate experience. The multi-year transformation of Marriott's three major tech systems, …

… to again be roughly flat year over year. The World Cup is expected to contribute around 30 to 35 basis points of global RevPAR growth for the full year. The sensitivity of 1% change in full year 2026 RevPAR versus 2025 could be around 55 to 65 million of RevPAR-related fees. For the full year, gross fee revenues could rise 8 to 10%, so 5.9 to 5.96 billion. IMFs are expected to be flat to up slightly year over year. As we have discussed, we're currently in discussions with Visa, Chase, and American Express and expect to have new deals in the U.S. in place later this year. At this point, our guidance does not include any impact from these new deals. As a reminder, our program is already the largest by far in the industry and has been for some time. If you remember, we combined the Starwood American Express and Marriott Chase Visa program when we acquired Starwood, and these two programs have been the strong power leaders in this industry since then. Our guidance does include a meaningful expected year-over-year increase of around 35% in co-branded credit card fees going into our franchise fees line. The increase is primarily the result of two factors. The first is continued …

… capitalize on the significant opportunities GenAI represents. While AI search and commerce models are still emerging, We're excited about AI's ability to further personalize and simplify the travel search and the booking process. And we're optimistic about the potential for AI to bring more consumers into the Marriott Bonvoy ecosystem and help strengthen our direct booking channels in a very efficient manner. In the first half of this year, we plan to start deploying natural language search on Marriott.com and on the Bonvoy mobile app. We're also optimizing our content for generative AI technologies, so our properties are well positioned wherever and however consumers are searching. Furthermore, we are actively collaborating with numerous tech companies across the space. For example, we are one of the initial companies working with Google on their forthcoming Google AI mode travel product and with OpenAI on their ad pilot program. Before I end my prepared remarks, I want to thank our team around the world for their hard work and care that they bring to Marriott every day. And Lene, for the last time, I'll turn the call over to you to discuss our financial results in more detail.